<SEC-DOCUMENT>0001144204-12-014284.txt : 20120312
<SEC-HEADER>0001144204-12-014284.hdr.sgml : 20120310
<ACCEPTANCE-DATETIME>20120312163610
ACCESSION NUMBER:		0001144204-12-014284
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		24
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120312
DATE AS OF CHANGE:		20120312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTER PARFUMS INC
		CENTRAL INDEX KEY:			0000822663
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				133275609
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16469
		FILM NUMBER:		12684383

	BUSINESS ADDRESS:	
		STREET 1:		551 FIFTH AVE
		STREET 2:		STE 1500
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176
		BUSINESS PHONE:		2129832640

	MAIL ADDRESS:	
		STREET 1:		551 FIFTH AVENUE
		STREET 2:		STE 1500
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JEAN PHILIPPE FRAGRANCES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>v303460_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Mark one)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Annual
Report pursuant to Section 13 or 15(</B></FONT><B>d<FONT STYLE="text-transform: uppercase">) of the Securities Exchange Act of
1934</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the fiscal year ended <U>December 31, 2011</U> or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Transition
Report pursuant to Section 13 or 15(</B></FONT><B>d<FONT STYLE="text-transform: uppercase">) of the Securities Exchange Act of
1934</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the transition period from ______ to <U> </U>_______.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Commission file no. <U>0-16469</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt; font-variant: small-caps"><I><U>Inter
Parfums, Inc.</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: center"><U>Delaware</U></TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center"><U>13&#45;3275609</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><U>551 Fifth Avenue, New York, New York</U></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><U>10176</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Registrant's telephone number, including area code:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><U>212.983.2640</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%">Title of each class</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 50%">Name of exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><U>Common Stock, $.001 par value per share</U></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD><U>The Nasdaq Stock Market</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(g) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; text-align: center">Title of each class</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 50%">Name of exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><U>None</U></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><U>None</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>
No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark if the registrant is
not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>
No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 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 <FONT STYLE="font-family: Wingdings">x</FONT> No <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (&sect; 232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). Yes <FONT STYLE="font-family: Wingdings">x</FONT>
No <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation SK is not contained herein and will not be contained, to the best of the registrant's
knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10K or any other amendment
to this Form 10K. <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of &ldquo;accelerated filer&rdquo;
and &ldquo;large accelerated filer&rdquo; in Rule 12b-2 of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 50%">Accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>Smaller Reporting Company<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>
No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">State the aggregate market value of the voting
and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold,
or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed
second fiscal quarter. $375,824,083 of voting equity and $-0- of non-voting equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate the number of shares outstanding of
the registrant's $.001 par value common stock as of the close of business on the latest practicable date March 9, 2012: 30,554,711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Documents Incorporated By Reference: None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">Page</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="font-weight: bold">Note on Forward Looking Statements</TD>
    <TD STYLE="text-align: right">iv</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 12%; font-weight: bold">PART I</TD>
    <TD STYLE="width: 78%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 1.</TD>
    <TD>Business</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 1A.</TD>
    <TD>Risk Factors</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 1B.</TD>
    <TD>Unresolved Staff Comments</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 2.</TD>
    <TD>Properties</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 3.</TD>
    <TD>Legal Proceedings</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">PART II</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 5.</TD>
    <TD>Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 6.</TD>
    <TD>Selected Financial Data</TD>
    <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 7.</TD>
    <TD>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 7A.</TD>
    <TD>Quantitative and Qualitative Disclosures About Market Risk</TD>
    <TD STYLE="text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 8.</TD>
    <TD>Financial Statements and Supplementary Data</TD>
    <TD STYLE="text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 9.</TD>
    <TD>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 9A.</TD>
    <TD>Controls and Procedures</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 9B.</TD>
    <TD>Other Information</TD>
    <TD STYLE="text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">PART III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 10.</TD>
    <TD>Directors, Executive Officers and Corporate Governance</TD>
    <TD STYLE="text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 11.</TD>
    <TD>Executive Compensation</TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 12.</TD>
    <TD>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</TD>
    <TD STYLE="text-align: right">82</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 13.</TD>
    <TD>Certain Relationships and Related Transactions, and Director Independence</TD>
    <TD STYLE="text-align: right">85</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Item 14.</TD>
    <TD>Principal Accountant Fees and Services</TD>
    <TD STYLE="text-align: right">87</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">PART IV</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Item 15.</TD>
    <TD>Exhibits and Financial Statement Schedules</TD>
    <TD STYLE="text-align: right">90</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="font-weight: bold">FINANCIAL STATEMENTS</TD>
    <TD STYLE="text-align: right">F-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="font-weight: bold">SIGNATURES</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This report includes forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, and if incorporated by reference into a registration
statement under the Securities Act of 1933, as amended, within the meaning of Section 27A of such act. When used in this report,
the words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo;
&ldquo;may,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo;
or &ldquo;continue&rdquo; or similar expressions identify certain forward-looking statements. Although we believe that our plans,
intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans,
intentions or expectations will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Actual results, performance or achievements
could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this report.
Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in this
report, including under the heading &ldquo;Risk Factors&rdquo;. Such factors include: dependence upon Burberry for a significant
portion of our sales; continuation and renewal of existing license agreements for the Burberry brand and others; continuation and
renewal of existing specialty retail agreements as well as sales and marketing efforts of specialty market retailers, such as The
Gap, Inc.; potential reduction in sales of our fragrance and fragrance related products due to reduced consumer confidence as the
result of a prolonged economic downturn or recession in the United States, Europe or any of the other countries in which we do
significant business; uncertainties and continued deterioration in global credit markets could negatively impact suppliers, customers
and consumers; protection of our intellectual property rights; effectiveness of our sales and marketing efforts and product acceptance
by consumers; dependence upon third party manufacturers and distributors; dependence upon management; competition; currency fluctuation
and international tariff and trade barriers; governmental regulation; and possible liability for improper comparative advertising
or &ldquo;Trade Dress&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These factors are not intended to represent
a complete list of the general or specific factors that may affect us. It should be recognized that other factors, including general
economic factors and business strategies, may be significant, presently or in the future, and the factors set forth herein may
affect us to a greater extent than indicated. All forward-looking statements attributable to us or persons acting on our behalf
are expressly qualified in their entirety by the cautionary statements set forth in this report. Except as may be required by law,
we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Introduction</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are Inter Parfums, Inc. We operate in the
fragrance business, and manufacture, market and distribute a wide array of fragrances and fragrance related products. Organized
under the laws of the State of Delaware in May 1985 as Jean Philippe Fragrances, Inc., we changed our name to Inter Parfums, Inc.
in July 1999. We have also retained our brand name, Jean Philippe Fragrances, for some of our mass market products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our worldwide headquarters and the office of
our three (3) wholly-owned United States subsidiaries, Jean Philippe Fragrances, LLC and Inter Parfums USA, LLC, both New York
limited liability companies, and Nickel USA, Inc., a Delaware corporation, are located at 551 Fifth Avenue, New York, New York
10176, and our telephone number is 212.983.2640.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our consolidated wholly-owned subsidiary, Inter
Parfums Holdings, S.A., and its majority-owned subsidiary, Interparfums SA, maintain executive offices at 4, Rond Point des Champs
Elysees, 75008 Paris, France. Our telephone number in Paris is 331.5377.0000. Interparfums SA is the majority owner of three (3)
distribution subsidiaries, Inter Parfums Limited, Inter Parfums Gmbh and Inter Parfums srl, covering territories&nbsp;in The United
Kingdom, Germany and Italy, respectively, and is the sole owner of two (2) distribution subsidiaries, Inter Espa&ntilde;a Parfums
et Cosmetiques, SL, covering the territory of Spain and Interparfums Luxury Brands, Inc., a Delaware corporation, for distribution
of<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT>prestige brands in the United States. Interparfums SA is also
the sole owner of Interparfums (Suisse) SARL, a company formed to hold and manage certain brand names, and Interparfums Singapore
Pte., Ltd., an Asian sales and marketing office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our common stock is listed on The Nasdaq Global
Select Market under the trading symbol &ldquo;IPAR&rdquo;. The common shares of our subsidiary, Interparfums SA, are traded on
the Euronext Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We maintain our internet website at <U>www.interparfumsinc.com</U>
which is linked to the SEC Edgar database. You can obtain through our website, free of charge, our annual reports on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section
13(a) of the Securities Exchange Act of 1934 as soon as reasonably practicable after we have electronically filed them with or
furnished them to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Summary</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>The following summary is qualified in its
entirety by and should be read together with the more detailed information and audited financial statements, including the related
notes, contained or incorporated by reference in this report.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We operate in the fragrance business and manufacture,
market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European
based operations and United States based operations. Our prestige fragrance products are produced and marketed by our European
operations through our 74% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 26% of Interparfums
SA shares trade on the Euronext. Prestige cosmetics and prestige skin care products represent less than 1% of consolidated net
sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our business is not capital intensive, and it
is important to note that we do not own any manufacturing facilities. We act as a general contractor and source our needed components
from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the
components are sent to one of several third party fillers which manufacture the finished product for us and deliver them back to
one of our distribution centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As with any business, many aspects of our operations
are subject to influences outside our control. We discuss in greater detail risk factors relating to our business in Item&nbsp;1A
of this Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2011, and the reports that we file from time to
time with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>European Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We produce and distribute our prestige fragrance
products primarily under license agreements with brand owners, and prestige product sales represented approximately 90% of net
sales for 2011. We have built a portfolio of prestige brands, which include Burberry, Lanvin, Jimmy Choo, Van Cleef &amp; Arpels,
Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain and Repetto, whose products are distributed in over 120 countries around
the world. Shipments to our distribution subsidiaries are not recognized as sales until that merchandise is sold by our distribution
subsidiary to their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Burberry is our most significant license, as
sales of Burberry products represented 50%, 53% and 57% of net sales for the years ended December&nbsp;31, 2011, 2010 and 2009,
respectively. In addition, we own the Lanvin brand name for our class of trade and sales of Lanvin product represented 13%, 15%
and 14% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our prestige products focus on niche brands
with a devoted following. By concentrating in markets where the brands are best known, we have had many successful launches. We
typically launch new fragrance families for our brands every year or two, with some frequent &ldquo;seasonal&rdquo; fragrances
introduced as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The creation and marketing of each product family
is intimately linked with the brand&rsquo;s name, its past and present positioning, customer base and, more generally, the prevailing
market atmosphere. Accordingly, we generally study the market for each proposed family of fragrance products for almost a full
year before we introduce any new product into the market. This study is intended to define the general position of the fragrance
family and more particularly its scent, bottle, packaging and appeal to the buyer. In our opinion, the unity of these four elements
of the marketing mix makes for a successful product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>United States Operations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our specialty retail and mass market fragrance
and fragrance related products are marketed through our United States operations and represented 10%, of sales for the year ended
December 31, 2011. These fragrance products are sold under trademarks owned by us or pursuant to license or other agreements with
the owners of brands which include the <I>Gap</I>, <I>Banana Republic, Anna Sui, Brooks Brothers, bebe, Betsey Johnson, Nine West,
Lane Bryant and Jordache</I>.<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Recent Developments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Burberry </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011, the Company and Burberry Group
began to explore ways to work more closely together to realize the brand&rsquo;s potential and we are currently in discussions
regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can
be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired
term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired
portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017. As previously
disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair market value of the
unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products. As of the date of this report, discussions
are continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Repetto</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011 we entered into<FONT STYLE="color: black">
a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the
Repetto brand. </FONT>Our rights under the agreement commenced on January 1, 2012. The agreement <FONT STYLE="color: black">is
subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Pierre Balmain</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2011, we entered into a twelve-year
exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand.
Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of existing Balmain fragrances.
The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.
We also paid an up front entry fee of &euro;2.1 million (approximately $2.7 million) for this license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>The Gap Inc.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2011, we renewed our exclusive agreement
with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold
in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with
The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and
department stores outside the United States, including duty-free and other travel related retailers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These renewal agreements, which took effect
on January 1, 2012 and run through December&nbsp;31, 2014, contain terms and conditions similar to those of the original agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Anna Sui</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In June 2011, we entered into a ten-year exclusive
worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related
products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and
distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures
and royalty payments as are customary in our industry. We have paid an upfront entry fee of $2.0 million for this license and we
agreed to purchase current inventory and certain other assets of the former licensee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>S. T. Dupont</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In April 2011, we renewed our license agreement
with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year
license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years
until June 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Lane Bryant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2011, we entered into an exclusive
agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs
and manufactures personal care products for the Lane Bryant brand, while Lane Bryant is responsible for marketing, promoting and
selling these products. The initial term of the contract, which may be extended by mutual consent, runs through December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>U.S. Distribution of Prestige Products</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Beginning January 1, 2011, Interparfums Luxury
Brands, Inc., a U.S. subsidiary of our French subsidiary Interparfums SA, assumed all U.S. prestige fragrance distribution responsibilities.
In addition, under the terms of a four-year agreement, Interparfums Luxury Brands, Inc. and Clarins Fragrance Group USA (a Division
of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) share
and manage an expanded sales force. Logistical and administrative support is provided by Clarins Group USA from its Park Avenue
offices in New York and its warehouse in Orangeburg, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Our Prestige Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We produce and distribute our prestige fragrance
products primarily under license agreements with brand owners. Under license agreements, we obtain the right to use the brand name,
create new fragrances and packaging, determine positioning and distribution, and market and sell the licensed products, in exchange
for the payment of royalties. Our rights under license agreements are also generally subject to certain minimum sales requirements
and advertising expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have built a portfolio of licensed prestige
brands, which include Burberry, Jimmy Choo, Van Cleef &amp; Arpels, Montblanc, Paul Smith, S.T. Dupont, Boucheron, Balmain and
Repetto. In addition, we are the owner of the Lanvin and Nickel brand names and trademarks for our class of trade. Our exclusive
world-wide licenses for these brands expire on the following dates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-weight: bold">Brand Name</TD>
    <TD STYLE="width: 18%; font-weight: bold">Expiration Date</TD>
    <TD STYLE="width: 57%; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Burberry</TD>
    <TD COLSPAN="2">December 31, 2017, unless buyback option is exercised</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jimmy Choo</TD>
    <TD>December 31, 2021</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Van Cleef &amp; Arpels</TD>
    <TD COLSPAN="2" STYLE="padding-left: 83.35pt; text-indent: -83.35pt">December 31, 2018, plus a 5-year optional term if certain sales targets are met</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Montblanc</TD>
    <TD>December 31, 2020</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Paul Smith</TD>
    <TD>December 31, 2017</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>S.T. Dupont</TD>
    <TD>December 31, 2016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Boucheron</TD>
    <TD COLSPAN="2" STYLE="padding-left: 83.35pt; text-indent: -83.35pt">December 31, 2025, plus a 5-year optional term if certain sales targets are met</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Balmain</TD>
    <TD>December 31, 2023</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Repetto</TD>
    <TD>December 31, 2024</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Prestige Fragrances</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>BURBERRY</B> &mdash; Burberry is our leading
prestige fragrance brand and we operate under an exclusive worldwide license with Burberry Group that was originally entered into
in 1993 and replaced by a new agreement in 2004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have had significant success in introducing
new fragrance families under the Burberry brand name. Lines currently in distribution include: <I>Burberry </I>(1995), <I>Burberry
Week End </I>(1997), <I>Burberry Touch </I>(2000), <I>Burberry Brit </I>(2003/2004)<I>,</I> <I>Burberry London </I>(2006)<I>, Burberry
The Beat </I>(2008), <I>Burberry Sport </I>(2010)<I>,</I> a make-up line, <I>Burberry Beauty </I>(2010)<I>, and Burberry Body </I>(2011).
With sales for the first time surpassing the $300 million milestone, Burberry fragrances continued its trajectory of sustained
growth. Current year growth is the result of a solid performance by the brands historic lines and the highly successful launch
of <I>Burberry Body</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011, the Company and Burberry Group
began to explore ways to work more closely together to realize the brand&rsquo;s potential and we are currently in discussions
regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can
be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired
term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired
portion of the license as of December 31, 2012 or continue the existing contract which runs through December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>LANVIN </B>&mdash; In July 2007 we acquired
the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3 that we had previously licensed in
June 2004. A synonym of luxury and elegance, the Lanvin fashion house, founded in 1889 by Jeanne Lanvin, expanded into fragrances
in the 1920s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Today, Lanvin fragrances occupy important positions in the selective
distribution market in France, Europe and Asia. Current lines in distribution include: <I>Arp&egrave;ge</I> (1927), <I>Lanvin L&rsquo;Homme</I>
(1997), <I>Eclat d&rsquo;Arp&egrave;ge</I> (2002), <I>Arp&egrave;ge pour Homme </I>(2005), <I>Rumeur </I>(2006), <I>Rumeur 2 Rose
</I>(2007), <I>Jeanne Lanvin </I>(2008), <I>Lanvin L&rsquo;Homme Sport </I>(2009)<I>,</I> and <I>Marry Me! </I>(2010). With no
new launches in 2011, sales of Lanvin fragrances continue to expand with steady contribution from its <I>Eclat d&rsquo;Arp&egrave;ge</I>
line combined with the continued growth in the <I>Jeanne Lanvin </I>and <I>Marry Me! </I>lines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>
Jimmy Choo</B> &mdash; </FONT> <FONT STYLE="color: black">In October 2009 we entered into </FONT>an exclusive, worldwide license agreement
that commenced on January 1, 2010 for the creation, development and distribution of fragrances under the Jimmy Choo brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With a heritage in luxury footwear, Jimmy Choo
today encompasses a complete luxury lifestyle accessory brand with women's shoes, handbags, small leather goods, sunglasses and
eyewear. Its products are available in the growing network of Jimmy Choo freestanding stores as well as in the most prestigious
department, specialty and duty free stores worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that this relationship with Jimmy
Choo offers a perfect fit with our strategy of expanding our brand portfolio to include new universes and represents an important
milestone in our development. This brand possesses the quintessential qualities to ensure the ambitious development of fragrance
lines that will be supported by significant advertising commitments over the coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2011, our first fragrance under the
Jimmy Choo brand was initially launched in select distribution in the United Kingdom and the United States, and this signature
scent rolled out globally in Spring 2011. Throughout 2011, Jimmy Choo product sales exceeded our expectations with rapid reorders
at the point of sale. Sales topped $40 million in 2011and we anticipate continued expansion in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>VAN CLEEF &amp; ARPELS </B>&mdash;<B> </B><FONT STYLE="color: black">In
September 2006, we entered into </FONT>an exclusive, worldwide license agreement for the creation, development and distribution
of fragrance and related bath and body products under the Van Cleef &amp; Arpels brand and related trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Van Cleef &amp; Arpels fragrances in current
distribution include: <I>First</I> (1976), <I>Van Cleef pour Homme</I> (1978), <I>Tsar</I> (1989), <I>Van Cleef</I> (1994), <I>First
1<SUP>er</SUP> Bouquet</I> (2008), <I>F&eacute;erie </I>(2008)<B><I>,</I></B> <I>Collection Extraordinaire </I>(2009), <I>Oriens
</I>(2010)<I>,</I> <I>Midnight in Paris </I>(2010).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the past two years we have been fine tuning
the product range and repositioning our Van Cleef &amp; Arpels fragrances in the exclusive high-end segment. With two new product
launches in 2010 and no new launches in 2011, we saw sales decline of approximately 21% in local currency in 2011. We hope to reverse
that trend with a new line for Van Cleef &amp; Arpels, which is under development with an expected launch in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Montblanc
</B></FONT><I>&mdash;</I> In January 2010 we entered into an exclusive, worldwide license agreement, commencing on July 1, 2010,
for the creation, development and distribution of fragrances and fragrance related products under the Montblanc brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Montblanc has achieved a world-renowned position
in the luxury segment and has become a purveyor of exclusive products which reflect today&rsquo;s exacting demands for timeless
design, tradition and master craftsmanship. Through its leadership positions in writing instruments, watches and leather goods,
promising growth outlook in women's jewelry, active presence in more than 70 countries, network of more than 350 boutiques worldwide
and high standards of product design and quality, Montblanc offers our company growth potential for development in fragrances and
ancillary products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 1, 2010 we commenced distribution of
Montblanc&rsquo;s legacy fragrances, which include: <I>Pr&eacute;sence</I> (2001) , <I>Pr&eacute;sence D&rsquo;une Femme</I> (2002),
<I>Individuel</I> (2004), <I>Femme Individuelle</I> (2004), <I>Starwalker</I> (2005), <I>Femme de Montblanc</I> (2006) and <I>Homme
Exceptionnel</I> (2006).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the Spring 2011 we launched a new Montblanc
fragrance, <I>Legend, </I>the success of which significantly exceeded our initial expectations. For 2011, Montblanc fragrance sales
aggregated $42.5 million. For 2012, we are developing our first women&rsquo;s fragrance under the Montblanc brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>PAUL SMITH </B>&mdash; We signed an exclusive
license agreement with Paul Smith in December 1998, for the creation, development and worldwide distribution of Paul Smith perfumes
and cosmetics. In July 2008 we extended this license for an additional seven years through December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Paul Smith is an internationally renowned British
designer who creates fashion with a clear identity. Paul Smith has a modern style which combines elegance, inventiveness and a
sense of humor and enjoys a loyal following, especially in the UK and Japan. Fragrances include: <I>Paul Smith (2000)</I>, <I>Paul
Smith Extr&ecirc;me (2002),Paul Smith Story (2006)</I>, <I>Paul Smith Rose (2007) Paul Smith Man (2009), Paul Smith Man 2 (2010)
and Optimistic (2011).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>S.T. DUPONT </B>&mdash; In June 1997 we signed
an exclusive license agreement with S.T. Dupont for the creation, manufacture and worldwide distribution of S.T. Dupont perfumes.
In 2011 the agreement was renewed and now runs through December 31, 2016. S.T. Dupont is a French luxury goods house founded in
1872, which is known for its fine writing instruments, lighters and leather goods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">S.T. Dupont fragrances include: <I>S.T. Dupont
</I>(1998),<I> S.T. Dupont Essence Pure </I>(2002), <I>L&rsquo;Eau de S.T. Dupont </I>(2004),<I> S.T. Dupont Noir </I>(2006), <I>S.T.
Dupont Blanc </I>(2007), <I>S.T. Dupont</I> <I>Passenger </I>(2008),<I> S.T. Dupont</I> <I>Rose </I>(2009),<I> S.T. Dupont Intense
</I>(2009), <I>Miss Dupont </I>(2010),<I> S.T. Dupont</I> <I>Passenger Cruise </I>(2011).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase; color: black"><B>Boucheron</B>
&ndash; </FONT>In December 2010, we entered into an exclusive, worldwide license agreement for the creation, development and distribution
of fragrance and related bath and body products under the Boucheron brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">Boucheron is the
French jeweler &quot;par excellence&quot;. Founded by Frederic Boucheron in 1858, the House </FONT>has<FONT STYLE="color: black">
produced some of the world&rsquo;s most beautiful and precious creations. Today Boucheron creates jewelry and timepieces and, under
license from global brand leaders, fragrances and sunglasses. Currently Boucheron operates through over 40 boutiques worldwide
as well as an e-commerce site.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The transfer of existing inventory from the
former licensee was completed early in 2011, and we then commenced distribution of Boucheron&rsquo;s legacy fragrances. We have
completed development of our first new fragrance under the Boucheron brand, which is scheduled for a 2012 launch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>BALMAIN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2011 we entered into a twelve-year exclusive
worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand. Our rights
under the agreement commenced on January 1, 2012 when we took over the production and distribution of existing Balmain fragrances
for men and women.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Balmain couture house was founded in 1945
by Pierre Balmain. In recent years, Balmain has undergone a significant transformation. With the redefinition of its image in ready-to-wear,
the brand has become a reference for style, while retaining its distinctive design codes from the haute couture universe. On the
strength of its creativity and know-how, the brand has become a major trendsetter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>REPETTO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011 we entered into<FONT STYLE="color: black">
a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the
Repetto brand. </FONT>Our rights under the agreement commenced on January 1, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Created in 1947 by Rose Repetto at the request
of her son, dancer and choreographer Roland Petit, Repetto is today a legendary name in the world of dance. For a number of years
it has developed timeless and must-have collections with a fully modernized signature style ranging from dance shoes, ballet slippers,
flat shoes, and sandals to more recently handbags and high-end accessories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With an ambitious plan of international expansion
(27 new stores opened in 2011, 22 new points of sale planned for 2012) focusing mainly on Europe, the brand is now branching out
into Asia, notably South Korea and Japan where its mix of cross-generational appeal and French chic has met with unprecedented
enthusiasm. We expect our first fragrance line to be launched in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Prestige Skin Care &amp; Cosmetics</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>BURBERRY</B> &mdash; In July 2010, <I>Burberry
Beauty</I>, the nearly 100 SKU color cosmetic collection, began its rollout to approximately 30 major retail locations globally,
including Harrods in London and five Nordstrom locations in the U.S., Holt Renfrew in Canada, Galeries Lafayette in France and
Lane Crawford in Hong Kong. The launch of this cosmetics line required a significant investment in its first year to develop the
product, build cosmetic counters, hire and train personnel. We believe the <I>Burberry Beauty</I> line is an important step to
reach new customers and increase brand exposure worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">We rolled out additional products throughout
2011 and distribution was expanded by approximately sixty additional retail outlets for a current total of approximately ninety.
We are currently reviewing <I>Burberry Beauty</I> results as well as the anticipated financial commitment which may be necessary
in order to determine the appropriate level of distribution for <I>Burberry Beauty</I> in the years to come.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NICKEL </B>&mdash; Established in 1996, Nickel
has developed two innovative concepts in the world of cosmetics: spas exclusively for male customers and skin care products for
men. The Nickel skin care products for the face and body are sold through prestige department and specialty stores primarily in
Western Europe and the United States, as well as through our men&rsquo;s spas in Paris and New York and our licensed spa in London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our current focus is on skin care products and
we have launched several new skin care categories under the brand name. We intend to continue to develop new and innovative skincare
products under the Nickel brand in an attempt to grow the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Specialty Retail and Designer Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Specialty retail has become an important part
of our overall business, and our United States operations are continuing to expand the global distribution of the specialty retail
brands with which we have partnered. In addition, we have been approached by other specialty retailers to determine if there is
interest in establishing a relationship whereby we would design, produce and manufacture fragrance and fragrance related products
similar to our existing relationships. However, we cannot assure you that we will be able to enter into any similar future arrangements,
or if we do, that any such arrangement would be on terms favorable to us or would be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with our specialty retail agreements
in our United States operations, we design, produce and manufacture fragrance and fragrance related products for brand name specialty
retailers, primarily for sale in their retail stores. This specialty retail business began in 2005 with the signing of an exclusive
agreement with The Gap, Inc. covering the Gap and Banana Republic brands in the United States and Canada. We have expanded this
business through the years and currently have agreements in place with Brooks Brothers, bebe Stores, Nine West, Betsey Johnson,
Lane Bryant and Anna Sui. Our exclusive agreements for specialty retail brands and their expiration dates are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-weight: bold">Brand Name</TD>
    <TD STYLE="width: 18%; font-weight: bold">Expiration Date</TD>
    <TD STYLE="width: 57%; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The Gap Inc.</TD>
    <TD>December 31, 2014</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Brooks Brothers</TD>
    <TD COLSPAN="2" STYLE="padding-left: 86.25pt; text-indent: -86.25pt">December 31, 2013, plus a 5-year optional term if certain sales targets are met</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>New York &amp; Company</TD>
    <TD>October 8, 2012</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>bebe Stores</TD>
    <TD COLSPAN="2" STYLE="padding-left: 86.25pt; text-indent: -85.5pt">June 30, 2014, plus three, 3-year optional terms, if certain sales targets are met</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nine West</TD>
    <TD COLSPAN="2" STYLE="padding-left: 86.25pt; text-indent: -85.5pt">December 31, 2016, plus two consecutive 3-year optional terms if certain conditions are met</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Betsey Johnson</TD>
    <TD COLSPAN="2" STYLE="padding-left: 86.25pt; text-indent: -85.5pt">December 31, 2015, plus a 5-year optional term if certain conditions are met</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lane Bryant</TD>
    <TD>December 31, 2015</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anna Sui</TD>
    <TD COLSPAN="2" STYLE="padding-left: 86.25pt; text-indent: -86.25pt">December 31, 2021, plus &nbsp;two five-year &nbsp;optional terms if certain conditions are met</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, our agreements for the Gap, Banana
Republic, Brooks Brothers, bebe, Nine West, Betsey Johnson and Ana Sui brands include a license component for worldwide sales to
select third party retailers and distributors, in return for royalty payments and certain advertising expenditures as are customary
in our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Gap and Banana Republic</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2005, we entered into an exclusive agreement
with The Gap, Inc. to develop, produce, manufacture and distribute fragrance and fragrance related products for Gap and Banana
Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In March 2006, the agreement
was amended to include fragrance and fragrance related products for Gap Outlet and Banana Republic Factory Stores in the United
States and Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In 2008 we expanded our relationship with Gap
Inc. to include a licensing agreement for international distribution of personal care products created for the Gap and Banana Republic
brands. We entered into this license agreement to <FONT STYLE="color: black">capitalize on cross-border brand awareness of Gap&rsquo;s
iconic American style and Banana Republic&rsquo;s affordable luxury, which we have interpreted into a brand-specific assortment
of fragrance and fragrance related products. In addition, our long-established relationships with distributors in over 120 countries,
and our current infrastructure enabled us to rollout Gap and Banana Republic products to select department stores, perfumeries,
travel retailers, military bases and other appropriate retail outlets around the world.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2011, we renewed our exclusive agreement
with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold
in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement with
The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty and
department stores outside the United States, including duty-free and other travel related retailers. These renewal agreements,
which became effective on January 1, 2012, run through December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Gap scents in current distribution include:
<I>Close </I>(2009), <I>Stay</I> (2010), <I>Core</I> (2010), <I>Deep</I> (2011) and <I>Near</I> (2011). International distribution
began in the Fall of 2009, including an exclusive launch at 240 Sephora doors in Europe. Banana Republic products currently available
include: <I>Classic</I> (1995), <I>W</I> (1995), <I>Alabaster</I> (2006), <I>Jade</I> (2006), <I>Rosewood</I> (2006), <I>Slate</I>
(2006), <I>Black Walnut</I> (2006), <I>Cordovan</I> (2007), <I>Malachite</I> (2007), <I>Republic of Women </I>(2009), <I>Republic
of Men </I>(2009) and <I>Wildbloom</I> (2011).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For 2012, we also have several new products
and new product extensions in the works.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>bebe Stores</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2008, we entered into an exclusive six-year
worldwide agreement with bebe Stores, Inc., under which we design, manufacture and supply fragrance, bath and body products and
color cosmetics for company-owned bebe stores in the United States and Canada, as well as select specialty and department stores
worldwide. We have incorporated bebe&rsquo;s signature look into fragrance and cosmetics for the brand&rsquo;s strong, hip, sexy,
and sophisticated clientele.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our bebe signature fragrance was unveiled at
more than 200 bebe stores in the U.S. in August 2009, which was followed by worldwide distribution shortly thereafter. Scents currently
available for domestic and international markets include: bebe (2009), bebe Sheer (2010) and bebe gold (2011).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are currently working on new products and
new product extensions for the bebe brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Nine West</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2010, we entered into an exclusive worldwide
license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women&rsquo;s
fragrances under the Nine West brand. The agreement provides for direct sales to Nine West retail stores in the United States,
as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the agreement, the initial Nine West signature
fragrance will be marketed and sold globally in better department stores, specialty retailers and Nine West retail stores. Nine
West is currently sold in 59 countries with flagship stores in leading cities, including New York, Toronto, London, Paris, Tokyo,
Hong Kong, Shanghai and Beijing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nine West is a subsidiary of Jones Apparel Group,
Inc., and a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. Our first fragrance for Nine
West <I>Love Fury</I> launched in the first quarter of 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Betsey Johnson</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2010, we entered into an exclusive worldwide
agreement for the Betsey Johnson brand, under which we design, manufacture and sell fragrance, color cosmetics as well as other
personal care products across a broad retail spectrum. The agreement encompasses both direct sales to global Betsey Johnson stores
and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and
department stores as well as other retail outlets worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">New York designer Betsey Johnson joined forces
with Chantal Bacon in 1978 and started the Betsey Johnson label, as it is known today. Beginning in 2004, the Betsey Johnson label
expanded as a lifestyle brand with the introduction of intimates, handbags and leather goods, footwear, watches, jewelry, eyewear,
swimwear, legwear and outerwear. Today there are over sixty-five Betsey Johnson stores worldwide as well as an established wholesale
business in international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe Betsey Johnson fashion is forever
feminine, sometimes whimsical but always recognizable. We envision building an upscale fragrance and beauty enterprise around the
qualities that have defined and redefined the Betsey Johnson label for over 30 years. Our first product launch under the Betsey
Johnson brand occurred in the second half of 2010 with a new take on the designer&rsquo;s vintage fragrance exclusively for Betsey
Johnson. In the second half of the 2011, we launched of our first new Betsey Johnson scent, <I>Too Too,</I> with initial distribution
in the designer&rsquo;s stores as well as Sephora stores in the U.S. In 2012, we plan to continue to roll-out distribution of Betsey
Johnson <I>Too Too.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Lane Bryant </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2011, we entered into an exclusive
agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant. Under the agreement, Inter Parfums designs
and manufactures personal care products for the Lane Bryant brand to be sold in Lane Bryant stores. Lane Bryant is responsible
for marketing, promoting and selling these products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In Spring 2011, we commenced shipments of a
line of performance-based bath, body and specialty products, to be sold under Lane Bryant&rsquo;s Cacique&reg; brand at approximately
130 Lane Bryant stores. Chain wide rollout is anticipated in early 2012. In addition, a signature fragrance was launched in time
for the 2011 holiday season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Anna Sui</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In June 2011, we entered into a ten-year exclusive
worldwide fragrance license agreement to produce and distribute perfumes and fragrance-related products under the Anna Sui brand.
Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of the existing Anna
Sui fragrance collections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will work in partnership with American designer,
Anna Sui, and her creative team to build upon the brand&rsquo;s growing customer appeal, and develop new fragrances that capture
the brand&rsquo;s very sweet feminine girly aspect, combined with touch of nostalgia, hipness and rock-and-roll. Anna Sui&rsquo;s
devoted customer base, which spans the world, is especially strong in Asia.We have high expectations for growing the Anna Sui fragrance
franchise by developing new products and expanding the brand&rsquo;s fragrance presence in North America, Europe and the Middle
East.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our first new women&rsquo;s scent for Anna Sui
is planned for Fall 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Brooks Brothers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In November 2007, we entered into an exclusive
agreement with Retail Brand Alliance, Inc. covering the design, manufacture and supply of personal care products for men and women
to be sold at Brooks Brothers locations in the United States as well as a licensing agreement covering Brooks Brothers stores and
specialty and department stores outside the United States and duty free and other travel-related retailers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Brooks Brothers product lines currently available
include: Brooks Brothers New York (2008), Black Fleece (2009), Brooks Brothers Madison (2010), and a trio of scents Black Fleece
Red, White, &amp; Blue (2010).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>New York &amp; Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In April 2007 we signed an exclusive agreement
with New York &amp; Company, Inc. under which we design and manufacture a personal care products sold at the New York &amp; Company
retail locations and on their website. Pursuant to the agreement, we are responsible for product development, formula creation,
packaging and manufacturing while New York &amp; Company is responsible for marketing and selling in its stores.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We developed products designed for the target
New York &amp; Company customer, the fashion-conscious, value-sensitive women. Unfortunately the line was not successful and was
subsequently discontinued. We have also launched a fragrance for New York &amp; Company and supplied their stores with color cosmetic
products. However, with no new product development in process, we anticipate that this agreement will end at its expiration in
October 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Specialty Retail </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During 2010, we also developed two programs
for Anthropologie stores, <I>Happ &amp; Stahns </I>and the <I>LeLabo </I>collection, both of which have made their debut in 2010.
In July 2011<B> </B><I>Happ + Stahns 1842 Rosa Alba</I> won the 2011 HBA International Packaging Design Award in the Prestige Fragrance
category. The winner in this category was voted on by 100 industry professionals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Mass Market Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our mass market products are comprised of fragrances
and fragrance related products. We produce a variety of alternative designer fragrances and personal care products that sell at
a substantial discount from their brand name counterparts. Our alternative designer fragrances are similar in scent to highly advertised
designer fragrances that are marketed at a higher retail price. Our mass market fragrance brands include several proprietary brand
names as well as a license for the <I>Jordache </I>brand. We also market our <I>Aziza</I> line of low priced eye shadow kits, mascara,
and pencils, focusing on the young teen market and a line of health and beauty aids under our <I>Intimate</I> and <I>Johnson Parker</I>
brands, including shampoo, conditioner, hand lotion and baby oil. All of these products are distributed to the same mass market
retailers and discount chains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Business Strategy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Focus on prestige beauty brands</B>. Prestige
beauty brands are expected to contribute significantly to our growth as it represented 90% of total business in 2011. We focus
on developing and launching quality fragrances utilizing internationally renowned brand names. By identifying and concentrating
in the most receptive market segments and territories where our brands are known, and executing highly targeted launches that capture
the essence of the brand, we have had a history of successful launches. Certain fashion designers and other licensors choose Inter
Parfums as a partner because our Company&rsquo;s size enables us to work more closely with them in the product development process
as well as our successful track record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Grow portfolio brands through new product
development and marketing</B>. We grow through the creation of fragrance family extensions within the existing brands in our portfolio.
Every year or two we create a new family of fragrances for each brand in our portfolio. We frequently introduce &ldquo;seasonal&rdquo;
fragrances as well. With new introductions, we leverage our ability and experience to gauge trends in the market and further leverage
the brand name into different product families in order to maximize sales and profit potential. We have had success in introducing
new fragrance families (sub-brands, or flanker brands) within our brand franchises. Furthermore, we promote the smooth and consistent
performance of our prestige perfume operations through knowledge of the market, detailed analysis of the image and potential of
each brand name, a &ldquo;good dose&rdquo; of creativity and a highly professional approach to international distribution channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Continue to add new brands to our portfolio,
through new licenses or acquisitions</B>. Prestige brands are the core of our business and we intend to add new prestige beauty
brands to our portfolio. Over the past twenty years, we have built our portfolio of well-known prestige brands through acquisitions
and new license agreements. We intend to further build on our success in prestige fragrances and pursue new licenses and acquire
new brands to strengthen our position in the prestige beauty market. We identify prestige brands that can be developed and marketed
into a full and varied product families and, with our technical knowledge and practical experience gained over time, take licensed
brand names through all phases of concept, development, manufacturing, marketing and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Expand existing portfolio into new categories</B>.
We intend to continue to broaden our product offering beyond the fragrance category and offer other fragrance related products
and personal care products such as skin care, cosmetics and hair care under some of our existing brands. We believe such product
offerings meet customer needs and further strengthen customer loyalty. We also plan to draw upon the skin care product expertise
that the Nickel team brings, as we explore other opportunities in the treatment side of the beauty business beyond the Nickel brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Continue to build global distribution footprint</B>.
Our business is a global business and we intend to continue to build our global distribution footprint. In order to adapt to changes
in the environment and our business, we have modified our distribution model and have formed and are operating joint ventures or
distribution subsidiaries in the major markets of the United States, United Kingdom, Italy, Spain and Germany for distribution
of prestige fragrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We might enter into future joint ventures arrangements
or acquire distribution companies within other key markets to distribute certain of our prestige brands. However, we cannot assure
you that we will be able to enter into any future joint venture arrangements or acquire distribution companies on terms favorable
to us, or if we do, that any such transaction will be successful. We believe that in certain markets vertical integration of our
distribution network is one of the keys to future growth of our company, and ownership of such distribution should enable us to
better serve our customers&rsquo; needs in local markets and adapt more quickly as situations may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Build specialty retail business</B>. We believe
the beauty industry has experienced a significant growth in specialty retail, and we now have agreements in place for the following
brands, Gap and Banana Republic, New York &amp; Company, Brooks Brothers, bebe, Nine West, Betsey Johnson, Lane Bryant and Anna
Sui. We are responsible for product development, formula creation, packaging and manufacturing under all of those brands. We also
develop product and supply fragrances for Anthropologie stores, catalog and its internet business on an as needed and when ordered
basis. Gap, Banana Republic, New York &amp; Company, Retail Brand Alliance (for Brooks Brothers), bebe Stores, Inc., Anthropologie,
Nine West, Betsey Johnson, Lane Bryant and Anna Sui are innovative specialty retailers which offer a variety of lifestyle merchandise
to highly defined customer niches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we have been approached by other
specialty retailers to determine if there is interest in establishing a relationship whereby we would design, produce and manufacture
fragrance and fragrance related products similar to our existing relationships with specialty retailers. However, we cannot assure
you that we will be able to enter into any similar future arrangements on terms favorable to us, or if we do, that any such arrangements
will be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Production and Supply</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The stages of the development and production process for all fragrances
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Simultaneous discussions with perfume designers and creators (includes analysis of esthetic and
olfactory trends, target clientele and market communication approach);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Concept choice;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Produce mock-ups for final acceptance of bottles and packaging;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Receive bids from component suppliers (glass makers, plastic processors, printers, etc.) and packaging
companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Choose our suppliers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Schedule production and packaging;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Issue component purchase orders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Follow quality control procedures for incoming components; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Follow packaging and inventory control procedures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suppliers who assist us with product development include<B>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Independent perfumery design companies (Federico Restrepo, Fabien Baron, Aesthete, Ateliers Dinand);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Perfumers (IFF, Firmenich, Robertet, Givaudan, Takasago) which create a fragrance consistent with
our expectations and, that of the fragrance designers and creators;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Contract manufacturers of components such as glassware (Saint Gobain, Saverglass, Pochet, Nouvelles
Verreries de Momignie), caps (MT Packaging, Codiplas, Risdon, Newburgh) or boxes (Printor Packaging, Draeger);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Production specialists who carry out packaging (MF Production, Brand, CCI, IKI Manufacturing) or
logistics (SAGA for storage, order preparation and shipment).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For our prestige products, approximately 80%
of component and production needs are purchased from approximately 50 suppliers out of a total of over 180 active suppliers. The
suppliers' accounts for our European operations are primarily settled in euro and for our United States operations, suppliers'
accounts are primarily settled in U.S. dollars. The components for our specialty retail products are sourced and our specialty
retail products are primarily produced and filled in the United States, and our mass market products are manufactured, produced
or filled in the United States or China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Marketing and Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Prestige </I>Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our prestige products are distributed in over
120 countries around the world through a selective distribution network. For the majority of our international distribution of
prestige products, we contract with independent distribution companies specializing in luxury goods. In each country, we designate
anywhere from one to three distributors on an exclusive basis for one or more of our name brands. We also distribute our prestige
products through a variety of duty-free operators, such as airports and airlines and select vacation destinations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As our</FONT>
<FONT STYLE="font-size: 10pt">business is a global business, we intend to continue to build our global distribution footprint.
We presently operate through our distribution subsidiaries in the major markets of the United Kingdom, Italy, Spain and Germany
for distribution of prestige fragrances.</FONT> <FONT STYLE="font-size: 10pt">In addition,</FONT> <FONT STYLE="font-size: 10pt">during
2010 we formed</FONT> <FONT STYLE="font-size: 10pt">Interparfums Luxury Brands, Inc., a Delaware corporation and subsidiary of
our French subsidiary Interparfums SA, for distribution of prestige brands in the United States. It has also entered into an agreement
with Clarins Fragrance Group US (a Division of Clarins Group) effective January 1, 2011.</FONT> <FONT STYLE="font-size: 10pt">Shipments
to these subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to its customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Further, we may enter into future joint ventures
arrangements or acquire distribution companies within other key markets to distribute certain of our licensed prestige brands.
However, we cannot assure you that we will be able to enter into any future joint venture arrangements or acquire distribution
companies on terms favorable to us, or if we do, that any such transaction will be successful. We believe that in certain markets
vertical integration of our distribution network is one of the keys to future growth of our company, and ownership of such distribution
should enable us to better serve our customers&rsquo; needs in local markets and adapt more quickly as situations may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our third party distributors vary in size depending
on the number of competing brands they represent. This extensive and diverse network together with our own distribution subsidiaries
provides us with a significant presence in over 120 countries around the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approximately 40% of our prestige fragrance
net sales are denominated in U.S. dollars. We address certain financial exposures through a controlled program of risk management
that includes the use of derivative financial instruments.&nbsp; We primarily enter into foreign currency forward exchange contracts
to reduce the effects of fluctuating foreign currency exchange rates.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The business of our European operations has
become increasingly seasonal due to the timing of shipments by our majority-owned distribution subsidiaries to their customers,
which are weighted to the second half of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Specialty Retail and Mass Market Products</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not presently market and distribute Gap,
Banana Republic, New York &amp; Company, Brooks Brothers or Lane Bryant specialty retail products to third parties in the United
States. Marketing and distribution for such brands are the responsibility of the brand owners which market and sell the products
we produce in their own retail locations. However, with respect to our agreements with bebe Stores, Inc., Nine West, Betsey Johnson
and Anna Sui, we distribute or plan to distribute product to their stores as well as to other retail outlets and department stores
within the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to Gap, Banana Republic, Brooks
Brothers, bebe brands, Nine West, Betsey Johnson and Anna Sui, we also distribute or plan to distribute product to specialty retailers
and department stores outside the United States including duty free and other travel-related retailers. We utilize our in house
sales team to reach our distributors and customers outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the business of our United States
operations has become increasingly seasonal as shipments to our specialty retail customers are weighted toward the second half
of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mass merchandisers are the target customers
for our mass market products. In addition, our mass market products are sold to wholesale distributors, specialty store chains,
and to multiple locations of accessory, jewelry and clothing outlets. These products are sold through a highly efficient and dedicated
in-house sales team and reach approximately 10,000 retail outlets throughout the United States and abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Geographic Areas</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">United States export sales were approximately
$24.9 million, $25.7 million and $14.0 million in 2011, 2010 and 2009, respectively. Consolidated net sales to customers by region
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD>(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">North America</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">150,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">91,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">96,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Central and South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Middle East</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Asia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: right">615,200</TD><TD STYLE="padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: black; text-align: right">460,400</TD><TD STYLE="padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">409,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consolidated net sales to customers in major
countries are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD>(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">United States</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">138,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">86,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">88,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">United Kingdom</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The market for fragrances and fragrance related
products is highly competitive and sensitive to changing preferences and demands. The prestige fragrance industry is highly concentrated
around certain major players with resources far greater than ours. We compete with an original strategy, regular and methodical
development of quality fragrances for a growing portfolio of internationally renowned brand names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the specialty retail market in the U.S.,
we primarily sell products or plan to sell products directly to select specialty retailers such as Gap and Banana Republic, New
York &amp; Company, Brooks Brothers, bebe, Nine West, Betsey Johnson and Lane Bryant, so we do not have any direct competition,
other than third parties who may also have the knowhow and capacity to develop, manufacture and ship product to specialty retailers.
However, such special retail stores compete directly with other specialty retail stores such as Abercrombie &amp; Fitch, American
Eagle and Victoria&rsquo;s Secret, which thereby indirectly compete with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We compete in the mass market for fragrances,
color cosmetics and health and beauty aids primarily on the basis of price. At the present time, we are aware of approximately
four established companies which market alternative designer fragrances similar to ours. Many of our competitors of both mass market
color cosmetics (such as L&rsquo;Oreal and Revlon) and health and beauty aids (such as Procter &amp; Gamble) have substantial financial
resources as well as national and international marketing campaigns. However, we believe that consumer recognition of our two brands,
<I>Aziza</I> for mass market color cosmetics, and <I>Intimate</I> for health and beauty aids, together with competitive pricing
of our products, helps us compete in those markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Inventory</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We purchase raw materials and component parts
from suppliers based on internal estimates of anticipated need for finished goods, which enables us to meet production requirements
for finished goods. We generally deliver product to customers within 72 hours of the receipt of their orders. Our business is not
capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and
source our needed components from our suppliers. These components are received at one of our distribution centers and then, based
upon production needs, the components are sent to one of several third party fillers which manufacture the finished product for
us and then deliver them to one of our distribution centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Product Liability</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We maintain product liability coverage in an
amount of $5,000,000. Based upon our experience, we believe this coverage is adequate and covers substantially all of the exposure
we may have with respect to our products. We have never been the subject of any material product liability claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Government Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A fragrance is defined as a &ldquo;cosmetic&rdquo;
under the Federal Food, Drug and Cosmetics Act. A fragrance must comply with the labeling requirements of this FDC Act as well
as the Fair Packaging and Labeling Act and its regulations. Some of our color cosmetic products may contain menthol and are also
classified as a &ldquo;drug&rdquo;. Under U.S. law, a product may be classified as both a cosmetic and a drug. Additional regulatory
requirements for products which are &ldquo;drugs&rdquo; include additional labeling requirements, registration of the manufacturer
and the semi-annual update of a drug list.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our fragrances are subject to the approval of
the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured alcohol. So far we have not experienced
any difficulties in obtaining the required approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our fragrances that are manufactured in France
are subject to certain regulatory requirements of the European Union, but as of the date of this report, we have not experienced
any material difficulties in complying with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Trademarks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The market for our products depends to a significant
extent upon the value associated with our trademarks and brand names. We own, or have licenses or other rights to use, the material
trademark and brand name rights used in connection with the packaging, marketing and distribution of our major products both in
the United States and in other countries where such products are principally sold. Therefore, trademark and brand name protection
is important to our business. Although most of the brand names we license, use or own are registered in the United States and in
certain foreign countries in which we operate, we may not be successful in asserting trademark or brand name protection. In addition,
the laws of certain foreign countries may not protect our intellectual property rights to the same extent as the laws of the United
States. The costs required to protect our trademarks and brand names may be substantial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under various license and other agreements we
have the right to use certain registered trademarks throughout the world (except as otherwise noted) for fragrances and fragrance
related products. These registered trademarks include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Burberry</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Van Cleef &amp; Arpels</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Jimmy Choo</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Montblanc</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Boucheron</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Balmain</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Repetto</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Gap</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Banana Republic</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>New York &amp; Company (U.S. only)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Brooks Brothers</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>bebe</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Nine West</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Betsey Johnson</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Lane Bryant (U.S. only)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Anna Sui</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>S.T. Dupont</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Paul Smith</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Jordache</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we are the registered trademark
owner of several trademarks for fragrances and fragrance related products, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Lanvin</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Intimate</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Aziza</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Nickel</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Tristar, Regal Collections, Royal Selections and Apple</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Employees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of March 1, 2012 we had 283 full-time employees
world-wide. Of these, 180 are full-time employees of our European operations, with 71 employees engaged in sales activities and
109 in administrative, production and marketing activities. Our United States operations have 103 employees, and of these, 41 were
engaged in sales activities and 62 in administrative, production and marketing activities. We believe that our relationship with
our employees is good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1A.&nbsp;&nbsp;&nbsp;Risk Factors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should carefully consider these risk factors
before you decide to purchase or sell shares of our common stock. These factors could cause our future results to differ materially
from those expressed or implied in forward-looking statements made by us. The trading price of our common stock could decline due
to any of these risks, and you may lose all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We are dependent upon Burberry for a significant portion of our
sales, and Burberry has the right to purchase the unexpired term of its license from us. The loss of this license will have a material
adverse effect on us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Burberry is our most significant license, as
sales of Burberry products represented 50%, 53% and 57% of net sales for the years ended December&nbsp;31, 2011, 2010 and 2009,
respectively. Our Paris-based subsidiary, Interparfums SA, has been the worldwide, exclusive licensee for Burberry fragrances since
our initial license agreement in 1993. Such license agreement was superseded by our subsequent license agreement dated October
12, 2004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011, Interparfums SA and Burberry
Group commenced discussions regarding the establishment of a new operating structure for the Burberry fragrance and beauty business.
As of the date of this report, those discussions are continuing. We cannot assure you that any agreement will be reached, or if
we reach an agreement, that it will be on terms favorable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As there can be no assurance that an agreement
will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license.
In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license
as of December 31, 2012, or continue the existing contract which runs through December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As previously disclosed, if Burberry were to
buy back the license, then the purchase price will be the greater of the fair market value of the unexpired term of the license
or 70% of 2010 net wholesale sales of Burberry product. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This license is subject to Interparfums SA making
required royalty payments (which are subject to certain minimums), minimum advertising and promotional expenditures and meeting
minimum sales requirements. This license agreement provides for termination on a change in control of either, Interparfums SA,
the licensee, or Inter Parfums, Inc., the guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The loss of this license will have a material
adverse effect on our business and operating results. Further, as the market price of our stock is related to current and estimated
future operating results, the loss of this license would most likely cause a significant decline in the market price of our common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We are dependent upon the continuation and renewal of various
licenses and other agreements for a significant portion of our sales, and the loss of one or more licenses or agreements could
have a material adverse effect on us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of our rights relating to prestige fragrance
brands, other than Lanvin, as well as all of our specialty retail brands, are derived from licenses or other agreements from unaffiliated
third parties and our business is dependent upon the continuation and renewal of such licenses and other agreements on terms favorable
to us. Each license or agreement is for a specific term and may have additional optional terms. In addition, each license is subject
to us making required royalty payments (which are subject to certain minimums), minimum advertising and promotional expenditures
and meeting minimum sales requirements. Other agreements are generally subject to meeting minimum sales requirements. Just as the
loss of a license or other significant agreement may have a material adverse effect on us, a renewal on less favorable terms may
also negatively impact us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our business could be adversely affected by a prolonged downturn
or recession in the United States, Europe or other countries in which we conduct business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A prolonged economic downturn or recession in
the United States, Europe or any of the other countries in which we do significant business could materially and adversely affect
our business, financial condition and results of operations. In particular, such a downturn or recession could adversely impact
(i)&nbsp;the level of spending by our ultimate consumers, (ii)&nbsp;our ability to collect accounts receivable on a timely basis
from certain customers, (iii)&nbsp;our ability of certain suppliers to fill our orders for raw materials, packaging or co-packed
finished goods on a timely basis, and (iv)&nbsp;the mix of our product sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Consumers may reduce discretionary purchases of our products
as a result of a general economic downturn. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that the high degree of global economic
uncertainty could have a negative effect on consumer confidence, demand and spending.&nbsp;In addition, we believe that consumer
spending on beauty products is influenced by general economic conditions and the availability of discretionary income. Accordingly,
we may experience sustained periods of declines in sales during periods of economic downturn as it may affect customers&rsquo;
purchasing patterns. In addition, a general economic downturn may result in reduced traffic in our customers&rsquo; stores which
may, in turn, result in reduced net sales to our customers. Any resulting material reduction in our sales could have a material
adverse effect on our business, financial condition and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Uncertainties and continued deterioration in global credit markets,
as evidenced by reductions in sovereign credit ratings in the United States and Europe, could negatively impact suppliers, customers
and consumers, which could have an adverse impact on our business as a whole. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Uncertainties and continued deterioration<B>
</B>in the global credit markets as evidenced by reductions in sovereign credit ratings in the United States and Europe, could
negatively impact our suppliers, customers and consumers which, in turn, could have an adverse impact on our business. While, thus
far, uncertainties in global credit markets have not significantly affected our access to credit due to our strong credit rating,
a further deterioration in global financial markets could make future financing difficult or more expensive. Such lack of credit
or lack of credit on favorable terms could have a material adverse effect on our business, financial condition and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>If our intangible assets, such as trademarks and goodwill, become
impaired we may be required to record a significant non-cash charge to earnings which would negatively impact our results of operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under United States generally accepted accounting
principles, we review our intangible assets, including our trademarks licenses and goodwill, for impairment annually in the fourth
quarter of each fiscal year, or more frequently if events or changes in circumstances indicate the carrying value of our intangible
assets may not be fully recoverable. The carrying value of our intangible assets may not be recoverable due to factors such as
reduced estimates of future cash flows, including those associated with the specific brands to which intangibles relate, or slower
growth rates in our industry. Estimates of future cash flows are based on a long-term financial outlook of our operations and the
specific brands to which the intangible assets relate. However, actual performance in the near-term or long-term could be materially
different from these forecasts, which could impact future estimates and the recorded value of the intangibles. Any significant
impairment to our intangible assets would result in a significant charge to earnings in our financial statements during the period
in which the impairment is determined to exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>If we are unable to protect our intellectual property rights,
specifically trademarks and brand names, our ability to compete could be negatively impacted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The market for our products depends to a significant
extent upon the value associated with trademarks and brand names that we license, use or own. We own, or have licenses or other
rights to use, the material trademark and brand name rights used in connection with the packaging, marketing and distribution of
our major products both in the United States and in other countries where such products are principally sold. Therefore, trademark
and brand name protection is important to our business. Although most of the brand names we license, use or own are registered
in the United States and in certain foreign countries in which we operate, we may not be successful in asserting trademark or brand
name protection. In addition, the laws of certain foreign countries may not protect our intellectual property rights to the same
extent as the laws of the United States. The costs required to protect our trademarks and brand names may be substantial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The success of our products is dependent on public taste. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our revenues are substantially dependent on
the success of our products, which depends upon, among other matters, pronounced and rapidly changing public tastes, factors which
are difficult to predict and over which we have little, if any, control. In addition, we have to develop successful marketing,
promotional and sales programs in order to sell our fragrances and fragrance related products. If we are not able to develop successful
marketing, promotional and sales programs, then such failure will have a material adverse effect on our business, financial condition
and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We are subject to extreme competition in the fragrance industry.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The market for fragrances and fragrance related
products is highly competitive and sensitive to changing market preferences and demands. Many of our competitors in this market
are larger than we are and have greater financial resources than are available to us, potentially allowing them greater operational
flexibility. Our success in the prestige fragrance industry is dependent upon our ability to continue to generate original strategies
and develop quality products that are in accord with ongoing changes in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the specialty retail market in the U.S. we
primarily sell products or plan to sell products directly to select specialty retailers such as Gap and Banana Republic, New York
&amp; Company, Brooks Brothers, bebe, Nine West, Betsey Johnson and Lane Bryant, so we do not have any direct competition, other
than third parties who may also have the knowhow and capacity to develop, manufacture and ship product to specialty retailers.
However, such special retail stores compete directly with other specialty retail stores such as Abercrombie &amp; Fitch, American
Eagle and Victoria&rsquo;s Secret, which thereby indirectly compete with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our success with mass market fragrance and fragrance
related products is dependent upon our ability to competitively price quality products and to quickly and efficiently develop and
distribute new products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">If there
is insufficient demand for our existing fragrances and fragrance related products, or if we do not develop future strategies and
products that withstand competition or we are unsuccessful in competing on price terms, then we could experience </FONT>a material
adverse effect on our business, financial condition and operating results<FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We are dependent upon specialty retailers to sell products that
we develop for their retail stores.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreements in place for specialty retail
brands, Gap and Banana Republic, New York &amp; Company, Brooks Brothers, bebe, Nine West, Betsey Johnson and Lane Bryant. We are
responsible for product development, formula creation, packaging and manufacturing under all of those brands. We also develop and
supply fragrances for Anthropologie stores, catalog and its internet business on an as needed and when ordered basis. These specialty
retailers are responsible for marketing and selling fragrance and fragrance related products we produced in their respective stores
in North America. If the sales and marketing efforts of those specialty retailers are not successful for the products that we have
developed, then such unsuccessful sales and marketing efforts <FONT STYLE="letter-spacing: -0.1pt">could have a material adverse
effect on our operating results</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>If we are unable to acquire or license additional brands, or
obtain the required financing for these agreements and arrangements, then the growth of our business could be impaired. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our future expansion through acquisitions or
new product license or distribution arrangements, if any, will depend upon the capital resources and working capital available
to us. Further, in view of the global banking crisis, we may be unable to obtain financing or credit that we may require for additional
licenses, acquisitions or other transactions. We may be unsuccessful in identifying, negotiating, financing and consummating such
acquisitions or arrangements on terms acceptable to us, or at all, which could hinder our ability to increase revenues and build
our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We may engage in future acquisitions that we may not be able
to successfully integrate or manage. These acquisitions may dilute our stockholders and cause us to incur debt and assume contingent
liabilities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We continuously review acquisition prospects
that would complement our current product offerings, increase our size and geographic scope of operations or otherwise offer growth
and operating efficiency opportunities. The financing, if available, for any of these acquisitions could significantly dilute our
stockholders and/or result in an increase in our indebtedness. We may acquire or make investments in businesses or products in
the future, and such acquisitions may entail numerous integration risks and impose costs on us, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>difficulties in assimilating acquired operations or products, including the loss of key employees from acquired businesses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>diversion of management&rsquo;s attention from our core business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adverse effects on existing business relationships with suppliers and customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>risks of entering markets in which we have no or limited prior experience;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>dilutive issuances of equity securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>incurrence of substantial debt;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>assumption of contingent liabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>incurrence of significant amortization expenses related to intangible assets and the potential impairment of acquired assets;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>incurrence of significant immediate write-offs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our failure to successfully complete the integration
of any acquired business could have a material adverse effect on our business, financial condition and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We are dependent upon Messrs. Jean Madar and Philippe Benacin,
and the loss of their services could harm our business. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jean Madar, our Chief Executive Officer, and
Philippe Benacin, our President and Chief Executive Officer of Interparfums SA, are responsible for day-to-day operations as well
as major decisions. Termination of their relationships with us, whether through death, incapacity or otherwise, could have a material
adverse effect on our operations, and we cannot assure you that qualified replacements can be found. We maintain key man insurance
on the life of Mr. Benacin ($20.0 million). However, we cannot assure you that we would be able to retain suitable replacements
for either Mr. Madar or Mr. Benacin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our reliance on third party manufacturers could have a material
adverse effect on us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We rely on outside sources to manufacture our
fragrances and cosmetics. The failure of such third party manufacturers to deliver either components or finished goods on a timely
basis could have a material adverse effect on our business. Although we believe there are alternate manufacturers available to
supply our requirements, we cannot assure you that current or alternative sources will be able to supply all of our demands on
a timely basis. We do not intend to develop our own manufacturing capacity. As these are third parties over whom we have little
or no control, the failure of such third parties to provide components or finished goods on a timely basis could have a material
adverse effect on our business, financial condition and operating results.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our reliance on third party distributors could have a material
adverse effect on us.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We sell a substantial percentage of our prestige
fragrances through independent distributors specializing in luxury goods. Given the growing importance of distribution, we have
modified our distribution model by owning a controlling interest in certain of our distributors within key markets. However, we
have little or no control over third party distributors and the failure of such third parties to provide services on a timely basis
could have a material adverse effect on our business, financial condition and operating results. In addition, if we replace existing
third party distributors with new third party distributors or with our own distribution arrangements, then transition issues could
have a material adverse effect on our business, financial condition and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The loss of or disruption in our distribution facilities could
have a material adverse effect on our business, financial condition and operating results. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We currently have one distribution facility
in Paris and one in New Jersey. &nbsp;The loss of one or both of those facilities, as well as the inventory stored in those facilities,
would require us to find replacement facilities and assets. In addition, terrorist attacks, weather conditions, or natural disasters,
could disrupt our distribution operations. If we cannot replace our distribution capacity and inventory in a timely, cost-efficient
manner, it could have a material adverse effect on our business, financial condition and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Changes in laws, regulations and policies that affect our business
could adversely affect our financial results.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our business is subject to numerous laws, regulations
and policies.&nbsp; Changes in the laws, regulations and policies, including the interpretation or enforcement thereof, that affect,
or will affect, our business, including changes in accounting standards, tax laws and regulations, environmental or climate change
laws, regulations or accords, trade rules&nbsp;and customs regulations, and the outcome and expense of legal or regulatory proceedings,
and any action we may take as a result could adversely affect our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our success depends, in part, on the quality and safety of our
products.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our success depends, in part, on the quality
and safety of our products.&nbsp; If our products are found to be defective or unsafe, or if they otherwise fail to meet our consumers&rsquo;
standards, our relationships with customers or consumers could suffer, the appeal of one or more of our brands could be diminished,
and we could lose sales and/or become subject to liability claims, any of which could result in a material adverse effect on our
business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The international character of our business renders us subject
to fluctuation in foreign currency exchange rates and international trade tariffs, barriers and other restrictions. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A substantial portion of our European operations&rsquo;
net sales (approximately 40% in 2011) are sold in U.S. dollars. In an effort to reduce our exposure to foreign currency exchange
fluctuations, we engage in a controlled program of risk management that includes the use of derivative financial instruments. Despite
such actions, f<FONT STYLE="letter-spacing: -0.1pt">luctuations in foreign currency exchange rates for the U.S. dollar, particularly
with respect to the euro, could have a material adverse effect on our operating results. Possible import, export, tariff and other
trade barriers, which could be imposed by the United States, other countries or the European Union might also have a material adverse
effect on our operating results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our business is subject to governmental regulation, which could
impact our operations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Fragrances and fragrance related products must
comply with the labeling requirements of the Federal Food, Drug and Cosmetics Act as well as the Fair Packaging and Labeling Act
and their regulations. Some of our color cosmetic products may also be classified as a &ldquo;drug&rdquo;. Additional regulatory
requirements for products which are &ldquo;drugs&rdquo; include additional labeling requirements, registration of the manufacturer
and the semi-annual update of a drug list.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our fragrances are subject to the approval of
the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured alcohol. So far we have not experienced
any difficulties in obtaining the required approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our fragrances and fragrance related products
that are manufactured in France are subject to certain regulatory requirements of the European Union, but as of the date of this
report, we have not experienced any material difficulties in complying with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">However,
we cannot assure you that, should we develop or market fragrances and fragrance related products with different ingredients, or
should existing regulations or requirements be revised, we would not in the future experience difficulty in complying with such
requirements, which could have a material adverse effect on our results of operations. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our information systems and websites may be susceptible to outages
and other risks.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">We have
information systems that support our business processes, including product development, marketing, sales, order processing, production,
distribution, finance and intra-company communications.&nbsp;We have Internet websites in the United States and Europe.&nbsp;These
systems may be susceptible to outages due to fire, floods, power loss, telecommunications failures, break-ins and similar events.&nbsp;Despite
the implementation of network security measures, our systems may be vulnerable to computer viruses, break-ins and similar disruptions
from unauthorized tampering.&nbsp;The occurrence of these or other events could disrupt or damage our information systems and adversely
affect our business and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The trading prices of our securities periodically may rise or
fall based on the accuracy of predictions of our earnings or other financial performance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Our business
planning process is designed to maximize our long-term strength, growth and profitability, not to achieve an earnings target in
any particular fiscal quarter.&nbsp;We believe that this longer-term focus is in the best interests of our Company and our stockholders.&nbsp;At
the same time, however, we recognize that it may be helpful to provide investors with guidance as to our forecast of net sales
and earnings per share.&nbsp;</FONT>Accordingly<FONT STYLE="letter-spacing: -0.1pt">, we provided guidance as to our expected net
sales and earnings per share for the year ending December 31, 2012.&nbsp;While we generally expect to provide updates to our guidance
when we report our results each fiscal quarter, we assume no responsibility to update any of our forward-looking statements at
such times or otherwise.&nbsp;In addition, the longer-term guidance we provide is based on goals that we believe, at the time guidance
is given, are reasonably attainable for growth and performance over a number of years.&nbsp; Such targets are more difficult to
predict than our current quarter and fiscal year expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">In all
of our public statements when we make, or update, a forward-looking statement about our sales and/or earnings expectations or expectations
regarding other initiatives, we accompany such statements directly, or by reference to a public document, with a list of factors
that could cause our actual results to differ materially from those we expect.&nbsp; Such a list is included, among other places,
in our earnings press release and in our periodic filings with the Securities and </FONT>Exchange<FONT STYLE="letter-spacing: -0.1pt">
Commission (e.g., in our reports on Form&nbsp;10-K and Form&nbsp;10-Q).&nbsp; These and other factors may make it difficult for
outside observers, such as research analysts, to predict what our earnings will be in any given fiscal quarter or year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Outside
analysts and investors have the right to make their own predictions of our financial results for any future period.&nbsp;Outside
analysts, however, have access to no more material information about our results or plans than any other public investor, and we
do not endorse their predictions as to our future performance.&nbsp;Nor do we assume any responsibility to correct the predictions
of outside analysts or others when they differ from our own internal expectations.&nbsp;If and when we announce actual results
that differ from those that outside analysts or others have been predicting, the market price of our securities could be affected.&nbsp;Investors
who rely on the predictions of outside analysts or others when making investment decisions with respect to our securities do so
at their own risk.&nbsp;We take no responsibility for any losses suffered as a result of such changes in the prices of our securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We may become subject to possible liability for improper comparative
advertising or &ldquo;Trade Dress&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Brand name manufacturers and sellers of brand
name products may make claims of improper comparative advertising or trade dress (packaging) with respect to the likelihood of
confusion between some of our mass market products and those of brand name manufacturers and sellers. They may seek damages for
loss of business or injunctive relief to seek to have the use of the improper comparative advertising or trade dress halted. However,
we believe that our displays and packaging constitute fair competitive advertising and are not likely to cause confusion between
our products and others. Further, we have not experienced to any material degree, any of such problems to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1B.&nbsp;&nbsp;&nbsp;Unresolved Staff Comments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None.&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2. Properties </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; font-weight: bold">United States Operations</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; font-weight: bold">Use</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold">Location</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold">Approximate<BR>
    Size</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold">Term Expires</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; font-weight: bold">Other Information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office Space-Corporate headquarters and United States operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>551 Fifth Avenue, New York, NY.</TD>
    <TD>&nbsp;</TD>
    <TD>15,000 square feet</TD>
    <TD>&nbsp;</TD>
    <TD>February 28, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Distribution center</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">60 Stults Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dayton, NJ</P></TD>
    <TD>&nbsp;</TD>
    <TD>140,000 square feet</TD>
    <TD>&nbsp;</TD>
    <TD>October 31, 2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;Men&rsquo;s Spa</TD>
    <TD>&nbsp;</TD>
    <TD>Unit C2, 300 West 14th Street, New York, N.Y.</TD>
    <TD>&nbsp;</TD>
    <TD>4,500 square feet</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">October 31, 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-weight: bold">European Operations</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 19%">Use</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 19%">Location</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 19%">Approximate<BR>
    Size</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 19%">Term Expires</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 20%">Other Information</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office Space-Paris corporate headquarters and European
        operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4&nbsp;Rond Point Des Champs Elysees Ground and 1st Fl.
        Paris, France</P></TD>
    <TD>&nbsp;</TD>
    <TD>571 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>March 2013</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right every 3 years on 6 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office Space-Paris corporate headquarters and European
        operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4&nbsp;Rond Point Des Champs Elysees 4th Fl.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paris, France</P></TD>
    <TD>&nbsp;</TD>
    <TD>540 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>June 2014</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right every 3 years on 6 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office Space-Paris corporate headquarters and European
        operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4&nbsp;Rond Point Des Champs Elysees 5th Fl- left Paris,
        France</P></TD>
    <TD>&nbsp;</TD>
    <TD>155 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>March 2013</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right on 3 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office Space-Paris corporate headquarters and European
        operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4&nbsp;Rond Point Des Champs Elysees 6th Fl-Right</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paris, France</P></TD>
    <TD>&nbsp;</TD>
    <TD>157 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>March 2013</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right every 3 years on 6 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office Space-Paris corporate headquarters and European
        operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4&nbsp;Rond Point Des Champs Elysees 2<SUP>nd</SUP> Fl</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paris, France</P></TD>
    <TD>&nbsp;</TD>
    <TD>544 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>September 2017</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right every 3 years on 6 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office
                                                                    Space-Paris corporate headquarters and European operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4&nbsp;Rond Point Des Champs Elysees 6th Fl</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paris, France</P></TD>
    <TD>&nbsp;</TD>
    <TD>60 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>September 2017</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right every 3 years on 6 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Men&rsquo;s
                                                                    Spa</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">48 Rue des Francs Bourgeois, Paris, France</P></TD>
    <TD>&nbsp;</TD>
    <TD>116 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>June 2020</TD>
    <TD>&nbsp;</TD>
    <TD>Lessee has early termination right every 3 years on 6 months notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">European Distribution Center</TD>
    <TD>&nbsp;</TD>
    <TD>Criquebeuf sur Seine (27340), the &quot;Le Bosc Hetrel&quot; business park</TD>
    <TD>&nbsp;</TD>
    <TD>31,000 square meters</TD>
    <TD>&nbsp;</TD>
    <TD>May 2017&nbsp; and May 2020</TD>
    <TD>&nbsp;</TD>
    <TD>Lease for portion of space expires May 2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Interparfums SA has had an agreement with Sagatrans,
S.A. for warehousing and distribution services for several years, and its last agreement expired in September 2011. However, we
anticipate signing a new agreement with Sagatrans for warehousing and distribution services shortly. Service fees payable to Sagatrans
are calculated based upon a percentage of sales, which is customary in the industry. Service fees actually paid in 2011 were &euro;5.5
million (inclusive of &euro;1.2 of rent). Service fees for 2012 will not include any rent and are estimated to be &euro;4.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe our office and warehouse facilities
are satisfactory for our present needs and those for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 3. Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not a party to any material lawsuits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 5. Market For Registrant's Common Equity, Related Stockholder
Matters</B><FONT STYLE="font-size: 10pt"> </FONT><B>and Issuer Purchases of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Market for Our Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Company's common stock, $.001 par value
per share, is traded on The Nasdaq Global Select Market under the symbol &ldquo;IPAR&rdquo;. The following table sets forth in
dollars, the range of high and low closing prices for the past two fiscal years for our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Fiscal 2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">High Closing Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Low Closing Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Fourth Quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">19.89</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">13.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Third Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Second Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">First Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Fiscal 2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">High Closing Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Low Closing Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Fourth Quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">19.84</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">16.66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Third Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Second Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">First Quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of February 10, 2012, the number of record
holders, which include brokers and broker's nominees, <I>etc</I>., of our common stock was 50. We believe there are approximately
3,100 beneficial owners of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Corporate Performance Graph</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following graph compares the performance
for the periods indicated in the graph of our common stock with the performance of the Nasdaq Market Index and the average performance
of a group of the Company&rsquo;s peer corporations consisting of: Avon Products Inc., Blyth Inc., CCA Industries, Inc., Colgate-Palmolive
Co., Elizabeth Arden, Inc., Estee Lauder Cosmetics, Inc., Inter Parfums, Inc., Kimberly Clark Corp., Natural Health Trends, Parlux
Fragrances Inc., Physicians Formula Holdings, Revlon, Inc., Spectrum Brands, Inc., Stephan Company, Summer Infant, Inc., The Procter
&amp; Gamble Company and United Guardian, Inc. The graph assumes that the value of the investment in our common stock and each
index was $100 at the beginning of the period indicated in the graph, and that all dividends were reinvested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><img src="pg38.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Below is the list of the data points for each
year&nbsp;that corresponds to the lines on the above graph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">12/06</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">12/07</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">12/08</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">12/09</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">12/10</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">12/11</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 22%; text-align: left">Inter Parfums, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">94.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">61.31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">98.72</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">155.31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">130.60</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NASDAQ Composite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95.27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110.58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Peer Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125.71</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2010, our board of directors authorized
a 97% increase in the Company&rsquo;s quarterly cash dividend from 2009 to $.065 per share, or $.26 per share on an annual basis.
In January 2011 our board of directors further increased the cash dividend from $.26 per share on an annual basis to $.32 per
share on an annual basis. In December 2011, our board of directors authorized the continuation of our cash dividend on an annual
basis to $.32 per share for 2012. The first quarterly cash dividend for 2012 of $.08 per share is payable on April&nbsp;16, 2012
to shareholders of record on March 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Sales of Unregistered Securities </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following sets forth certain information
as to the sales of securities, which were not registered under the Securities Act, including options granted to purchase our common
stock, during the last quarter of the last fiscal year and through the date of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 1, 2012, we granted options to
purchase an aggregate of 4,500 shares for a five-year period at the exercise price of $17.07 per share, the fair market value
of our common stock on the date of grant, to our five non-employee directors, who are all deemed our affiliates, under our 2004
Non-Employee Director Stock Option Plan. Such options vest 25% each year over a four-year period on a cumulative basis. This transaction
was exempt from the registration requirements of Section 5 of the Securities Act under Sections 4(2) and 4(6) of the Securities
Act. Each option holder agreed that, if the option is exercised, the option holder would purchase his common stock for investment
and not for resale to the public. Also, we provide all option holders with all reports we file with the SEC and press releases
issued by us. In addition, in January 2012, our five non-employee directors exercised stock options which were expiring on January
31, 2012 to purchase an aggregate of 6,750 shares of restricted common stock. Such transactions were also exempt from the registration
requirements of Section 5 of the Securities Act under Sections 4(2) and 4(6) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Repurchases of Our Common Stock</I> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We did not repurchase any of our Common Stock
during the fourth quarter of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 6. Selected Financial Data </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following selected financial data have
been derived from our financial statements, and should be read in conjunction with those financial statements, including the related
footnotes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left; font-style: normal">(In thousands except per share data)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2008</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2007</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Income statement data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 45%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">615,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">460,411</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">409,464</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">446,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">389,560</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,137</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Selling, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">318,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,690</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,224</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -11.3pt; padding-left: 11.3pt">Income before taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,276</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11.3pt; padding-left: 11.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to the noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,357</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,817</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc. common shareholders&rsquo; per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.78</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.76</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average common shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,621</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,482</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,778</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,004</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As at December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -6.7pt; padding-left: 6.7pt">(In thousands except per share data)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2008</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2007</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Balance sheet and other data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 45%; text-align: left; text-indent: -6.7pt; padding-left: 6.7pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">35,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">37,548</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">100,467</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">42,404</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">90,034</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -6.7pt; padding-left: 6.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Working capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">516,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Short-term bank debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -6.8pt; padding-left: 6.8pt">Long-term debt (including current portion)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,733</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -6.8pt; padding-left: 6.8pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Inter Parfums, Inc. shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">Dividends declared per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -7.65pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7. Management's Discussion And Analysis Of Financial Condition
And Results Of Operation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We operate in the fragrance business and manufacture,
market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European
based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European
operations through our 74% owned subsidiary in Paris, Interparfums SA (formerly Inter Parfums, S.A.), which is also a publicly
traded company as 26% of Interparfums SA shares trade on the Euronext. Prestige cosmetics and prestige skin care products represent
less than 1% of consolidated net sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We produce and distribute our European based
prestige fragrance products primarily under license agreements with brand owners, and European based prestige product sales represented
approximately 90% of net sales in 2011 and 88% of net sales for both 2010 and 2009. We have built a portfolio of prestige brands,
which include Burberry, Lanvin, Jimmy Choo, Van Cleef &amp; Arpels, Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain and
Repetto, whose products are distributed in over 120 countries around the world. Shipments to our distribution subsidiaries are
not recognized as sales until that merchandise is sold by our distribution subsidiary to their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Burberry is our most significant license, as
sales of Burberry products represented 50%, 53% and 57% of net sales for the years ended December&nbsp;31, 2011, 2010 and 2009,
respectively. In addition, we own the Lanvin brand name for our class of trade and sales of Lanvin product represented 13%, 15%
and 14% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Through our United States operations we market
specialty retail and mass market fragrance and fragrance related products, which represented 10% of net sales in 2011 and 12%
of net sales for both 2010 and 2009. These fragrance products are sold under trademarks owned by us or pursuant to license or
other agreements with the owners of the <I>Gap</I>, <I>Banana Republic, Anna Sui, Brooks Brothers, bebe, Betsey Johnson, Nine
West, Lane Bryant</I> and <I>Jordache</I> brands.<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Historically, seasonality has not been a major
factor for our Company as quarterly sales fluctuations were more influenced by the timing of new product launches than by the
third and fourth quarter holiday season. However, in certain markets where we now sell direct to retailers, seasonality is more
evident. In 2007 we commenced operations of our European distribution subsidiaries in Italy, Germany, Spain and the United Kingdom,
and in January 2011 we commenced operations of our U. S. distribution subsidiary. In addition, our specialty retail product lines
sold to U. S. retailers is also concentrated in the second half of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We grow our business in two distinct ways.
First, we grow by adding new brands to our portfolio, either through new licenses or other arrangements or out-right acquisitions
of brands. Second, we grow through the introduction of new products and supporting new and established products through advertising,
merchandising and sampling as well as phasing out existing products that no longer meet the needs of our consumers.&nbsp;The economics
of developing, producing, launching and supporting products influence our sales and operating performance each year.&nbsp; Our
introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our
business planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our business is not capital intensive, and
it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components
from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the
components are sent to one of several third party fillers which manufacture the finished product for us and then deliver them
to one of our distribution centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As with any business, many aspects of our operations
are subject to influences outside our control. We believe we have a strong brand portfolio with global reach and potential. As
part of our strategy, we plan to continue to make investments behind fast-growing markets and channels to grow market share.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At this time, we do not believe the recent
economic uncertainty and financial market volatility taking place in certain European countries will have a significant impact
on our business. This is due in part to our belief that we are well positioned as a result of our strategy to manage our business
effectively and efficiently. However, if the degree of uncertainty or volatility worsens or is prolonged, then there will likely
be a negative effect on ongoing consumer confidence, demand and spending and as a result, our business. Currently, we believe
general economic and other uncertainties still exist in select markets in which we do business. We continue to monitor global
economic uncertainties and other risks that may affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our reported net sales are impacted by changes
in foreign currency exchange rates. A weak U.S. dollar has a positive impact on our net sales. However, earnings are negatively
affected by a weak dollar because almost 40% of net sales of our European operations are denominated in U.S. dollars, while all
costs of our European operations are incurred in euro. Our Company addresses certain financial exposures through a controlled
program of risk management that includes the use of derivative financial instruments.&nbsp; We primarily enter into foreign currency
forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Recent Important Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Burberry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011, the Company and Burberry
began to explore ways to work more closely together to realize the brand&rsquo;s potential and we are currently in discussions
regarding the potential establishment of a new operating structure for the Burberry fragrance and beauty business. As there can
be no assurance that an agreement will be reached, Burberry has exercised its right to evaluate the purchase price for the unexpired
term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the
unexpired portion of the license as of December 31, 2012 or continue the existing contract which runs through December&nbsp;31,
2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the fair
market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Repetto</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2011, we entered into a thirteen-year
exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Repetto brand.
Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain minimum advertising expenditures
and royalty payments as are customary in our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Gap Inc.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2011, we renewed our exclusive agreement
with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap and Banana Republic brand names to be sold
in Gap and Banana Republic retail stores in the United States and Canada. In July 2011, we also renewed our license agreement
with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic stores as well as select specialty
and department stores outside the United States, including duty-free and other travel related retailers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These renewal agreements, which took effect
on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar to those of the original agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Pierre Balmain</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In July 2011, we entered into a twelve-year
exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary products under the Balmain brand.
Our rights under the agreement commenced on January 1, 2012 when we took over production and distribution of existing Balmain
fragrances. The agreement is subject to certain minimum sales, advertising expenditures and royalty payments as are customary
in our industry. The Company paid an up front entry fee of &euro;2.1 million (approximately $2.7 million) for this license.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Anna Sui</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In June 2011, we entered into a ten-year exclusive
worldwide fragrance license agreement, with two five-year renewal options, to create, produce and distribute perfumes and fragrance-related
products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took over production and
distribution of the existing Anna Sui fragrance collections. The agreement is subject to certain minimum sales, advertising expenditures
and royalty payments as are customary in our industry. The Company agreed to pay an upfront entry fee of $2.0 million for this
license which was paid in 2012 and we agreed to purchase current inventory and certain other assets of the former licensee. As
of December 31, 2011, approximately $2.8 million of current inventory was purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>S. T. Dupont</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In April 2011, we renewed our license agreement
with S.T. Dupont for the creation, development and distribution of fragrance products through December 31, 2016. Our initial eleven-year
license agreement with S.T. Dupont was signed in June 1997, and had previously been extended in 2006 for an additional three years
until June 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Lane Bryant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2011, we entered into an exclusive
agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant.&nbsp;Under the agreement, Inter Parfums designs
and manufactures personal care products for the Lane Bryant brand for sale in their stores. Lane Bryant is responsible for marketing,
promoting and selling these products. The initial term of the contract, which may be extended by mutual consent, runs through
December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>U.S. Distribution of Prestige Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Beginning January 1, 2011, Interparfums Luxury
Brands, Inc., a U.S. subsidiary of our French subsidiary Interparfums SA, assumed all U.S. prestige fragrance distribution responsibilities.
In addition, under the terms of a four-year agreement, Interparfums Luxury Brands, Inc. and Clarins Fragrance Group USA (a Division
of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) share
and manage an expanded sales force. Logistical and administrative support is provided by Clarins Group USA from its Park Avenue
offices in New York and its warehouse in Orangeburg, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Discussion of Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We make estimates and assumptions in the preparation
of our financial statements in conformity with accounting principles generally accepted in the United States of America. Actual
results could differ significantly from those estimates under different assumptions and conditions. We believe the following discussion
addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition
and results of operations. These accounting policies generally require our management&rsquo;s most difficult and subjective judgments,
often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management of the Company
has discussed the selection of significant accounting policies and the effect of estimates with the Audit Committee of the Board
of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We sell our products to department stores,
perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors.
Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign
subsidiaries are primarily denominated in either euro or U.S. dollars. We recognize revenues when merchandise is shipped and the
risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;Accounts Receivable</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts receivable represent
payments due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts.
Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries
of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received.
We generally grant credit based upon our analysis of the customer&rsquo;s financial position as well as previously established
buying patterns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Sales Returns</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, we do not permit customers to return
their unsold products. However, commencing in January 2011 we took over U.S. distribution of our European based prestige products
and for U.S. based customers we allow customer returns if properly requested, authorized and approved. We regularly review and
revise, as deemed necessary, our estimate of reserves for future sales returns based primarily upon historic trends and relevant
current data including information provided by retailers regarding their inventory levels. In addition, as necessary, specific
accruals may be established for significant future known or anticipated events. The types of known or anticipated events that
we have considered, and will continue to consider, include, but are not limited to, the financial condition of our customers,
store closings by retailers, changes in the retail environment and our decision to continue to support new and existing products.
We record estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products
are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of
returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable
values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as
economic conditions, inventory levels or competitive conditions differ from our expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Promotional Allowances</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have various performance-based arrangements
with certain retailers. These arrangements primarily allow customers to take deductions against amounts owed to us for product
purchases. The costs that our Company incurs for performance-based arrangements, shelf replacement costs and slotting fees are
netted against revenues on our Company&rsquo;s consolidated statement of income. Estimated accruals for promotions and advertising
programs are recorded in the period in which the related revenue is recognized. We review and revise the estimated accruals for
the projected costs for these promotions. Actual costs incurred may differ significantly, either favorably or unfavorably, from
estimates if factors such as the level and success of the retailers&rsquo; programs or other conditions differ from our expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Inventories</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inventories are stated at the lower of cost
or market value. Cost is principally determined by the first-in, first-out method. We record adjustments to the cost of inventories
based upon our sales forecast and the physical condition of the inventories. These adjustments are estimates, which could vary
significantly, either favorably or unfavorably, from actual requirements if future economic conditions or competitive conditions
differ from our expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Equipment and Other Long-Lived Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Equipment, which includes tools and molds,
is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets. Changes in circumstances
such as technological advances, changes to our business model or changes in our capital spending strategy can result in the actual
useful lives differing from our estimates. In those cases where we determine that the useful life of equipment should be shortened,
we would depreciate the net book value in excess of the salvage value, over its revised remaining useful life, thereby increasing
depreciation expense. Factors such as changes in the planned use of equipment, or market acceptance of products, could result
in shortened useful lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We evaluate goodwill and indefinite-lived intangible
assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change,
such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below
its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. Impairment
of goodwill is evaluated using a two-step process. The first step involves a comparison of the estimated fair value of the reporting
unit to the carrying value of that unit to determine if there is an indication of impairment. If the carrying value of the reporting
unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value
of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting
unit&rsquo;s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to
the excess. For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset
to the carrying value of the asset. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment
is recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill relates to our Nickel skin care business,
which is primarily a component of our European operations. Testing goodwill for impairment requires us to estimate the fair value
of the reporting unit using significant estimates and assumptions. The assumptions we make will impact the outcome and ultimate
results of the testing. In making our assumptions and estimates, we use industry accepted valuation models and set criteria that
are reviewed and approved by management. We have determined that we may be inclined to sell the Nickel business within the next
few years and therefore, we engaged a third party valuation specialist to advise us and assist in a potential transaction. As
a result, the Company has determined that as of December 31, 2011, the carrying amount of the goodwill exceeded fair value resulting
in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment
loss of $1.7 million. We expect Nickel brand sales to remain steady over the next few years as the result of new product initiatives.
In estimating future sales, we use our internal budgets developed from recent sales data for existing products and planned timing
of new product launches. If sales for the reporting unit decreased 10%, we could incur an additional goodwill impairment charge
of $0.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To determine fair value of indefinite-lived
intangible assets, we use an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership,
a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty
calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future
tax rates and discount rates. We use this method to determine if an impairment charge is required relating to our Nickel brand
trademarks. No impairment charges were required in 2011 and 2010, and in 2009 an impairment charge aggregating $0.54 million was
recorded. We assumed a market royalty rate of 6% and a discount rate of 7.7%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table presents the impact a change
in the following significant assumptions would have had on the calculated fair value in 2011 assuming all other assumptions remained
constant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-style: italic; text-align: left">In thousands</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Increase (decrease)</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Change</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">to fair value</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%">Weighted average cost of capital</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">+10</TD><TD STYLE="width: 1%; text-align: left">%&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(272</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average cost of capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">365</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Future sales levels</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">+10</TD><TD STYLE="text-align: left">%&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">273</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Future sales levels</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(273</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The fair values used in our evaluations are
also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.7%. The cash flow
projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense
levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which
are more subjective in nature. We believe that the assumptions that we have made in projecting future cash flows for the evaluations
described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel
trademarks referred to above. However, if future actual results do not meet our expectations, we may be required to record an
impairment charge, the amount of which could be material to our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Intangible assets subject to amortization are
evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable
intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted
future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset.
If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment
charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset,
an impairment charge would be recorded to reduce the intangible asset to its fair value. The cash flow projections are based upon
a number of assumptions, including future sales levels and future cost of goods and operating expense levels, as well as economic
conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature.
We believe that the assumptions we have made in projecting future cash flows for the evaluations described above are reasonable
and currently no impairment indicators exist for our intangible assets subject to amortization. In those cases where we determine
that the useful life of long-lived assets should be shortened, we would depreciate the net book value in excess of the salvage
value (after testing for impairment as described above), over the revised remaining useful life of such asset thereby increasing
amortization expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In determining the useful life of our Lanvin
brand names and trademarks, we applied the provisions of ASC topic 350-30-35-3. The only factor that prevented us from determining
that the Lanvin brand names and trademarks were indefinite life intangible assets was Item c. &ldquo;Any legal, regulatory, or
contractual provisions that may limit the useful life&rdquo;. The existence of a repurchase option in 2025 may limit the useful
life of the Lanvin brand names and trademarks to the Company. However, this limitation would only take effect if the repurchase
option were to be exercised and the repurchase price was paid. If the repurchase option is not exercised, then the Lanvin brand
names and trademarks are expected to continue to contribute directly to the future cash flows of our Company and their useful
life would be considered to be indefinite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to the application of ASC topic
350-30-35-8, the Lanvin brand names and trademarks would only have a finite life to our Company if the repurchase option were
exercised, and in applying ASC topic 350-30-35-8 we assumed that the repurchase option is exercised. When exercised, Lanvin has
an obligation to pay the exercise price and the Company would be required to convey the Lanvin brand names and trademarks back
to Lanvin. The exercise price to be received (Residual Value) is well in excess of the carrying value of the Lanvin brand names
and trademarks, therefore no amortization is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Derivatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We account for derivative financial instruments
in accordance with ASC topic 815, which establishes accounting and reporting standards for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities.&nbsp;This topic also requires the recognition
of all derivative instruments as either assets or liabilities on the balance sheet and that they are measured at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We currently use derivative financial instruments
to hedge certain anticipated transactions and interest rates, as well as receivables denominated in foreign currencies.&nbsp;We
do not utilize derivatives for trading or speculative purposes.&nbsp;Hedge effectiveness is documented, assessed and monitored
by employees who are qualified to make such assessments and monitor the instruments.&nbsp;Variables that are external to us such
as social, political and economic risks may have an impact on our hedging program and the results thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company accounts for income taxes using
an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax
consequences of events that have been recognized in its financial statements or tax returns.&nbsp;The net deferred tax assets
assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates.&nbsp;Included
in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not
that the deferred tax assets will not be realized in the relevant jurisdiction.&nbsp;If the Company determines that a deferred
tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.
In addition, the Company follows the provisions of uncertain tax positions as addressed in ASC topic 740-10-65-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Quantitative Analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the three-year period ended December
31, 2011 we have not made any material changes in our assumptions underlying these critical accounting policies or to the related
significant estimates. The results of our business underlying these assumptions have not differed significantly from our expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While we believe the estimates we have made
are proper and the related results of operations for the period are presented fairly in all material respects, other assumptions
could reasonably be justified that would change the amount of reported net sales, cost of sales, and selling, general and administrative
expenses as they relate to the provisions for anticipated sales returns, allowance for doubtful accounts and inventory obsolescence
reserves. For 2011, had these estimates been changed simultaneously by 5% in either direction, our reported gross profit would
have increased or decreased by approximately $0.4 million and selling, general and administrative expenses would have changed
by approximately $0.14 million. The collective impact of these changes on operating income, net earnings attributable to Inter
Parfums, Inc., and net earnings attributable to Inter Parfums, Inc. per diluted common share would be an increase or decrease
of approximately $0.54 million, $0.26 million and $0.01, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.48in"><B><I>Net Sales</I></B>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Change&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">(in millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left">European based product sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">552.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">36</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">404.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">361.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">United States based product sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">55.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total net sales</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">615.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">460.4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">409.5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">After increasing 12% in 2010, net sales for
the year ended December 31, 2011 increased 34% to $615.2 million. At comparable foreign currency exchange rates, net sales were
up 28% in 2011 and 18% in 2010. A strong U.S. dollar relative to the euro in 2010 was followed by a relatively weak U.S. dollar
in 2011. Throughout 2011 and 2010, our business continued to rebound from the global economic uncertainties that had an impact
on our business in early 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">European based prestige product sales increased
36% in 2011 and 12% in 2010. Sales for 2011 were augmented by a major launch of a new Burberry fragrance, <I>Burberry Body.</I>
Burberry product sales in 2011 increased 26% to $307.7 million, as compared to $244.9 million in 2010. Other factors contributing
to the sales increase include the continued strong momentum of the Jimmy Choo and Montblanc fragrance launches. The Jimmy Choo
signature fragrance was first introduced in 2011 and product sales aggregated $40.8 million. Montblanc product sales aggregated
$42.5 million in 2011, as compared to $9.3 million in 2010. In addition, 2011 sales results reflect the commencement in January
2011 of European based product distribution in the U.S. by Interparfums Luxury Brands, Inc., a subsidiary of Interparfums SA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Sales growth in 2010 was due in great part
to the launch and global rollout of <I>Burberry Sport</I> fragrances for men and women, as well as the continued strong performance
of established Burberry scents. Burberry fragrance sales registered an increase of 6% in 2010 to $242.1 million, as compared to
$232.1 million in 2009. All of our other major prestige fragrance brands contributed to sales growth in 2010. Lanvin, our second
largest prestige brand, performed extremely well in 2010 with sales aggregating $70.3 million, 24% ahead of 2009 lead by <I>Eclat
d&rsquo;Arp&egrave;ge </I>and <I>Jeanne Lanvin </I>and the launch of <I>Marry Me!</I>. The 2010 launch of <I>Oriens</I> and <I>Midnight
in Paris</I> by Van Cleef &amp; Arpels boosted that brand&rsquo;s 2010 sales by 22% to $34.3 million as compared to $28.1 million
in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">In addition to the <I>Burberry Body</I> fragrance
launched in 2011, we continue to commit capital to further grow our largest brand with a cosmetics line for women currently in
approximately 75 shops around the world.&nbsp;The Burberry Beauty collection includes over 100 products for skin, lips and eyes.
We are reviewing Burberry Beauty results, as well as the anticipated financial commitment which may be necessary, in order to
determine the appropriate level of distribution for the Burberry Beauty in the years to come.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">Our growth expectations for 2012 for our European
based product lines reflect our plans to continue to build upon the strength of our brands and worldwide distribution network.
While we are not expecting any significant contributions in 2012 from our newest lines, Balmain and Repetto, where we are just
beginning the product development process, we do expect continued strong performances from Jimmy Choo and Montblanc. In addition,
the recent launch of <I>Burberry Body</I> will enjoy a full year of sales supported by a very aggressive marketing campaign. We
also have new products for Lanvin, Montblanc and Boucheron planned for a 2012 debut.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to our United States specialty
retail and mass market products, after increasing 16% in 2010, our U.S. based product sales increased 13% in 2011. Sales growth
was driven by a strong performance in international distribution of specialty retail products; Banana Republic, Gap and bebe product
lines are performing especially well with further expansion of new products into new territories. New product launches in domestic
markets for the Betsy Johnson and bebe brands are also contributing to sales growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the Banana Republic brand, a new women&rsquo;s
scent, <I>Wildbloom</I>, was launched early 2011 and brand extensions are being planned for 2012. Building upon the success of
the Gap brand&rsquo;s fragrances, a third women&rsquo;s signature scent launched in 2011 and a new men&rsquo;s scent has also
been added to build the brand&rsquo;s fragrance portfolio. For 2012, we are currently launching a new fragrance concept for Gap
in an effort to capture the heritage of the brand. The new scents for men and women, <I>Gap Established 1969</I>, launched in
March 2012 at over 650 Gap stores in the U. S. International distribution is planned for later in the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2012, <I>Love Fury</I>, a women&rsquo;s
fragrance created for Nine West launched at over 650 Macy&rsquo;s stores and 282 Nine West stores in the U.S. and internationally.
We are also in the development stage for several new fragrance concepts and line extensions for our other specialty retail brands.
In March 2011, we entered into an exclusive agreement with Lane Bryant and developed a line of performance-based bath, body and
specialty products, which is sold under Lane Bryant&rsquo;s Cacique&reg; brand.&nbsp;The initial line of products was launched
at 130 Lane Bryant stores and at <FONT STYLE="text-underline-style: none">www.lanebryant.com</FONT> in late Spring 2011. Chain
wide rollout is anticipated in early 2012.&nbsp;In addition, a signature fine fragrance was launched in time for the 2011 holiday
season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In June 2011, through our United States based
operations we entered into a ten-year exclusive worldwide fragrance license agreement to create, produce and distribute perfumes
and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced on January 1, 2012 when we took
over production and distribution of the existing Anna Sui fragrance collections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Sales of mass market fragrance products have
stabilized as a result of special programs done for select mass market retailers. We have no plans to discontinue sales to this
market, which aggregated approximately $21 million in both 2011 and 2010 and $17 million in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We continue to see strong sales growth in many
geographical markets for both our European based and U.S. based businesses, and we are actively pursuing other new business opportunities.
However, we cannot assure you that any new licenses, acquisitions or specialty retail agreements will be consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Consolidated Net
Sales to Customers by Region</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">(in millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">North America</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">150.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">91.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">96.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Western Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Eastern Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Central and South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Middle East</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Asia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">615.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">460.4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">409.5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">Interparfums Luxury Brands, Inc., a wholly-owned
U.S. distribution subsidiary of Interparfums SA, assumed all U.S. prestige fragrance distribution responsibilities on January
1, 2011. As of December 31, 2010, we reacquired, or set up a liability to reacquire, the remaining inventory of our former U.S.
distributor aggregating approximately $5.7 million. Such reacquisition was accounted for as a sales return in the accompanying
consolidated financial statements. As a result of the reacquisition of inventory in 2010 and change of distributor in 2011, North
American sales are not comparable for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Gross Profit Margins</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">(in millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">615.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">460.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">409.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">228.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">186.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">175.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Gross margin</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">386.8</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">274.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">234.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross margin as a&nbsp; percent of net sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a percentage of sales, gross profit margins
were 62.9%, 59.5%, and 57.2% in 2011, 2010 and 2009, respectively. In 2011, approximately 260 basis points of the gross margin
improvement is the result of us taking over, as of January 1, 2011, European based product distribution in the United States by
Interparfums Luxury Brands, Inc., a subsidiary of Interparfums SA. We now sell our European prestige products in the U.S. directly
to retailers rather than through a third party distributor, which generates higher gross margins on our product sales. Product
mix, promotional sales and changes in foreign currency exchange rates accounted for the remaining fluctuations in gross margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Costs relating to purchase with purchase and
gift with purchase promotions are reflected in cost of sales and aggregated $48.4 million, $30.2 million and $29.8 million in
2011, 2010 and 2009, respectively, and represented 7.9%, 6.6% and 7.3% of net sales, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The gross margin improvement in 2010 was primarily
the result of product mix within our European based brand assortment. Fluctuations in gross margin results from product sales
mix within individual lines and types of Company products. In 2010, increased sales of higher margin product lines, larger sizes
and reduced promotional sales due to the improving economic environment all contributed to the gross margin improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We carefully watch movements in foreign currency
exchange rates as almost 40% of our European operations sales are denominated in dollars, while our costs are incurred in euro.
Therefore, a stronger U.S. dollar has a positive impact on our gross margin and a weaker U.S. dollar has the opposite effect.
The average conversion rates used to convert euro to dollars for the years ended December 31, 2011, 2010 and 2009 were 1.39, 1.33
and 1.40, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, we do not bill customers for shipping
and handling costs and such costs, which aggregated $8.8 million, $5.3 million and $5.0 million in 2011, 2010 and 2009, respectively,
and are included in selling, general and administrative expenses in the consolidated statements of income. As such, our Company&rsquo;s
gross profit may not be comparable to other companies, which may include these expenses as a component of cost of goods sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Selling, General &amp; Administrative
Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">(in millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Selling, general &amp; administrative expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">319.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">217.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">187.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling, general &amp; administrative expenses as a percent of net sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Selling, general and administrative expenses
increased 47% for the year ended December&nbsp;31, 2011, as compared to 2010 and increased 16% for the year ended December 31,
2010, as compared to 2009. As a percentage of sales selling, general and administrative expenses was 52%, 47% and 46% for the
years ended December 31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Promotion and advertising included in selling,
general and administrative expenses aggregated $127.8 million, $69.2 million and $55.8 million for the years ended December&nbsp;31,
2011, 2010 and 2009, respectively. Promotion and advertising as a percentage of sales represented 20.8%, 15.0% and 13.6% of net
sales for the years ended December 31, 2011, 2010 and 2009, respectively. With the commencement in January 2011 of European based
product distribution in the United States by Interparfums Luxury Brands, Inc., a subsidiary of Interparfums SA, we are now responsible
for 100% of the cost of advertising support for our European based fragrance brands distributed in the United States as opposed
to sharing such expenditures with our former U.S. distributor. In addition, the 2011 global launch of <I>Burberry Body</I> was
supported by strong visuals on a scale without precedent. We significantly increased our advertising spending in the third and
fourth quarters of 2011 as well as full year advertising budgets for other brands, which we believe will contribute to sustained
growth in market share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a percentage of sales, advertising expenditures
was also higher in 2010 than 2009 to support other new product launches. We consistently adjust our advertising and promotional
budgets to align our spending with anticipated sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Royalty expense included in selling, general
and administrative expenses aggregated $51.3 million, $40.2 million and $35.5 million for the years ended December&nbsp;31, 2011,
2010 and 2009, respectively. Royalty expense as a percentage of sales represented 8.3%, 8.7% and 8.7% of net sales for the years
ended December 31, 2011, 2010 and 2009, respectively. In addition service fees, which are fees paid to third parties relating
to the activities of our distribution subsidiaries, aggregated $25.3 million, $13.7 million and $13.2 million for the years ended
December&nbsp;31, 2011, 2010 and 2009, respectively. The increase in 2011 is primarily the effect of the commencement in January
2011 of European based product distribution in the United States by Interparfums Luxury Brands, Inc. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We review goodwill for impairment at least
annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The goodwill
relates to our Nickel skin care business which is primarily a component of our European operations. The Company measures fair
value of goodwill to equal the approximate average value of purchase price indications received from several potential purchasers
of the Nickel business together with the opinions of business valuation experts. As a result, the Company has determined that
as of December 31, 2011, carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $0.8 million.
A similar evaluation is performed every year and in 2009, the Company recorded an impairment loss of $1.7 million. Accumulated
impairment losses relating to goodwill aggregated $4.3 million as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a result of the above analysis, income from
operations increased 19% to $66.9 million in 2011 and income from operations increased 26% to $56.4 million in 2010, as compared
to $44.8 million in 2009. Operating margins aggregated 10.9%, 12.3% and 10.9% for the years ended December 31, 2011, 2010 and
2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Interest expense aggregated $2.2 million, $2.1
million and $2.6 million for the years ended December 31, 2011, 2010 and 2009, respectively. We use the credit lines available
to us, as needed, to finance our working capital needs as well as our financing needs for acquisitions. Loans payable &ndash;
banks and long-term debt including current maturities aggregated $16.3 million, $21.4 million and $34.6 million as of December
31, 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Foreign currency gains or (losses) aggregated
$1.5 million, ($2.1) million and $3.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. We enter into
foreign currency forward exchange contracts to manage exposure related to receivables denominated in a foreign currency and occasionally
to manage risks related to future sales expected to be denominated in a foreign currency. Hedge effectiveness excludes the portion
of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which
is reported in current period earnings and resulted in most of the gains and losses referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our effective income tax rate was 36.3%, 33.7%
and 34.9% for the years ended December 31, 2011, 2010 and 2009, respectively. Our effective tax rates differ from statutory rates
due to the effect of state and local taxes and tax rates in foreign jurisdictions. Our foreign tax rate had been declining as
a result of the 2008 formation of Interparfums (Suisse) SARL, which receives a favorable tax rate on a portion of Interparfums
SA taxable income. The higher rate in 2011 is the result of a tax rate increase enacted by the French Government retroactive to
2011. The tax rate for our French operations increased from 34.4% to 36.1%. In addition, the high effective tax rate for 2011
is the result of an agreement in principle with the French Tax Authority on the consequences of the tax audit, which covered income
tax and non-income tax items. As a result, the Company increased its income tax expense by $1.7 million in 2011 and reduced its
reserve for contingency related to non-income tax items recorded in 2010 by $1.3 million. Also in 2011, approximately $1.1 million
of valuation allowances on certain foreign net operating loss carry-forwards were realized as we were able to utilize certain
of those foreign net operating loss carry-forwards. Other than as discussed above, we did not experience any<U> </U>significant
changes in tax rates, and none were expected in jurisdictions where we operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Net Income and Earnings per Share</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center">(In thousands except share and per share data)</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">42,949</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">35,675</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">30,158</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -18pt; padding-left: 18pt; padding-bottom: 1pt">Less: Net income attributable to
    the noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,646</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">9,082</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,791</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income attributable to Inter Parfums, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">32,303</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">26,593</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">22,367</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc. common shareholders&rsquo;:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.12in">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-left: 0.12in">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Weighted average number of shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-left: 0.12in">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,514,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,360,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,099,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.12in">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,677,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,481,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,121,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net income increased 20% to $42.9 million in
2011, as compared to $35.7 million in 2010. Net income increased 18% to $35.7 million in 2010, as compared to $30.2 million in
2009. Net income attributable to the noncontrolling interest aggregated 24.8%, 25.5% and 25.8% of net income in 2011, 2010 and
2009, respectively. Net income attributable to Inter Parfums, Inc. increased 21% to $32.3 million in 2011, as compared to $26.6
million in 2010. Net income attributable to Inter Parfums, Inc. increased 19% to $26.6 million in 2010, as compared to $22.4 million
in 2009. Net margins attributable to Inter Parfums, Inc. aggregated 5.3%, 5.8% and 5.5% for the years ended December 31, 2011,
2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">Diluted earnings per share aggregated $1.05,
$0.87 and $0.74 in 2011, 2010 and 2009, respectively. Weighted average shares outstanding aggregated 30.5 million, 30.4 million
and 30.1 million for the years ended December 31, 2011, 2010 and 2009, respectively. On a diluted basis, average shares outstanding
were 30.7 million, 30.5 million and 30.1 million for the years ended December 31, 2011, 2010 and 2009, respectively. The increases
in 2011 and 2010 are primarily the result of shares issued pursuant to the exercise of stock options and warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our financial position remains strong. At December
31, 2011, working capital aggregated $206 million and we had a working capital ratio of 2.1 to 1. Cash and cash equivalents aggregated
$36 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cash provided by (used in) operating activities
aggregated ($23.7) million, $37.8 million and $84.6 million for the years ended December 31, 2011, 2010 and 2009, respectively.
In 2011, working capital items used $83.6 million in cash from operating activities as compared to $6.1 million in 2010. Although
the $88.9 million increase in accounts receivable in 2011 represents a 91%% increase from December 31, 2010, it is reflective
of the 68% increase in sales achieved for the three month period ended December 31, 2011, as compared to the corresponding period
of the prior year. In 2010 the increase in accounts receivable was only $5.9 million as shown on the statement of cash flows.
The accounts receivable balances in both 2011 and 2010 reflect favorable collection activity as days sales outstanding declined
from 98 days sales in 2009 to 83 days in 2010 and 84 days in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The $60.5 million increase in inventories for
the year ended December 31, 2011, as shown on the statement of cash flows, represents a 55% increase from December 31, 2010 and
the $29.1 million increase in inventories for 2010 represents a 34% increase from December 31, 2009. This inventory build is needed
to support our sales growth and new licensing activities in both European operations and U.S. operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Working capital items provided $42.9 million
in cash from operations in 2009. In terms of cash flows, for the year ended December 31, 2009, inventories decreased $40.6 million.
The global economic crisis resulted in lower sales levels, especially in the first half of 2009. Our inventory levels declined
steadily throughout 2009 as we made modifications to our sales projections to take into account the then difficult environment.
In terms of cash flow, accounts receivable decreased $20.9 million for the year ended December 31, 2009, as we began to tighten
extended payment terms offered to certain international distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cash flows used in investing activities reflects
net sales of short-term investments in 2011 of $51.3 million and net purchases of $49.0 million in 2010. Short-term investments
are certificates of deposit with maturities greater than three months. Purchases of equipment and leasehold improvements aggregated
$9.9 million, $6.1 million and $5.5 million in 2011, 2010 and 2009, respectively. Our business is not capital intensive as we
do not own any manufacturing facilities. We typically spend between $3 million and $4 million per year on tools and molds, depending
on our new product development calendar. The balance of capital expenditures is for office fixtures, computer equipment and industrial
equipment needed at our distribution centers. Payments for intangible assets aggregated $4.6 million, $22.2 million and $0.8 million
in 2011, 2010 and 2009, respectively. When acquiring new licenses for brands that have current distribution we may pay an entry
fee in connection with securing the license rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our short-term financing requirements are expected
to be met by available cash on hand at December 31, 2011, cash generated by operations and short-term credit lines provided by
domestic and foreign banks. The principal credit facilities for 2012 consist of a $15.0 million unsecured revolving line of credit
provided by a domestic commercial bank and approximately $25.0 million in credit lines provided by a consortium of international
financial institutions. As of December 31, 2011 and 2010, short-term borrowings aggregated $11.8 million and $5.2 million, respectively.
Our long-term credit facilities provides for principal and interest to be repaid in 20 quarterly installments. As of December
31, 2011, the long-term portion of long-term debt has been repaid and current maturities of long-term debt aggregated $4.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Proceeds from sale of stock of subsidiary reflect
the proceeds from shares issued by our French subsidiary Interparfums SA pursuant to options exercised and payment for acquisition
of minority interests represents repurchases of shares of Interparfums SA in an effort to offset the dilution from options exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">In December 2008, our Board of Directors authorized
a continuation of our cash dividend of $0.133 per share. In January 2010, the Board of Directors authorized a 97% increase in
the annual dividend to $0.26 per share and in January 2011, the Board of Directors authorized a 31% increase in the annual dividend
to $0.32 per share. In December 2011, our board of directors authorized the continuation of our cash dividend on an annual basis
to $.32 per share for 2012. The next quarterly dividend of $0.08 per share will be paid on April 16, 2012 to shareholders of record
on March 30, 2012. Dividends paid, including dividends paid once per year to noncontrolling stockholders of Interparfums SA, aggregated
$12.5 million, $9.0 million and $5.7 million for the years ended December 31, 2011, 2010 and 2009, respectively. The cash dividends
paid in 2011 and the dividends to be paid in 2012 are not expected to have any significant impact on our financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that funds provided by or used in
operations can be supplemented by our present cash position and available credit facilities, so that they will provide us with
sufficient resources to meet all present and reasonably foreseeable future operating needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Inflation rates in the U.S. and foreign countries
in which we operate did not have a significant impact on operating results for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Contractual Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets for a schedule of
our contractual obligations over the periods indicated in the table, as well as our total contractual obligations ($ in thousands).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">Payments&nbsp;due&nbsp;by&nbsp;period</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Contractual&nbsp;Obligations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Less&nbsp;than<BR>
    1&nbsp;year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Years <BR>&nbsp;2-3</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Years <BR>4-5</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">More&nbsp;than<BR>
    5&nbsp;years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%">Long-Term Debt <SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital Lease Obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Operating Leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Purchase obligations<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,268,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">155,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">343,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">344,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">425,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,296,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">165,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">350,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">348,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">432,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Includes
                                                                                                 long-term debt and related interest
                                                                                                 costs including interest rate
                                                                                                 swap amounts. Interest due as
                                                                                                 the result of interest rate swaps
                                                                                                 is all at a fixed rate and is
                                                                                                 payable $0.08 million in 2012.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Consists
                                                                                                 of purchase commitments for advertising
                                                                                                 and promotional items, minimum
                                                                                                 royalty guarantees, including
                                                                                                 fixed or minimum obligations,
                                                                                                 and estimates of such obligations
                                                                                                 subject to variable price provisions.
                                                                                                 Future advertising commitments
                                                                                                 were estimated based on planned
                                                                                                 future sales for the license
                                                                                                 terms that were in effect at
                                                                                                 December 31, 2011, without consideration
                                                                                                 for potential renewal periods
                                                                                                 and do not reflect the fact that
                                                                                                 our distributors share our advertising
                                                                                                 obligations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: -0.3in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 7A. Quantitative and Qualitative Disclosures About Market
Risk.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We address certain financial exposures through
a controlled program of risk management that primarily consists of the use of derivative financial instruments. We primarily enter
into foreign currency forward exchange contracts in order to reduce the effects of fluctuating foreign currency exchange rates.
We do not engage in the trading of foreign currency forward exchange contracts or interest rate swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Foreign Exchange Risk Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We periodically enter into foreign currency
forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks related
to future sales expected to be denominated in a currency other than our functional currency. We enter into these exchange contracts
for periods consistent with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign
exchange rate movements on the receivables and cash flows of Interparfums SA, our French subsidiary, whose functional currency
is the euro. All foreign currency contracts are denominated in currencies of major<B> </B>industrial<B> </B>countries<B> </B>and
are with large<B> </B>financial institutions, which are rated<B> </B>as<B> </B>strong<B> </B>investment<B> </B>grade<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All derivative instruments are required to
be reflected as either assets or liabilities in the balance sheet measured at fair value. Generally, increases or decreases in
fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative
is designated and qualifies as a cash flow hedge, then the changes in fair value of the derivative instrument will be recorded
in other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Before entering into a derivative transaction
for hedging purposes, we determine that the change in the value of the derivative will effectively offset the change in the fair
value of the hedged item from a movement in foreign currency rates. Then, we measure the effectiveness of each hedge throughout
the hedged period. Any hedge ineffectiveness is recognized in the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At December&nbsp;31, 2011, we had foreign currency
contracts in the form of forward exchange contracts in the amount of approximately U.S. $67.3&nbsp;million and GB &pound;10.0&nbsp;million
which all have maturities of less than one year. We believe that our risk of loss as the result of nonperformance by any of such
financial institutions is remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Interest Rate Risk Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We mitigate interest rate risk by monitoring
interest rates, and then determining whether fixed interest rates should be swapped for floating rate debt, or if floating rate
debt should be swapped for fixed rate debt. We entered into an interest rate swap in September 2007 on &euro;22 million of debt,
effectively exchanging the variable interest rate of 0.6% above the three month EURIBOR to a fixed rate of 4.42%. The remaining
balance owed pursuant to this facility as of December 31, 2011 was &euro;3.3 million. This derivative instrument is recorded at
fair value and changes in fair value are reflected in the accompanying consolidated statements of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8. Financial Statements and Supplementary Data</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The required financial statements commence
on page F-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Supplementary Data</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quarterly Data (Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>For the Year Ended
December 31, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(In Thousands Except
Per Share Data)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">1st Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2nd Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">3rd Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">4th Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Full Year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">133,363</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">121,063</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">171,706</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">189,088</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">615,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross margin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,591</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,949</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,759</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc. per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average common sharesoutstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quarterly Data (Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the Year Ended December 31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In Thousands Except Per Share Data)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">1st Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2nd Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">3rd Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">4th Quarter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Full Year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">119,373</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">107,765</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">120,853</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">112,420</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">460,411</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross margin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,675</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,593</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc. per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average common sharesoutstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,361</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We review goodwill for impairment at least
annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. The goodwill relates to our Nickel skin care business which is primarily a component of our European operations.
The Company has determined that as of December 31, 2011, carrying amount of the goodwill exceeded fair value resulting in an impairment
loss of $0.8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>Item 9. Changes In and Disagreements with Accountants
on Accounting and Financial Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9A. Controls and Procedures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Evaluation of Disclosure Controls and Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Chief Executive Officer and Chief Financial
Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities
Exchange Act of 1934 Rule 13a-15(e)) as of the end of the period covered by this annual report on Form 10-K (the &ldquo;Evaluation
Date&rdquo;). Based on their review and evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that
as of the Evaluation Date our Company's disclosure controls and procedures were effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Management&rsquo;s Annual Report on Internal Control over
Financial Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The management of Inter Parfums, Inc. is responsible
for establishing and maintaining adequate internal control over financial reporting for the company. With the participation of
the Chief Executive Officer and the Chief Financial Officer, our management conducted an evaluation of the effectiveness of our
internal control over financial reporting based on the framework and criteria established in <I>Internal Control &ndash; Integrated
Framework</I>, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management
has concluded that our internal control over financial reporting was effective as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our independent auditor, WeiserMazars LLP,
a registered public accounting firm, has issued its report on its audit of our internal control over financial reporting. This
report appears below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Report of Independent Registered Public
Accounting Firm on Internal Control Over Financial Reporting</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To the Board of Directors and Stockholders of Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have audited Inter Parfums, Inc.&rsquo;s internal control over
financial reporting as of December&nbsp;31, 2011, based on criteria established in Internal Control &ndash; Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Inter Parfums, Inc.&rsquo;s management
is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness
of internal control over financial reporting, included in the accompanying Management&rsquo;s Annual Report on Internal Control
over Financial Reporting. Our responsibility is to express an opinion on the company&rsquo;s internal control over financial reporting
based on our audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A company&rsquo;s internal control over financial reporting is
a process designed 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. A company&rsquo;s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of the changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In our opinion, Inter Parfums, Inc. maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal
Control &ndash; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have also audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the consolidated balance sheet of Inter Parfums, Inc. as of December 31, 2011
and the related consolidated statements of income, changes in shareholders&rsquo; equity, comprehensive income, and cash flows
for the year ended December 31, 2011 and our report dated March 12, 2012 expressed an unqualified opinion thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WeiserMazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B><I>Changes in Internal Control Over Financial
Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the 2nd quarter of 2011, our French
subsidiary, Interparfums SA implemented SAP, a new accounting software system for its operations (&ldquo;SAP System&rdquo;). The
implementation was completed and the SAP System went &ldquo;live&rdquo; in May 2011. The SAP System is a fully-integrated set
of programs and databases that incorporate order processing, production planning and scheduling, purchasing, accounts receivable,
inventory management and accounting. This implementation was subject to various testing and review procedures prior to going &ldquo;live&rdquo;.
In connection with this SAP System implementation, we updated our internal control over financial reporting, as necessary, to
accommodate modifications to our business processes and accounting procedures. Other than described above, there has been no change
in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred
during the fourth quarter of 2011 that has materially affected, or is reasonably likely to materially affect, the Company's internal
control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9B.</B></TD><TD STYLE="text-align: justify"><B>Other
                                                                                         Information.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 10. Directors, Executive Officers and Corporate Governance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Executive Officers and Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of the date of this report, our executive
officers and directors were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">Name</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 68%">Position</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jean Madar</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chairman of the Board, Chief Executive Officer of Inter
        Parfums, Inc. and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director General of Interparfums SA</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Philippe Benacin</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice Chairman of the Board, President of Inter Parfums,
        Inc. and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer of Interparfums SA</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Russell Greenberg</TD>
    <TD>&nbsp;</TD>
    <TD>Director, Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Philippe Santi</TD>
    <TD>&nbsp;</TD>
    <TD>Director, Executive Vice President and Chief Financial Officer, Interparfums SA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Francois Heilbronn</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jean Levy</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Robert Bensoussan-Torres</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Serge Rosinoer</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Patrick Cho&euml;l</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hugues de la Chevasnerie</TD>
    <TD>&nbsp;</TD>
    <TD>Director of Burberry Fragrances, Interparfums SA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Frederic Garcia-Pelayo</TD>
    <TD>&nbsp;</TD>
    <TD>Director of the Luxury and Fashion division of<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>Interparfums
    SA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Axel Marot</TD>
    <TD>&nbsp;</TD>
    <TD>Director of Production &amp; Logistics, Interparfums SA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Henry B. (&ldquo;Andy&rdquo;) Clarke</TD>
    <TD>&nbsp;</TD>
    <TD>President of Inter Parfums USA, LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our directors will serve until the next annual
meeting of stockholders and thereafter until their successors shall have been elected and qualified. Messrs. Jean Madar and Philippe
Benacin have a verbal agreement or understanding to vote their shares in a like manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With the exception of Mr.&nbsp;Benacin, the
officers are elected annually by the directors and serve at the discretion of the board of directors. There are no family relationships
between executive officers or directors of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our board of directors has the responsibility
for establishing broad corporate policies and for the overall performance of our Company. Although certain directors are not involved
in day-to-day operating details, members of the board of directors are kept informed of our business by various reports and documents
made available to them. Our board of directors held 16 meetings (or executed consents in lieu thereof), including meetings of
committees of the full board of directors during 2011 (with excluding the last regular board meeting of 2010 held during the first
week of January 2011), and all of the directors attended at least 75% of the meetings (or executed consents in lieu thereof) of
the full board of directors and committees of which they were a member. Our board of directors presently consists of nine (9)
directors, with a majority of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have adopted a Code of Business Conduct
that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, as well
as other persons performing similar functions, and we agree to provide to any person without charge, upon request, a copy of our
Code of Business Conduct. Any person who requests a copy of our Code of Business Conduct should provide their name and address
in writing to: Inter Parfums, Inc., 551 Fifth Avenue, New York, NY 10176, Att.: Shareholder Relations. In addition, our Code of
Conduct is also maintained on our website, at www.interparfumsinc.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During 2011 our board of directors had the
following standing committees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Audit Committee
                                                                                                             &ndash; The Audit
                                                                                                             Committee has the
                                                                                                             sole authority and
                                                                                                             is directly responsible
                                                                                                             for, the appointment,
                                                                                                             compensation and
                                                                                                             oversight of the
                                                                                                             work of the independent
                                                                                                             accountants employed
                                                                                                             by our company which
                                                                                                             prepare or issue
                                                                                                             an audit report for
                                                                                                             our company. During
                                                                                                             2011, the Audit Committee
                                                                                                             consisted of Messrs.
                                                                                                             Heilbronn, Levy and
                                                                                                             Cho&euml;l.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company does not have an &ldquo;audit committee
financial expert&rdquo; within the definition of the applicable Securities and Exchange Commission rules. First, finding qualified
nominees to serve as a director of a public company without substantial financial resources has been challenging. Second, despite
the applicable Securities and Exchange Commission rule which states that being named as the audit committee financial expert does
not impose any greater duty, obligation or liability, the Company has been met with resistance from both present and former directors
to being named as such primarily due to potential additional personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">However, as the result of the background, education
and experience of the members of the Audit Committee, our board of directors believes that such committee members are fully qualified
to fulfill their obligations as members of the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Executive Compensation
                                                                                                             and Stock Option
                                                                                                             Committee &ndash;
                                                                                                             The Executive Compensation
                                                                                                             and Stock Option
                                                                                                             Committee oversees
                                                                                                             the compensation
                                                                                                             of our company&rsquo;s
                                                                                                             executives and administers
                                                                                                             our company&rsquo;s
                                                                                                             stock option plans.
                                                                                                             During 2011, the
                                                                                                             members of such committee
                                                                                                             consisted of Messrs.
                                                                                                             Heilbronn, Levy and
                                                                                                             Cho&euml;l. We presently
                                                                                                             do not have a separate
                                                                                                             charter for our Executive
                                                                                                             Compensation and
                                                                                                             Stock Option Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Nominating Committee
                                                                                                             &ndash; The Nominating
                                                                                                             Committee was formed
                                                                                                             in January 2011,
                                                                                                             and the members of
                                                                                                             such committee consist
                                                                                                             of Messrs. Heilbronn,
                                                                                                             Levy and Cho&euml;l.
                                                                                                             The purpose of the
                                                                                                             Nominating Committee
                                                                                                             is to determine and
                                                                                                             recommend qualified
                                                                                                             persons to the Board
                                                                                                             of Directors who
                                                                                                             will be put forth
                                                                                                             as management's slate
                                                                                                             of directors for
                                                                                                             vote of the Corporation's
                                                                                                             stockholders, as
                                                                                                             well as to fill vacancies
                                                                                                             in the Board of Directors.
                                                                                                             The charter of the
                                                                                                             Nominating Committee
                                                                                                             is posted on our
                                                                                                             company&rsquo;s website.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Business Experience</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following sets forth biographical information
as to the business experience of each executive officer and director of our company for at least the past five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Jean Madar</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jean Madar, age 51, a Director, has been the
Chairman of the Board since our company&rsquo;s inception, and is a co-founder of our company with Mr. Philippe Benacin. From
inception until December 1993 he was the President of our company; in January 1994 he became Director General of Interparfums
SA, our company&rsquo;s subsidiary; and in January 1997 he became Chief Executive Officer of our company. Mr. Madar was previously
the managing director of Interparfums SA, from September 1983 until June 1985. At such subsidiary, he had the responsibility of
overseeing the marketing operations of its foreign distribution, including market research analysis and actual marketing campaigns.
Mr. Madar graduated from The French University for Economic and Commercial Sciences (ESSEC) in 1983.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Philippe Benacin</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Benacin, age 53, a Director, is President
of our Company and the Chief Executive Officer of Interparfums SA, has been the Vice Chairman of the Board since September 1991,
and is a co-founder of our company with Mr. Madar. He was elected the Executive Vice President in September 1991, Senior Vice
President in April 1993, and President of the Company in January 1994. In addition, he has been the Chief Executive Officer of
Interparfums SA for more than the past five years. Mr. Benacin graduated from The French University for Economic and Commercial
Sciences (ESSEC) in 1983.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Russell Greenberg</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Greenberg, age 55, the Chief Financial
Officer, was Vice-President, Finance when he joined the Company in June 1992; became Executive Vice President in April 1993; and
was appointed to our board of directors in February 1995. He is a certified public accountant licensed in the State of New York,
and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.
After graduating from The Ohio State University in 1980, he was employed in public accounting until he joined our company in June
1992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Philippe Santi</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Philippe Santi, age 50 and a Director since
December 1999, is the Executive Vice President and Chief Financial Officer of Interparfums SA Mr. Santi, who is a Certified Accountant
and Statutory Auditor in France, has been the Chief Financial Officer of Interparfums SA since February 1995. Prior to February
1995, Mr. Santi was the Chief Financial Officer for Stryker France and an Audit Manager for Ernst and Young.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Francois Heilbronn</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Heilbronn, age 51, a Director since 1988,
an independent director and a member of the Audit Committee, Nominating Committee and the Executive Compensation and Stock Option
Committee, is a graduate of Harvard Business School with a Master of Business Administration degree and is currently the managing
partner of the consulting firm of M.M. Friedrich, Heilbronn &amp; Fiszer. He was formerly employed by The Boston Consulting Group,
Inc. from 1988 through 1992 as a manager. Mr. Heilbronn graduated from Institut d' Etudes Politiques de Paris in June 1983. From
1984 to 1986, he worked as a financial analyst for Lazard Freres &amp; Co.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>
</B></FONT>In addition, during 2009 Mr. Heilbronn became an<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT>Associate
Professor in Business Strategy at Sciences Po, Paris, France.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Jean Levy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jean Levy, age 79, a Director since August
1996, an independent director and a member of the Audit Committee, Nominating Committee and the Executive Compensation and Stock
Option Committee, worked for twenty-seven years at L'Oreal, and was the President and Chief Executive Officer of Cosmair, the
exclusive United States licensee of L'Oreal, from 1983 through June 1987. In addition, he is the former President and Chief Executive
Officer of Sanofi Beaute (France). For the more than the past five years, Mr. Levy has been an independent advisor as well as
a consultant for economic development to local governments in France. A graduate of l'Institut d'Etudes Politiques de Paris, he
also attended Yale Graduate School and was a recipient of a Fulbright Scholarship. He was also a Professor at l'Institut d'Etudes
Politiques de Paris. He was formerly a director of Zannier Group and Escada Beaute Worldwide and Rallye, S.A. In addition, Mr.
Levy was also a director (Chairman of the Board until October 2001) of Financi&egrave;re d'Or, and its subsidiary, Histoire d'Or
which is in the retail jewelry business. Mr. Levy was formerly a consultant to Ernst &amp; Young, Paris through 2004. He is currently
a board member of Price Minister, an internet based retailer located in Paris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Robert Bensoussan-Torres</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Robert Bensoussan-Torres, age 54, has been
a Director since March 1997, and also is an independent director. Mr. Bensoussan is a director of J. Choo Limited, is the co-founder
of Sirius Equity, a retail and branded luxury goods investment company. In November 2001, he became the Chief Executive Officer
of Jimmy Choo Ltd., a luxury shoe and ready to wear accessory company. In 2007 Jimmy Choo Ltd. was sold to a private equity firm.
From 1999 to December 2000, he was the Managing Director of Gianfranco Ferre fashion group, based in Milano, Italy. Previously
Mr. Bensoussan-Torres was a Director of Towers Consulting Europe, Ltd. Towers Consulting Europe, Ltd. is a consulting company
based in London, which specialized in strategic advice in connection with mergers and acquisitions in the luxury goods business.
Mr. Bensoussan-Torres was the Chief Executive Officer of Christian Lacroix, Paris, a subsidiary of LVMH Group, from February 1993
until May 1998. Christian Lacroix was a French Haute Couture House and has activities in the field of apparel, accessories and
fragrances. From December 1990 through January 1993 he was based in Munich, Germany, as the International Sales Director of The
Escada Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Serge Rosinoer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Rosinoer, age 80, was appointed to our
board of directors in December 2000 as an independent director. Mr. Rosinoer has devoted most of his career to the personal care,
cosmetics and fragrance industry. Mr. Serge Rosinoer is presently the Vice Chairman of the Supervisory Board of Clarins SA. In
1978, Mr. Rosinoer joined the Clarins Group as Vice President and Chief Operating Officer where he was largely responsible for
its rapid international expansion. As COO, then CEO since 1978, Mr. Rosinoer oversaw the transformation of Clarins into a major
force in cosmetics, skin care and fragrance, with annual sales of approximately 850 million Euro and more than 4,500 employees.
He retired from active duty in May of 2000, but continues to serve on the board of directors of Clarins. Earlier in his career
he was President of Parfums Corday. He also held senior level executive positions at Max Factor, where he had full supervision
of that cosmetics company&rsquo;s European production and sales. Mr. Rosinoer has served several terms as President of the French
Prestige Cosmetics Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Patrick Cho&euml;l</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Cho&euml;l, age 68, was appointed to the
board of directors in June 2006 as an independent director, and is a member of the Audit Committee, Nominating Committee and the
Executive Compensation and Stock Option Committee. Mr. Cho&euml;l is a director of our majority-owned subsidiary, Interparfums
SA, and Modellabs, both publicly held companies, and Christian Dior and Guerlain, both privately held companies. He is also the
manager of Universit&eacute; 82, a business consultant and advisor. For approximately 10 years, through March 2004, Mr. Cho&euml;l
worked as the President and CEO of two divisions of LVMH, first Parfums Christian Dior, a leading world-wide prestige beauty/fragrances
business, and later, the LVMH Perfumes and Cosmetics Division, which included such well known brands as Parfums Christian Dior,
Guerlain, and Parfums Givenchy, among others. Prior to such time, for approximately 30 years, he worked at various executive positions
at Unilever, including President and CEO of Elida Faberg&eacute; France and President and CEO of Chesebrough Pond&rsquo;s USA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Hugues de la Chevasnerie</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Hugues de la Chevasnerie, age 43, became the
Director of Burberry Fragrances in December 2006. Prior to joining Burberry Fragrances, Mr. Chevasnerie was from February 2002
the Vice President of International Marketing, Davidoff &amp; Chlo&eacute;, at Coty Inc. From 1994 to 2002, he held various positions
at LVMH- Parfums Christian Dior, including Group Head for Men&rsquo;s Perfumes from 1999 to 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Frederic Garcia-Pelayo</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Frederic Garcia-Pelayo, age 53, became the
Director of the Luxury and Fashion division of Interparfums SA in March 2005. He was previously the Director of Marketing and
Distribution for Perfume and Cosmetics for Interparfums SA and was named Executive Vice President in 2004. Previously Mr. Garcia-Pelayo
was the Director of Export Sales of Interparfums SA from September 1994. Prior to September 1994, Mr. Garcia-Pelayo was the Export
Manager for Benetton Perfumes for seven (7) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Axel Marot</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Axel Marot, age 38, was the Supply Chain Manager
when he joined Interparfums SA in 2003 and has been the Director of Operations for Interparfums SA since January 2005. Prior to
joining Interparfums SA, Mr. Marot was a Supply Chain Manager for Nestl&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Andy Clarke</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Henry B. &ldquo;Andy&rdquo; Clarke, age 51,
was appointed as President of Inter Parfums USA, LLC in 2009, following his appointment as President of Inter Parfums USA, LLC
&ndash; Specialty Retail Division in January 2008, which presently encompasses fragrance and personal care products produced for
Gap, Banana Republic, New York &amp; Company, Brooks Brothers, bebe, Nine West, Betsey Johnson, Lane Bryant and Anna Sui. Mr.
Clarke has been employed by our company since 2001. Prior to joining the Company Mr. Clarke had spent seventeen years in the beauty
business in various capacities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Section 16(a) Beneficial Ownership Reporting Compliance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based solely upon a review of Forms 3, 4 and
5 and any amendments to such forms furnished to us, and written representations from various reporting persons furnished to us,
we are not aware of any reporting person who has failed to file the reports required to be filed under Section 16(a) of the Securities
Exchange Act of 1934 on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 11. Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Compensation Discussion and Analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The executive compensation and stock option
committee of our board of directors is comprised entirely of independent directors and oversee all elements of compensation (base
salary, annual bonus, long-term incentives and perquisites) of our company&rsquo;s executive officers and administers our company&rsquo;s
stock option plans, other than the non-employee directors stock option plan, which is self-executing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The objectives of our compensation program
are designed to strike a balance between offering sufficient compensation to either retain existing or attract new executives
on the one hand, and maintaining compensation at reasonable levels on the other hand. We do not have the resources comparable
to the cosmetic giants in our industry, and accordingly cannot afford to pay excessive executive compensation. In furtherance
of these objectives, our executive compensation packages generally include a base salary, as well as annual incentives tied to
individual performance and long-term incentives tied to our operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Madar, the Chairman and Chief Executive
Officer, takes the initiative after discussions with Mr. Russell Greenberg, an Executive Vice President, Chief Financial Officer
and a Director, and recommends executive compensation levels for executives in the United States. Mr. Benacin, the Chief Executive
Officer of Interparfums SA, takes the initiative after discussions with Philippe Santi, the Chief Financial Officer of Interparfums
SA, and recommends executive compensation levels for executives in Europe. The recommendations are presented to the compensation
committee for its consideration, and the compensation committee makes a final determination regarding salary adjustments and annual
award amounts to executives, including Jean Madar and Philippe Benacin. Further, Messrs. Madar and Benacin, in addition to being
executive officers and directors, are our largest shareholders, and therefore, their interests are aligned with our shareholder
base in keeping executive compensation at a reasonable level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The compensation committee believes that individual
executive compensation is at a level comparable with executives in other companies of similar size and stage of development that
operate in the fragrance industry and takes into account our company&rsquo;s performance as well as our own strategic goals. Further,
the compensation committee believes that its present policies to date, with its emphasis on rewarding performance, has served
to focus the efforts of our executives, which in turn permitted our company to weather the storm of this recession and put our
company on track for a continued high rate of growth and profitability, which management believes will result in a substantial
increase in value to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Elements of Compensation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The compensation of our executive officers
is generally comprised of base salaries, annual cash bonuses and long-term equity incentive awards. In determining specific components
of compensation, the compensation committee considers individual performance, level of responsibility, skills and experience,
other compensation awards or arrangements and overall company performance. The compensation committee reviews and approves all
elements of compensation for all of our executive officers taking into consideration recommendations from the Chief Executive
Officer of our company and the Chief Executive Officer of Interparfums SA, as well as information regarding compensation levels
at competitors in our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our named executive officers have all been
with the company for more than the past ten (10) years, with Messrs. Madar and Benacin being founders of the company in 1985.
As Messrs. Madar and Greenberg for United States operations, and Benacin and Santi for European operations, are most familiar
with the individual performance, level of responsibility, skills and experience of each executive officer in their respective
segments, the compensation committee relies upon the information provided by such executive officers in determining individual
performance, level of responsibility, skills and experience of each executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The compensation committee views the competitive
market place very broadly, which would include executive officers from both public and privately held companies in general, including
fashion and beauty companies, but not limited to the &ldquo;peer companies&rdquo; contained in the corporate performance graph
contained in our annual report. Rather than tie the compensation committee&rsquo;s determination of compensation proposals to
any specific peer companies, the members of our committee have used their business experience, judgment and knowledge to review
the executive compensation proposals recommended to them by Mr. Madar for United States operations and Benacin for European operations.
As such, compensation committee did not determine the need to &ldquo;benchmark&rdquo; of any material item of compensation or
overall compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The members of the compensation committee have
extensive experience and business acumen and are well qualified in determining the appropriateness of executive compensation levels.
Mr. Heilbronn is a managing partner of a business consulting firm in the area of mergers and acquisitions of large international
companies in retail, consumer goods and consumer services throughout the world. Mr. Levy has over thirty years&rsquo; experience
as an executive officer, including more than ten years as President and Chief Executive Officer of well-known cosmetic companies
such as Cosmair and Sanofi Beaute (France). Mr. Cho&euml;l, the final committee member, is presently a business consultant and
advisor, who previously worked as President and Chief Executive Officer of two divisions of LVMH Moet Hennessy Louis Vuitton S.A.,
which included such well-known brands as Parfums Christian Dior, Guerlain, and Parfums Givenchy. Mr. Cho&euml;l has also been
President and CEO of both Elida Faberg&eacute; France and Chesebrough Pond&rsquo;s USA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Base Salary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Base salaries for executive officers are initially
determined by evaluating the responsibilities of the position held and the experience of the individual, and by reference to the
competitive market place for executive talent. Base salaries for executive officers are reviewed on an annual basis, and adjustments
are determined by evaluating our operating performance, the performance of each executive officer, as well as whether the nature
of the responsibilities of the executive has changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As stated above, as Messrs. Madar and Greenberg
for United States operations, and Benacin and Santi for European operations, are most familiar with the individual performance,
level of responsibility, skills and experience of each executive officer in their respective segments, the committee relies upon
the information provided by such executive officers in determining individual performance, level of responsibility, skills and
experience of each executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For executive officers of United States operations,
the bulk of their annual compensation is in base salary. However, for executive officers of European operations base salary comprises
a smaller percentage of overall compensation. We have paid a lower percentage of overall compensation in the form of base salary
to executive officers of European operations for several years, principally because European operations historically have had
higher profitability than United States operations and European operations are run differently by the Chief Executive Officer
of European operations, Mr. Benacin, than United States operations. As the result of this historically higher profitability, European
operations have had the ability to pay higher bonus compensation in addition to base salary. As bonus compensation is and has
historically been discretionary, no targets were set in order to maintain flexibility. Further, if results of operations for European
operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation, as well
as overall compensation could be lowered without otherwise affecting base salary. Finally, by keeping annual bonus compensation
at a higher percentage of overall compensation and base salary at a lower percentage, our company benefits because the base amount
for annual salary adjustments would be smaller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For 2010, each of Messrs. Benacin, Santi and
Garcia-Pelayo received a base salary of 260,400 euro. Upon the recommendation of Mr. Benacin, the base salaries of Mr. Philippe
Santi, the Chief Financial Officer of Interparfums SA, and Mr. Frederic Garcia-Pelayo, Director of the Luxury and Fashion division,
were each increased by 4% in 2011 over their salaries in 2010, which is the same percentage increase afforded these officers in
2010. In addition, commencing in 2011, the base salary of Mr. Benacin was increased first by 4%, and then he received an increase
of 120,000 euro per year to 391,200 euro. Commencing in 2011, Mr. Benacin no longer received a lodging expense that he had received
for the past 10 years. For 2010 Mr. Benacin had received approximately 60,000 euro in lodging expenses. The executive compensation
committee believes that the results of European operations warranted the increase in base salary for Mr. Benacin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A different approach is taken for United States
operations as that segment is much smaller and profitability is much more volatile. A more significant base salary is paid in
order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on
bonuses. None of the executive officers for United States operations have employment agreements, as we believe that having flexibility
in structuring annual base salary is a benefit, which permits us to act quickly to meet a changing economic environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For 2011,<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
</FONT>the base salaries for Mr. Greenberg and Mr. Clarke were increased by $22,000 to $457,000 and $20,000 to $320,000, respectively.
For 2010, no salary increases were afforded to executives of United States operations. The executive compensation committee believes
these increases in salary were merited by the hard work and responsibility undertaken by these executive officers, as well as
the increase in profitability of our company. These increases essentially restored cuts in pay for these two executive officers
in 2009. For 2011 and 2010, Mr. Madar, the Chief Executive Officer, did not receive any increase in his base salary, which remained
at $380,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Bonus Compensation/Annual Incentives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have paid a higher percentage of overall
compensation in the form of bonus compensation to executive officers of European operations for several years, principally because
European operations historically have had higher profitability than United States operations. As the result of this historically
higher profitability, European operations have had the ability to pay higher bonus compensation in addition to base salary. As
bonus compensation is discretionary no targets were set in order to maintain flexibility. Further, if results of operations for
European operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation,
as well as overall compensation could be lowered without otherwise affecting base salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For 2011, Mr. Benacin, the chief decision maker
for European operations, proposed and the committee concurred in the payment of bonus compensation of 188,000 euro to each of
Messrs. Benacin, Santi and Garcia- Pelayo. This bonus was approximately equal to 72% of 2010 base salaries for Messrs. Santi and
Garcia- Pelayo, which is in line with bonus compensation paid to Messrs. Santi and Garcia- Pelayo of approximately 72% and 70%
in 2010 and 2009, respectively. For Mr. Benacin, the bonus accounted for approximately 48% of 2011 base salary, a lesser percentage
as the result of the increase in his 2011 base salary. This is compared to bonus compensation as a percentage of annual salary
of 72% and 58% for Mr. Benacin in 2010 and 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A different approach is taken for United States
operations as that segment is much smaller and profitability is much more volatile. A more significant base salary is paid in
order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on
bonuses. Based upon the recommendation of the Chief Executive Officer, for 2011 Mr. Greenberg received a discretionary cash bonus
of $35,000, and Mr. Clarke is expected to receive a cash bonus based in part upon a sales target as well as the number of new
brand licenses his division acquired. However, such amount has not yet been determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For 2010, Mr. Greenberg received a discretionary
cash bonus of $17,500, and Mr. Clarke received a discretionary cash bonus of $47,500. No cash bonus compensation was paid to executive
officers of United States operations for 2009 due to the global recession.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order for Mr. Madar, the Chief Executive
Officer to receive a cash bonus, United States operations has to achieve an after tax profit target. In 2011, 2010 and 2009, based
upon such targets, our Chief Executive Officer did not earn any cash bonus. The Executive Compensation Committee has determined
to use the same after tax profit target for our company&rsquo;s United States operations to calculate Mr. Madar&rsquo;s bonus
for 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As required by French law, Interparfums SA
maintains its own profit sharing plan for all French employees who have completed three months of service, including executive
officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Interparfums SA. Benefits are calculated
based upon a percentage of taxable income of Interparfums SA and allocated to employees based upon salary. The maximum amount
payable per year per employee is 25,000 euros, or approximately $35,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Calculation of the total annual benefits contribution
is made according to the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">50% of (Interparfums SA net income,
less 5% of shareholders&rsquo; equity without&nbsp;net income for the year) times a fraction, the numerator of which is wages,&nbsp;and
the denominator&nbsp;of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization
expenses + interest expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Contribution to individual employees is then
made pro rata based upon their individual salaries for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Long-Term Incentives</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Stock Options</I>. We link long-term incentives
with corporate performance through the grant of stock options. All options are granted with an exercise price equal to the fair
market value of the underlying shares of our common stock on the date of grant, and terminate on or shortly after severance of
the executive&rsquo;s relationship with us. Unless the market price of our common stock increases, corporate executives will have
no tangible benefit. Thus, they are provided with the additional incentive to increase individual performance with the ultimate
goal of increasing our overall performance. We believe that enhanced executive incentives which result in increased corporate
performance tend to build company loyalty. As a general rule, the number of options granted is determined by several factors,
but most importantly, both individual and company operating results for the past year, as well as past option grants to such executives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For executive officers of United States operations
and European operations, we typically grant nonqualified stock options with a term of 6 years that vest ratably of a 5-year period
on a cumulative basis, so that the option will become fully exercisable at the beginning of the sixth year from the date of grant.
In addition, option grants to purchase shares of our majority-owned, French subsidiary, Interparfums SA were also granted to Messrs.
Benacin, Santi and Garcia-Pelayo under the Interparfums SA option plan, which have a term of 6 years and vest 4 years after the
date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that the vesting period of these
options serve a dual purpose: 1. executives will not receive any benefit if they leave prior to such portion of the option vesting;
and 2. having a vesting period, matches the service period with the potential benefits of the option. Pursuant to our stock option
plan, non-qualified stock options granted to executives terminate immediately upon the executive&rsquo;s termination of association
with our company. This termination provision coupled with a vesting period reduces benefits afforded to an executive when an executive
officer leaves our employ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Over the past several years, as our company
has grown and the market price or our common stock has increased, Messrs. Madar and Benacin have realized substantial compensation
as the result of the exercise of their options. As the two executives most responsible for continued growth and success of our
company, the Committee believes the granting of options is an appropriate tool to tie a substantial portion of their compensation
to the success of our company and is completely warranted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The actual compensation realized as the result
of the exercise of options in the past, as well as the future potential of such rewards, are powerful incentives for increased
individual performance and ultimately increased company performance. In view of the fact that the executive officers named above
contribute significantly to our profitable operations, the compensation committee believes the option grants are valid incentives
for these executive officers and are fair to our shareholders. Generally we grant options to executive officers in December of
each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In each of December for 2011, 2010 and 2009,
upon the recommendation of the company&rsquo;s Chief Executive Officer, the compensation committee granted options to purchase
a total of 19,000 shares of our common stock to each of Jean Madar and Philippe Benacin at the fair market value on the date of
grant. Option grants to Messrs. Madar and Benacin were identical as each is the Chief Executive Officer of their respective operating
segments. Also in each of December for 2011, 2010 and 2009, the compensation committee granted options to purchase 25,000 shares
to Mr. Greenberg, the Chief Financial Officer, at the fair market value on the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In each of December 2011 and December 2010,
options to purchase 3,000 shares were granted to Messrs. Santi and Garcia-Pelayo, as additional compensation for their contribution
to the efforts of the United States based operations. No options were granted to Messrs. Santi and Garcia-Pelayo from our company
in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In December 2009 Interparfums SA authorized
a stock option plan which provides for a maximum of 3% of the outstanding shares of Interparfums SA to be available for grant,
as Messrs. Benacin and Santi had determined it was more beneficial for the employees of European operations to have a direct stake
in Interparfums SA. Under the Inter Parfums S.A. stock option plan, options are granted at the fair market value at the time of
grant for a term of 6 years and vest 4 years after the date of grant. For 2011, no options were granted by Interparfums SA. In
October 2010, Interparfums SA granted of options to purchase 7,000 shares for each of Messrs. Madar, Benacin, Santi and Garcia-Pelayo
and 1,500 shares for Mr. Greenberg. In December 2009, Interparfums SA authorized grants of options to employees of Interparfums
SA for an aggregate of 0.5% of outstanding shares, including options to purchase 6,000 shares for each of Messrs. Madar, Benacin,
Santi and Garcia-Pelayo and 1,200 shares for Mr. Greenberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Stock Appreciation Rights. </I>Our 2004
stock option plan authorizes us to grant stock appreciation rights, or SARs. An SAR represents a right to receive the appreciation
in value, if any, of our common stock over the base value of the SAR. To date, we have not granted any SARs under the 2004 plan.
While the compensation committee currently does not plan to grant any SARs under our 2004 plan, it may choose to do so in the
future as part of a review of the executive compensation strategy. The Interparfums SA stock option plan does not have stock appreciate
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Restricted Stock. </I>We have not in the
past, and we do not have any future plans to grant restricted stock to our executive officers.<I> </I>However, while the compensation
committee currently does not plan to authorize any restricted stock plans, the compensation committee may choose to do so in the
future as part of a review of the executive compensation strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Other Compensation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Benacin is the Chief Executive Officer
of Interparfums SA (European operations), as well as a founder of our company, and we believe we should recognize his responsibility,
skills and experience, as well as the results of the company. In view of his service to the company, Mr. Benacin had received
a housing and automobile allowance for more than the past ten (10) years through 2010. As discussed above, in 2011 Mr. Benacin
received an increase in base salary of 120,000 euro, in lieu of the 60,000 euro housing allowance he received in 2010. This is
a way we have differentiated him from other executive officers of European operations, and acknowledged his responsibility, skills
and experience, as well as the company&rsquo;s operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>No Stock Ownership Guidelines</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not require any minimum level of stock
ownership by any of our executive officers. As stated above, Messrs. Madar and Benacin, are our largest shareholders, which aligns
their interests with our shareholder base in keeping executive compensation at a reasonable level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Retirement and Pension Plans</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We maintain a 401(k) plan for United States
operations. However, we do not match any contributions to such plan, as we have determined that base compensation together with
annual bonuses and stock option awards, are sufficient incentives to retain talented employees. Our European operations maintains
a pension plan for its employees as required by French law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Compensation Committee Report</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have reviewed and discussed with management
the Compensation Discussion and Analysis provisions to be included in this Annual Report on Form 10-K for fiscal year ended December&nbsp;31,
2011 and the proxy statement for the upcoming annual meeting of shareholders. Based on this review and discussion, we recommend
to the board of directors that the Compensation Discussion and Analysis referred to above be included in this Annual Report on
Form 10-K as well as the proxy statement for the upcoming annual meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Francois Heilbronn, Jean Levy and Patrick Cho&euml;l</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth a summary of
all compensation awarded to, earned by or paid to our &ldquo;named executive officers,&rdquo; who are our principal executive
officer, our principal financial officer, and each of the 3 most highly compensated executive officers of our company. This table
covers all such compensation during fiscal years ended December 31, 2011, December&nbsp;31, 2010 and December 31, 2009. For all
compensation related matters disclosed in this Item 11, all amounts paid in euro have been converted to U.S. dollars at the average
rate of exchange in each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="37" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">SUMMARY&nbsp;COMPENSATION&nbsp;TABLE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Name&nbsp;and&nbsp;Principal&nbsp;Position</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Year</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Salary&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Bonus&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Stock
    <BR>Awards&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Option
    <BR>Awards <BR>($)(1)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Non-Equity
    <BR>Incentive&nbsp;Plan<BR>Compensation<BR>($)(2)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Change&nbsp;in&nbsp;Pension   <BR>Value&nbsp;and <BR>Nonqualified <BR>Deferred <BR>Compensation <BR>Earnings&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">All&nbsp;Other
    <BR>Compensation&nbsp;($)(3)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Total&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 19%; text-align: left"><FONT STYLE="font-size: 8pt">Jean Madar,</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">380,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">87,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">467,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Chairman and</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">380,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">107,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">487,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Chief Executive Officer</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">380,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">495,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Russell Greenberg,</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">457,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">114,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">606,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Chief Financial Officer and</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">435,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">140,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,850</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">595,350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Executive Vice President</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">435,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">553,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Philippe Benacin, President Inter</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">542,790</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">253,913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">87,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,846</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,985</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">913,534</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Parfums, Inc., Chief Executive</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">345,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">249,138</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">107,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,999</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,816</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">753,035</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Officer of Interparfums SA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">348,492</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">201,052</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,496</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">98,850</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">774,890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Philippe Santi, Executive Vice</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">376,290</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">274,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,846</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">704,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">President and Chief Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">345,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">249,138</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,999</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">656,542</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Officer, Interparfums SA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">348,492</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">238,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,599</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,496</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">658,337</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Fr&eacute;d&eacute;ric Garcia-Pelayo,</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">376,290</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">274,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,846</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">714,202</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Director Export Sales,</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">345,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">249,138</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,999</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">665,553</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Interparfums SA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">348,492</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">238,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,599</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,496</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,550</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">667,887</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1 Amounts reflected under Option Awards represent the grant date
fair values in 2011, 2010 and 2009 based on the fair value of stock option awards using a Black-Scholes option pricing model. The
assumptions used in this model are detailed in Footnote 12 to the audited consolidated financial statements in our Annual Report
on Form 10-K for the year ended December 31, 2011 and filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2 As required by French law, Interparfums SA maintains its own profit
sharing plan for all French employees who have completed three months of service, including executive officers of our European
operations other than Mr. Benacin, the Chief Executive Officer of Interparfums SA Benefits are calculated based upon a percentage
of taxable income of Interparfums SA and are allocated to employees based upon salary. The maximum amount payable per year is 25,000
euro, or approximately $35,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Calculation of total annual benefits contribution is made according
to the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">50% of (Interparfums SA net income, less 5% of shareholders&rsquo;
equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net
income before taxes, + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Contribution to individual employees is then made pro rata based
upon their individual salaries for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3 The following table identifies (i) perquisites and other personal
benefits provided to our named executive officers in fiscal 2011 and quantifies those required by SEC rules to be quantified and
(ii) all other compensation that is required by SEC rules to be separately identified and quantified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Name&nbsp;and&nbsp;Principal&nbsp;Position</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Perquisites <BR>and&nbsp;other <BR>Personal <BR>Benefits&nbsp;($)</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Personal <BR>Automobile<BR>
 Expense($)</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Lodging <BR>Expense($)</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Total&nbsp;($)</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Jean Madar,</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Chief Executive Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Russell Greenberg, Chief Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Benacin, President of Inter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,985</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Parfums, Inc. and Chief Executive</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Officer of Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Santi,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Executive Vice President and</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Director General Delegue,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Fr&eacute;d&eacute;ric Garcia-Pelayo,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,435</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Director Export Sales,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Plan Based Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets certain information
relating to each grant of an award made to our executive officers of our company listed in the Summary Compensation Table during
the past fiscal year.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Grants&nbsp;of&nbsp;Plan-Based&nbsp;Awards</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;Name</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Grant&nbsp;Date</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Estimated&nbsp;Future&nbsp;Payouts&nbsp;Under<BR>
Non-Equity&nbsp;Incentive&nbsp;Plan<BR>
Awards</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Estimated&nbsp;Future&nbsp;Payouts&nbsp;<BR>
    Under Equity&nbsp;Incentive&nbsp;Plan&nbsp;<BR>
Awards</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">All&nbsp;Other<BR>
    Stock<BR>
    Awards:</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">All&nbsp;Other<BR>
    Option<BR>
    Awards:</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Exercise&nbsp;<BR>
    or&nbsp;Base<BR>
    Price&nbsp;of</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Closing<BR>
    Price</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Threshold<BR> ($)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Target<BR> ($)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Maximum<BR> ($)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Threshold<BR> ($)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Target<BR> ($)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Maximum<BR> ($)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Number&nbsp;of<BR>
    Shares&nbsp;of<BR> Stock&nbsp;or<BR> Units&nbsp;(#)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Number&nbsp;of<BR> Securities<BR>
    Underlying<BR> Options&nbsp;(#)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 8pt">Option<BR> Awards<BR>
    ($/Sh)</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: top"></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">Jean Madar</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">12/30/11</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">19,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">15.59</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.56</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Russell Greenberg</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12/30/11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.56</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Philippe Benacin</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12/30/11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.56</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Philippe Santi</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12/30/11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.56</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Fr&eacute;d&eacute;ric Garcia-Pelayo</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12/30/11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-0-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.56</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Options</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, we typically grant nonqualified
stock options with a term of 6 years that vest ratably of a 5-year period on a cumulative basis, so that the option will become
fully exercisable at the beginning of the sixth year from the date of grant. As reported above, options granted to French employees
under the French Addendum to our stock option plan have a term of 6 years, and vest 4 years after the date of grant. Further, options
granted to French employees under the stock option plan of Interparfums SA likewise vest 4 years after the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that the vesting period of these
options serves a dual purpose: 1. executives will not receive any benefit if they leave prior to such portion of the option vesting;
and 2. having a vesting period matches the service period with the potential benefits of the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under our stock option plans, the fair market
value is determined by the average of the high and low price on the date of grant, not the closing price as reported by The Nasdaq
Stock Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also note that the Summary Compensation Table
does not include income realized by the named executive officers as the result of the exercise of stock options, but rather reflects
the dollar amount recognized for financial statement reporting purposes for options granted in accordance with SFAS 123R. However,
value realized as the result of stock option exercises is set forth in the table entitled &ldquo;Option Exercises and Stock Vested&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><I>Interparfums SA Profit Sharing Plan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As required by French law, Inter Parfums, SA
maintains its own profit sharing plan for all French employees who have completed three months of service, including executive
officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Inter Parfums, SA. Benefits are calculated
based upon a percentage of taxable income of Interparfums SA and allocated to employees based upon salary. The maximum amount payable
per year per employee is 25,000 euros, or approximately $35,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Calculation of total annual
benefits contribution is made according to the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">50% of (Interparfums SA net income,
less 5% of shareholders equity without&nbsp;net income for the year) times a fraction, the numerator of which is wages,&nbsp;and
the denominator&nbsp;of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization
expenses + interest expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Contribution to individual
employees is then made pro rata based upon their individual salaries for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Outstanding Equity Awards at Fiscal Year-End</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets certain information
relating to outstanding equity awards in our company held by the executive officers of our company listed in the Summary Compensation
Table as of the end of the past fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid">Option&nbsp;Awards</TD><TD>&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Name</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Number&nbsp;of <BR>Securities&nbsp; <BR>Underlying <BR>Unexercised<BR>Options&nbsp;(#) <BR>Exercisable</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Number&nbsp;of <BR>Securities&nbsp; <BR>Underlying <BR>Unexercised <BR>Options&nbsp;(#) <BR>Unexercisable</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Equity&nbsp;Incentive&nbsp;Plan<BR>Awards:&nbsp;Number&nbsp;of <BR>Securities <BR>Underlying <BR>Unexercised <BR>Unearned&nbsp;Options <BR>(#)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Option&nbsp;Exercise<BR>Price&nbsp;($)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Option <BR>Expiration<BR>Date</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left">Jean Madar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13.103</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12/14/12</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/26/13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2/13/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/29/17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Russell Greenberg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/14/12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/26/13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/29/17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Benacin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/14/12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/26/13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2/13/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/29/17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Santi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/14/12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,750</TD><TD STYLE="text-align: left">(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2/13/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3/28/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/29/17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>Fr&eacute;d&eacute;ric Garcia-Pelayo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/14/12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,750</TD><TD STYLE="text-align: left">(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2/13/14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3/28/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/30/16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/29/17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><SUP>[Footnotes from table above]</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1 Except as otherwise noted, all options expire 6 years from the
date of grant, and vest 20% each year commencing one year after the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2 Options vested 100% on 2/14/2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets certain information
relating to outstanding equity awards granted by Interparfums SA, our majority-owned French subsidiary which has its shares traded
on the Euronext, held by the executive officers of our company listed in the Summary Compensation Table as of the end of the past
fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF INTERPARFUMS SA </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Option&nbsp;Awards</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Name</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Number&nbsp;of&nbsp;Securities<BR>Underlying <BR>Unexercised&nbsp;Options<BR>(#)&nbsp;Exercisable</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Number&nbsp;of&nbsp;Securities <BR>Underlying <BR>Unexercised&nbsp;Options <BR>(#)&nbsp;Unexercisable&nbsp;(1)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Option <BR>Exercise&nbsp;Price<BR>(euro)(2)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Option&nbsp;Expiration<BR>Date</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Jean Madar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">19,327</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18.10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">06/01/2012</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/16/2015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10/09/2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Russell Greenberg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">06/01/2012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/16/2015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10/09/2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Benacin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">06/01/2012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/16/2015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10/09/2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Santi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/16/2015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10/09/2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Fr&eacute;d&eacute;ric Garcia-Pelayo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">06/01/2012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12/16/2015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10/09/2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><SUP>[<FONT STYLE="font-size: 10pt">Footnotes
from table above]</FONT></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">1 All options fully vest 4 years
after the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2 As of December 31, 2011 the closing price of Interparfums SA as
reported by Euronext was 16.38 euro, and the exchange rate was 1.2939 U.S. dollars to 1 euro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Option Exercises and Stock Vested</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
relating to each option exercise effected during the past fiscal year, and each vesting of stock, including restricted stock, restricted
stock units and similar instruments of our company during the past fiscal year, for the executive officers of our company listed
in the Summary Compensation Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">OPTION&nbsp;EXERCISES&nbsp;AND&nbsp;STOCK&nbsp;VESTED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Option&nbsp;Awards</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Stock&nbsp;Awards</TD><TD>&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Name</TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom">Number&nbsp;of&nbsp;Shares<BR>Acquired&nbsp;on <BR>Exercise&nbsp; <BR>(#)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Value&nbsp;Realized&nbsp;on</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Exercise&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">($)<SUP>1</SUP></P></TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Number&nbsp;of&nbsp;Shares <BR>Acquired&nbsp;on&nbsp;Vesting<BR>(#)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom">Value&nbsp;Realized<BR>On&nbsp;Vesting&nbsp; <BR>($)</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Jean Madar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Russell Greenberg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,202</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Benacin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Santi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Fr&eacute;d&eacute;ric Garcia-Pelayo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><SUP>[Footnotes from table above]</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%"></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD>Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common
stock on the date of exercise, and the exercise price of the option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
relating to each option exercise effected during the past fiscal year, and each vesting of stock, including restricted stock, restricted
stock units and similar instruments during the past fiscal year, of Interparfums SA, our majority-owned French subsidiary which
has its shares traded on the Euronext, for the executive officers of our company listed in the Summary Compensation Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">OPTION&nbsp;EXERCISES&nbsp;AND&nbsp;STOCK&nbsp;VESTED</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Option&nbsp;Awards</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Stock&nbsp;Awards</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Name</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom">Number&nbsp;of&nbsp;Shares<BR>
Acquired&nbsp;on <BR>Exercise&nbsp;(#)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value&nbsp;Realized&nbsp;on</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(euro)<SUP>1</SUP></P></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom">Number&nbsp;of&nbsp;Shares <BR>Acquired&nbsp;on&nbsp;Vesting<BR>
(#)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; vertical-align: bottom">Value&nbsp;Realized<BR>
On&nbsp;Vesting&nbsp; <BR>($)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Jean Madar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">19,327</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">302,467</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Benacin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Russell Greenberg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,934</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Santi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Fr&eacute;d&eacute;ric Garcia-Pelayo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><SUP>[Footnotes from table above]</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD>Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common
stock on the date of exercise, and the exercise price of the option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Pension Benefits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
relating to payment of benefits following or in connection with retirement during the past fiscal year, for the executive officers
of our company listed in the Summary Compensation Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PENSION BENEFITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Name</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Plan&nbsp;Name</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Years <BR>Credited&nbsp;Service&nbsp; <BR>(#)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Present&nbsp;Value&nbsp;of <BR>Accumulated&nbsp;Benefit <BR>($)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Payments&nbsp;During <BR>Last&nbsp;Fiscal&nbsp;Year&nbsp; <BR>($)</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 16%; text-align: left">Jean Madar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: center">NA</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">NA</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Russell Greenberg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">NA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; vertical-align: top">Philippe Benacin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">Inter Parfums SA Pension Plan</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Philippe Santi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">Inter Parfums SA Pension Plan</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; vertical-align: top">Fr&eacute;d&eacute;ric Garcia-Pelayo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">Inter Parfums SA Pension Plan</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Interparfums SA maintains a pension plan for
all of its employees, including all executive officers. The calculation of commitments for severance benefits involves estimating
the probable present value of projected benefit obligations. This projected benefit obligations is then prorated to take into account
seniority of the employees of Interparfums SA on the calculation date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In calculating benefits, the following assumptions
were applied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- voluntary retirement at age 65;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- a rate of 45% for employer payroll contributions for all employees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- a 5% average annual salary increase;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- an annual rate of turnover for all employees under 55 years of
age and nil above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- the TH 00-02 mortality table for men and the TF 00-02 mortality
table for women;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- a discount rate of 3.96%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The normal retirement age is 65 years, but employees,
including Messrs. Benacin, Santi and Garcia-Pelayo, can collect reduced benefits if they retire at age 60.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Nonqualified Deferred Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not maintain any nonqualified deferred
compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><B><I>Employment Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As part of our acquisition in 1991 of the controlling
interest in Interparfums SA, now a subsidiary, we entered into an employment agreement with Philippe Benacin. The agreement provides
that Mr. Benacin will be employed as Vice Chairman of the Board and President and Chief Executive Officer of Inter Parfums Holdings
and its subsidiary, Interparfums SA. The initial term expired on September 2, 1992, and has subsequently been automatically renewed
for additional annual periods. The agreement provides for automatic annual renewal terms, unless either party terminates the agreement
upon 120 days&rsquo; notice. For 2012, Mr. Benacin presently receives an annual salary of &euro;391,200 (approximately $543,000),
and automobile expenses of &euro;10,800 (approximately $15,000), which are subject to increase in the discretion of the board of
directors. The agreement also provides for indemnification and a covenant not to compete for one year after termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Compensation of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
relating to the compensation for each of our directors who is not an executive officer of our Company named in the Summary Compensation
Table for the past fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; vertical-align: top; padding-bottom: 1pt"><B>&nbsp;DIRECTOR&nbsp;COMPENSATION</B></TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Name</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Fees <BR>Earned <BR>or&nbsp;Paid <BR>in&nbsp;Cash <BR>($)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Stock <BR>Awards <BR>($)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Option <BR>Awards <BR>($)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Non-Equity <BR>Incentive&nbsp;Plan<BR>Compensation<BR>&nbsp;($)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Change&nbsp;in <BR>Pension <BR>Value&nbsp;and <BR>Nonqualified <BR>Deferred <BR>Compensation<BR>Earnings</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">All&nbsp;Other <BR>Compensation&nbsp;<BR>($)</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Total&nbsp;($)</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 16%">Francois Heilbronn<SUP>1</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,275</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">9,663</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">24,938</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Jean Levy<SUP>2</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,526</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Robert Bensoussan- Torres<SUP>3</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,663</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Serge Rosinoer<SUP>4</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Patrick Cho&euml;l<SUP>5</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,377</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><SUP>[Footnotes from table above]</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>As of the end of the last fiscal year, Mr. Heilbronn held options to purchase an aggregate of 5,000 shares of our common stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>As of the end of the last fiscal year, Mr. Levy held options to purchase an aggregate of 6,000 shares of our common stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>As of the end of the last fiscal year, Mr. Bensoussan-Torres held options to purchase an aggregate of 5,500 shares of our common
stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>As of the end of the last fiscal year, Mr. Rosinoer held options to purchase an aggregate of 3,500 shares of our common stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>As of the end of the last fiscal year, Mr. Cho&euml;l held options to purchase an aggregate of 3,875 shares of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For 2011, all nonemployee directors received
$2,000 for each board meeting at which they participate. In addition, all members of the Audit Committee receive an additional
annual fee of $4,000 on January 1 of each year in which they serve on the Audit Committee. Commencing on January 1, 2012, all nonemployee
directors will receive $4,000 for each board meeting at which they participate in person, and $2,000 for each meeting held by conference
telephone. In addition, commencing January 2012, the annual fee for membership on the audit committee was increased to $6,000 for
all members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We maintain stock option plans for our nonemployee
directors. The purpose of these plans is to assist us in attracting and retaining key directors who are responsible for continuing
the growth and success of our company. Under such plans, options to purchase 1,000 shares are granted on each February 1st to all
nonemployee directors for as long as each is a nonemployee director on such date. However, if a nonemployee director does not attend
certain of the board meetings, then such option grants are reduced according to a schedule. In addition, options to purchase 2,000
shares are granted to each nonemployee director upon his initial election or appointment to our board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 1, 2012, options to purchase 1,000
shares were granted to each of Jean Levy, Robert Bensoussan-Torres, Serge Rosinoer and Patrick Cho&euml;l, and an option to purchase
500 shares was granted to Francois Heilbronn, all at the exercise price of $17.07 per share under the 2004 plan. Such options vest
ratably over a 4 year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 12. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth information with
respect to the beneficial ownership of our common stock by (a) each person we know to be the beneficial owner of more than 5% of
our outstanding common stock, (b) our executive officers and directors and (c)&nbsp;all of our directors and officers as a group.
Each of Messrs. Madar and Benacin own 99.99% of their respective personal holding companies. As of February 14, 2012 we had 30,552,101
shares of common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Name and Address <BR>
of Beneficial Owner</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid">Amount of Beneficial
    Ownership<SUP>1</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid">Approximate Percent of Class&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Jean Madar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">7,336,266<SUP>2</SUP></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">23.9</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">c/o Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">4, Rond Point Des Champs Elysees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008 Paris, France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Benacin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,036,585<SUP>3</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">c/o Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">4, Rond Point Des Champs Elysees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008 Paris, France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>1</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">All shares of common
stock are directly held with sole voting power and sole power to dispose, unless otherwise stated. Options which are exercisable
within 60 days are included in beneficial ownership calculations. Jean Madar, the Chairman of the Board and Chief Executive Officer
of the Company and Philippe Benacin, the Vice Chairman of the Board and President of the Company, have a verbal agreement or understanding
to vote their shares in a like manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>2</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">Consists of 200,000
shares held directly, 7,022,341 shares held indirectly through Jean Madar Holding SAS, a personal holding company, and options
to purchase 113,925 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>3</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">Consists of 200,000
shares held directly, 6,722,660 shares held indirectly through Philippe Benacin Holding SAS, a personal holding company, and options
to purchase 113,925 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Name and Address <BR>
of Beneficial Owner</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Amount of Beneficial Ownership<SUP>1</SUP>&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;Approximate Percent of Class&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Russell Greenberg</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">49,500<SUP>4</SUP></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">Less than 1</TD><TD STYLE="width: 1%; text-align: left">%&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">c/o Inter Parfums, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">551 Fifth Avenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">New York, NY 10176</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Philippe Santi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,050<SUP>5</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">4, Rond Point Des Champs Elysees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008, Paris France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Francois Heilbronn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,563<SUP>6</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">60 Avenue de Breteuil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75007 Paris, France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Jean Levy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,500<SUP>7</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Chez Axcess Groupe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">8 rue de Berri</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008 Paris, France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Robert Bensoussan-Torres</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,500<SUP>8</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">c/o Sirius Equity LLP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">52 Brook Street</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>W1K 5DS London</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Serge Rosinoer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,677<SUP>9</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">14 rue LeSueur</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75116 Paris, France</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Patrick Cho&euml;l</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,825<SUP>10</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Universite -82</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">7 rue de Talleyrand</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75007, Paris, France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Frederic Garcia-Pelayo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,050<SUP>11</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">&nbsp;%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">4, Rond Point Des Champs Elysees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008, Paris France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Axel Marot</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NA</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">4, Rond Point Des Champs Elysees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008, Paris France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<SUP>4</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">
Consists of shares of common stock underlying options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>5</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif"> Consists of shares
of common stock underlying options.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>6</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif"> Consists of 33,563
shares held directly and options to purchase 3,000 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>7</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif"> Consists of 1,500
shares held directly and options to purchase 3,300 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>8</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif"> Consists of 12,000
shares held directly and options to purchase 2,500 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>9</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif"> Consists of 13,800
shares held directly and options to purchase 1,877 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>10</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif"> Consists of 11,575
shares held directly and options to purchase 1,250 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt"><SUP>11</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">
Consists of shares of common stock underlying options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Name&nbsp;and&nbsp;Address <BR>of&nbsp;Beneficial&nbsp;Owner</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Amount&nbsp;of&nbsp;Beneficial&nbsp;Ownership<SUP>1</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Approximate&nbsp;Percent&nbsp;of&nbsp;Class</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Hugues de la Chevasnerie</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">-0-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">NA</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interparfums SA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">4, Rond Point Des Champs Elysees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">75008, Paris France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Henry B. (Andy) Clarke</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,125<SUP>12</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Less than 1</TD><TD STYLE="text-align: left">%&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">c/o Inter Parfums, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">551 Fifth Avenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">New York, NY 10176</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Royce &amp; Associates, LLC<SUP>13</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,817,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">1414 Avenue of the Americas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">New York, NY 10019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fidelity Management &amp; Research</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,192,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Company <SUP>14</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">82 Devonshire Street, Boston,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Massachusetts 02109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">All Directors and Officers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,556,641<SUP>15</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">(As a Group 13 Persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt"><SUP>12</SUP>Consists
of 1,625 shares held directly and options to purchase 16,500 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT>Information
derived from an Amendment to Schedule 13G filed January 13, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT>Information
derived from Nasdaq Online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5pt"><SUP>15</SUP>Consists
of 14,219,064 <FONT STYLE="font-family: Times New Roman, Times, Serif">shares held directly or indirectly, and options to purchase
337,577 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
as of the end of our last fiscal year regarding all equity compensation plans that provide for the award of equity securities or
the grant of options, warrants or rights to purchase our equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equity Compensation Plan Information</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Plan&nbsp;category</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Number&nbsp;of <BR>securities&nbsp;to <BR>be&nbsp;issued <BR>upon <BR>exercise&nbsp;of <BR>outstanding <BR>options, <BR>warrants&nbsp;and <BR>rights <BR>(a)</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Weighted-average<BR>
 exercise&nbsp;price&nbsp;of <BR>outstanding <BR>options,&nbsp;warrants <BR>and&nbsp;rights <BR>(b)</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;securities<BR>remaining <BR>available&nbsp;for <BR>future&nbsp;issuance <BR>under&nbsp;equity <BR>compensation <BR>plans <BR>(excluding <BR>securities <BR>reflected&nbsp;in <BR>column&nbsp;(a)) <BR>(c)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 49%; text-align: left">Equity compensation plans approved by security holders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: center">823,275</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: center">13.20</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: center">771,795</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Equity compensation plans not approved by security holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">-0-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">823,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: center">13.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">771,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 13. Certain Relationships And Related Transactions, and
Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Transactions with European Subsidiaries</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have guaranteed the obligations of our majority-owned,
French subsidiary, Interparfums SA under the Burberry license and Paul Smith license agreements. We also provide (or had provided
on our behalf) certain financial, accounting and legal services for Interparfums SA, and during 2011 fees for such services were
$125,500. In January 2012, Inter Parfums USA, LLC, a United States subsidiary, signed a five year license agreement with Interparfums
Suisse (SARL), a Swiss subsidiary of Interparfums SA, for the right to sell amenities under the Lanvin brand name to luxury hotels,
cruise lines and airlines in return for royalty payments as are customary in our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Distribution and Support Arrangements with Clarins</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During 2010, we formed Interparfums Luxury Brands,
Inc., a Delaware corporation and subsidiary of our majority-owned French subsidiary Interparfums SA, for distribution of prestige
brands in the United States. Interparfums Luxury Brands has also entered into an agreement with Clarins Fragrance Group US (a Division
of Clarins Group) effective January 1, 2011, to share and manage an expanded sales force. Logistical and administrative support
is provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York. In addition,
in 2011 our Spanish distribution subsidiary also entered into a similar service agreement with a Clarins subsidiary relating to
distribution of prestige fragrances in Spain. Mr. Serge Rosinoer, a director of our Company, is the Vice Chairman of the Supervisory
Board of Clarins SA, the parent company of both the Clarins Fragrance Group US and the Clarins subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Jimmy Choo</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">Interparfums SA and
</FONT>J Choo Limited <FONT STYLE="color: black">entered into </FONT>an exclusive, worldwide license agreement commencing on January
1, 2010 and expiring on December 31, 2021, for the creation, development and distribution of fragrances under the Jimmy Choo brand.
Mr. Robert Bensoussan-Torres, a director of the Corporation, is a director of J Choo Limited and has an indirect ownership interest
in J Choo Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Yelo and Nickel USA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nickel USA, Inc., a wholly-owned subsidiary
of our company and Yelo, LLC, a related party by virtue of the 3% equity interest in Yelo owned by Mr. Jean Madar, the Chairman
of the Board and Chief Executive Officer, have entered into an agreement to have Yelo perform management services at the spa owned
and operated by Nickel in New York City for a one (1) year period, subject to subsequent annual renewals upon agreement of the
parties, and Nickel is to pay Yelo a monthly base fee of $5,000, plus a monthly performance fee based upon a percentage of increased
monthly revenues above a baseline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Procedures for Approval of Related Person Transactions </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Transactions between related persons, such as
between an executive officer or director and our company, or any company or person controlled by such officer or director, are
required to be approved by our Audit Committee of our board of directors. Our Audit Committee Charter contains such explicit authority,
as required by the applicable rules of The Nasdaq Stock Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Director Independence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following are our directors who are &ldquo;independent
directors&rdquo; within the applicable rules of The Nasdaq Stock Market:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Francois Heilbronn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Jean Levy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Robert Bensoussan-Torres</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Serge Rosinoer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Patrick Cho&euml;l</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We follow and comply with the independent director
definitions as provided by The Nasdaq Stock Market rules in determining the independence of our directors, which are posted on
our company&rsquo;s website. In addition, such rules are also available on The Nasdaq Stock Market&rsquo;s website. In addition,
The Nasdaq Stock Market maintains more stringent rules relating to director independence for the members of our Audit Committee,
and the members of our Audit Committee, Messrs. Heilbronn, Levy and Cho&euml;l, are independent within the meaning of those rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Board Leadership Structure and Risk Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For more than the past ten (10) years, Jean
Madar has held the positions of Chairman of the Board of Directors and Chief Executive Officer of our company. Almost since inception,
Mr. Madar has been allocated the responsibility of overseeing our United States operations and the operation of Inter Parfums,
Inc., as a public company. Philippe Benacin, as Chief Executive Officer of Interparfums SA, has been allocated the responsibility
of overseeing our European operations and its operation as a public company in France. In addition, Mr. Benacin is also the Vice
Chairman of the Board of Directors of our company. Our board of directors is comfortable with this approach, as the two largest
stockholders of our company are also directly responsible for the operations of our company&rsquo;s two operating segments. Accordingly,
our board of directors does not have a &ldquo;Lead Director,&rdquo; a non-management director who controls the meetings of our
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our board of directors manages risk by (i) review
of period operating reports and discussions with management; (ii) approval of executive compensation incentive plans through its
committee, the Executive Compensation and Stock Option Committee; (iii) approval of related party transactions through its committee,
the Audit Committee; and (iv) approval of material transactions not in the ordinary course of business. Since our inception, we
have never been the subject of any material product liability claims, and we have had no recent material property damage claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Further, we periodically enter into foreign
currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks
related to future sales expected to be denominated in a foreign currency. We enter into these exchange contracts for periods consistent
with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements
on the receivables and cash flows of Interparfums SA, our French subsidiary, whose functional currency is the Euro. All foreign
currency contracts are denominated in currencies of major<B> </B>industrial<B> </B>countries<B> </B>and are with large<B> </B>financial
institutions, which are rated<B> </B>as<B> </B>strong<B> </B>investment<B> </B>grade<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we mitigate interest rate risk
by continually monitoring interest rates, and then determining whether fixed interest rates should be swapped for floating rate
debt, or if floating rate debt should be swapped for fixed rate debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 14. Principal Accountant Fees and Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following sets forth the fees billed to
us by WeiserMazars LLP, as well as discusses the services provided for the past two fiscal years, fiscal years ended December 31,
2011 and December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Audit Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During 2011, the fees billed by WeiserMazars
LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports
on Form 10-Q were $1.1 million. During 2010, the fees billed by WeiserMazars LLP and its affiliate, Mazars S.A. for audit services
and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $608,000. Also, during 2010, the fees
billed by Mazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our
Quarterly Reports on Form 10-Q were $301,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Audit-Related Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">WeiserMazars LLP did not bill us for any audit-related
services during 2011 or 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Tax Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">WeiserMazars LLP did not bill us for tax services
during 2011 or 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>All Other Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">WeiserMazars LLP did not bill us for any other
services during 2011 or 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Audit Committee Pre Approval Policies and
Procedures</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Audit Committee has the sole authority for
the appointment, compensation and oversight of the work of our independent accountants, who prepare or issue an audit report for
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the first quarter of 2011, the audit
committee authorized the following non-audit services to be performed by WeiserMazars LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We authorized the engagement of WeiserMazars LLP if deemed necessary to provide tax consultation in the ordinary course of
business for fiscal year ended December 31, 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We authorized the engagement of WeiserMazars LLP if deemed necessary to provide tax consultation as may be required on a project
by project basis that would not be considered in the ordinary course of business, of up to a $5,000 fee limit per project, subject
to an aggregate fee limit of $25,000 for fiscal year ending December 31, 2011. If we require further tax services from WeiserMazars
LLP, then the approval of the audit committee must be obtained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If we require other services by WeiserMazars LLP on an expedited basis such that obtaining pre-approval of the audit committee
is not practicable, then the Chairman of the Committee has authority to grant the required pre-approvals for all such services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We imposed a cap of $100,000 on the fees that WeiserMazars LLP can charge for services on an expedited basis that are approved
by the Chairman without obtaining full audit committee approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>None of the non-audit services of either of the Company&rsquo;s auditors had the pre-approval requirement waived in accordance
with Rule 2-01(c)(7)(i)(C) of Regulation S-X.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the first quarter of 2012, the audit committee
authorized the same non-audit services to be performed by WeiserMazars LLP during 2012 as disclosed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 15. Exhibits, Financial Statement Schedules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 454.3pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 90%; vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center">Page</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">(<B>a)(1) Financial Statements annexed hereto</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Reports of Independent Registered Public Accounting Firms</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-2</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Audited Financial Statements:</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Consolidated Balance Sheets as of December 31, 2011 and 2010</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-4</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Consolidated Statements of Income for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-5</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Consolidated Statements of Changes in Shareholders&rsquo; Equity for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-6</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Consolidated Statements of Comprehensive Income for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-7</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Consolidated Statements of Cash Flows for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-8</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Notes to Consolidated Financial Statements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-9</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; font-weight: bold">(a)(2) Financial Statement Schedule:</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 27pt">Schedule II &ndash; Valuation and Qualifying Accounts</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-33</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><B>(a)(3) Exhibits</B> &ndash; The list of exhibits is contained in the Exhibit Index, which follows the signature page of this report.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INTER
PARFUMS, INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Financial Statements and Schedule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 454.3pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 90%; vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center">Page</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Report of Independent Registered Public Accounting Firms</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-2</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9pt">Audited Financial Statements:</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">Consolidated Balance Sheets as of December 31, 2011 and 2010</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-4</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">Consolidated Statements of Income for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-5</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">Consolidated Statements of Changes in Shareholders&rsquo; Equity for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-6</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">Consolidated Statements of Comprehensive Income for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-7</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">Consolidated Statements of Cash Flows for each of the years in the three&#45;year period ended December 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-8</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9pt">Notes to Consolidated Financial Statements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-9</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.25in; font-weight: bold">Financial Statement Schedule:</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: transparent">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9pt">Schedule II &ndash; Valuation and Qualifying Accounts</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">F-33</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Report of Independent Registered Public
Accounting Firm</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Board of Directors and Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Inter Parfums, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements
of income, changes in shareholders&rsquo; equity, comprehensive income and cash flows for each of the years in the two-year period
ended December 31, 2011. These financial statements are the responsibility of the Company&rsquo;s management. Our responsibility
is to express an opinion on these financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of Inter Parfums, Inc. and subsidiaries
as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the two-year
period ended December 31, 2011 in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with our audits of the consolidated
financial statements enumerated above, we audited schedule II for each of the years in the two-year period ended December 31, 2011.
In our opinion, schedule II, when considered in relation to the financial statements taken as a whole, presents fairly, in all
material respects, the information stated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also have audited, in accordance with the
standards of the Public Company Accounting Oversight Board (United States), Inter Parfums, Inc.&rsquo;s internal control over financial
reporting as of December 31, 2011, based on criteria established in Internal Control &ndash; Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 12, 2012 expressed an unqualified
opinion thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WeiserMazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Report of Independent Registered Public
Accounting Firm</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Board of Directors and Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated
statements of income, changes in shareholders&rsquo; equity, comprehensive income, and cash flows of Inter Parfums, Inc. and subsidiaries
for the year ended December 31, 2009. These financial statements are the responsibility of the Company&rsquo;s management. Our
responsibility is to express an opinion on these financial statements based on our audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audit in accordance with the
standards of the Public Company Accounting 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 audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the results of operations and cash flows of Inter Parfums,
Inc. and subsidiaries for the year ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with our audits of the consolidated
financial statements enumerated above, we audited schedule II for the year ended December 31, 2009. In our opinion, schedule II,
when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information
stated therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 10, 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Balance Sheets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December&nbsp;31, 2011 and 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><B>&nbsp;Assets</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">35,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">37,548</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Short-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,593</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Receivables, other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Income taxes receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Deferred tax assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,230</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">391,346</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equipment and leasehold improvements, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trademarks, licenses and other intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,402</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,654</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,650</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,917</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 27pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">516,034</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">438,105</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: center">Liabilities and Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Loans payable - banks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Current portion of long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,090</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts payable - trade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,726</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,694</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,413</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Income taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,905</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Dividends payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,443</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,979</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">185,616</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">126,331</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred tax liability</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,068</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,789</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Long-term debt, less current portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,039</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Inter Parfums, Inc. shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.35in">Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.35in">Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 30,541,506 and 30,445,881 shares at December 31, 2011 and 2010, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,887</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">228,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,453</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,757</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in">Treasury stock, at cost, 10,009,492 common shares at December 31, 2011 and 2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(34,151</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(34,151</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Total Inter Parfums, Inc. shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">71,676</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">324,350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">299,946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 27pt">Total liabilities and equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">516,034</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">438,105</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" HSPACE="0" VSPACE="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 9pt; padding-left: 9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Statements of Income</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Years ended December&nbsp;31, 2011, 2010, and
        2009</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">615,220</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">460,411</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">409,464</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">228,446</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">186,401</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">175,296</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Gross margin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,168</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Selling, general, and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">318,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,690</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Impairment of goodwill</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">837</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,677</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Income from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,939</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">56,436</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,801</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other expenses (income):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,647</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">(Gain) loss on foreign currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,546</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,212</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt; padding-bottom: 1pt">Interest and dividend income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,105</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,652</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(982</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,596</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,547</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,348</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,444</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,190</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in">Less: Net income attributable to the noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,646</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,082</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,791</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income attributable to Inter Parfums, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">32,303</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,593</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,367</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Net income attributable to Inter Parfums, Inc. common shareholders&rsquo;:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average number of shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,514,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,360,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,099,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,677,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,481,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,121,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Dividends declared per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" HSPACE="0" VSPACE="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 9pt; padding-left: 9pt">See accompanying notes to consolidated financial statements.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Statements of Changes in Shareholders&rsquo;
Equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Years ended December 31, 2011, 2010, and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Inter&nbsp;Parfums,&nbsp;Inc.&nbsp;shareholders</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Accumulated</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Common&nbsp;stock</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Additional</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">other</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">outstanding</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">paid-in</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Retained</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">comprehensive</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Treasury&nbsp;stock</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Noncontrolling</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">capital</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">income</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">interest</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 19%; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Balance &ndash; January 1, 2009</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">30,168,939</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">41,950</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">168,025</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">25,515</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">9,966,379</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">(31,319</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">51,308</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">255,509</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,367</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,791</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,158</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Foreign currency translation
    adjustments</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,789</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,978</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Reclassification from
    OCI into earnings, net</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,423</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,499</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,922</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Net derivative instrument
    gain, net of tax</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">141</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">173</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Dividends</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,974</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,716</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,690</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Shares issued upon exercise
    of stock options including income tax benefit of $692</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">243,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,711</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(150,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">476</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,187</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Stock compensation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">510</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">193</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">805</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Sale of subsidiary shares
    to noncontrolling interest</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,671</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Purchased treasury shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(108,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">108,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Shares received as
    proceeds of option exercises</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(132,487</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">132,487</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,569</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,569</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Balance &ndash; December 31, 2009</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,171,952</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">186,611</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">28,022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,056,966</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(33,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,667</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">287,413</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,675</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Foreign currency translation
    adjustments</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(13,348</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(17,784</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Net derivative instrument
    gain, net of tax</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">157</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Dividends</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(7,901</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,949</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Shares issued upon exercise
    of stock options and warrants including income tax benefit of $520</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">376,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,012</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(150,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,505</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Stock compensation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">597</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">150</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">799</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Purchase of subsidiary
    shares from noncontrolling interest</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,087</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,595</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Sale of subsidiary shares
    to noncontrolling interest</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,087</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,326</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Shares received as
    proceeds of option exercises</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(102,526</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">102,526</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,601</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,601</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Balance &ndash; December 31, 2010</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,445,881</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,887</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">205,453</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,757</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,009,492</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(34,151</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">64,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">299,946</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,303</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,949</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Foreign currency translation
    adjustments</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(7,021</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,659</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,680</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Net derivative instrument
    gain, net of tax</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Dividends</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Shares issued upon exercise
    of stock options including income tax benefit of $110</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,092</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,093</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Stock compensation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">695</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">176</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">935</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Purchase of subsidiary
    shares from noncontrolling interest</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Sale
    of subsidiary shares to noncontrolling interest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">626</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">2,130</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">2,756</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 8pt">Balance &ndash; December
    31, 2011</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">30,541,506</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">50,883</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">228,164</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">7,747</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">10,009,492</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(34,151</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">71,676</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">324,350</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Statements of Comprehensive Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Years ended December&nbsp;31, 2011, 2010, and
2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; font-weight: bold; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">42,949</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">35,675</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">30,158</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 0.2in">Net derivative instrument gain, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.2in">Reclassification from OCI into earnings, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,922</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.2in">Translation adjustments, net of tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,680</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,784</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,767</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,662</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,627</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,018</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,287</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,048</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,176</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.5pt; padding-left: 7.5pt">Comprehensive income attributable to noncontrolling interests:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.2in">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,791</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 0.2in">Net derivative instrument gain, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.2in">Reclassification from OCI into earnings, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,499</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.2in">Translation adjustments, net of tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,659</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,436</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,994</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,720</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,302</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt">Comprehensive income attributable to Inter Parfums Inc.:</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,293</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,328</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,874</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0; text-align: left"></p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Consolidated Statements of Cash Flows</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Years ended December&nbsp;31, 2011, 2010, and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">42,949</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">35,675</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">30,158</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.55pt">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 27pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,963</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Impairment of goodwill and trademark</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 27pt">Provision for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,394</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Noncash stock compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">947</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 34.55pt">Excess tax benefits from stock-based compensation arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Deferred tax (benefit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,009</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,558</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,079</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 27pt">Change in fair value of derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(272</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(362</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(861</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Changes in:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 0.5in">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,915</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,915</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.5in">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(60,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,110</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,628</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 0.5in">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,841</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.5in">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,900</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 0.5in; padding-bottom: 1pt">Income taxes, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(7,335</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,974</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,106</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 45pt">Net cash provided by (used in) operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(23,721</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,845</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84,640</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Cash flows from investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Purchases of short-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,823</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112,495</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt">Proceeds from sale of short-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Purchase of equipment and leasehold improvements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,946</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,085</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,526</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt; padding-bottom: 1pt">Payment for intangible assets acquired</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(4,605</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(22,209</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(775</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 45pt">Net cash provided by (used in) investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(77,279</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,301</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Proceeds from (repayment of) loans payable &ndash; banks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,230</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,005</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-left: 9pt">Repayment of long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,673</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,865</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,408</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Purchase of treasury stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(660</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.55pt">Proceeds from exercise of options and warrants including tax benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.55pt">Excess tax benefits from stock-based compensation arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt">Proceeds from sale of stock of subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Payment for acquisition of noncontrolling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,595</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt">Dividends paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,304</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,918</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,974</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt; padding-bottom: 1pt">Dividends paid to noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(3,149</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,048</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,716</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 45pt">Net cash used in financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,797</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,943</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(23,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Effect of exchange rate changes on cash</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(911</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,542</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,181</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 45pt">Net increase (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,692</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,919</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents &ndash; beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,548</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100,467</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42,404</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents &ndash; end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">35,856</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">37,548</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,467</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Supplemental disclosures of cash flow information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 9pt">Cash paid for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.25in">Interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,633</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left; padding-left: 0.25in">Income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" HSPACE="0" VSPACE="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 9pt; padding-left: 9pt">See accompanying notes to consolidated financial statements.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2011, 2010 and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and its Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Business of the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Inter Parfums, Inc. and its subsidiaries
(the &ldquo;Company&rdquo;) are in the fragrance business, and manufacture and distribute a wide array of fragrances and fragrance
related products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Substantially all of our prestige
fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of
such licenses. Revenues generated from one such license represented 50%, 53% and 57% of net sales in 2011, 2010 and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Basis of Preparation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The consolidated financial statements
include the accounts of the Company, including 74% owned Interparfums, S.A. (&ldquo;IPSA&rdquo;), a subsidiary whose stock is publicly
traded in France. In 2010, IPSA formed two wholly-owned subsidiaries, Interparfums Singapore Pte. Ltd., and Interparfums Luxury
Brands, Inc., an Asian sales and marketing office and a U.S. distribution company, respectively. All material intercompany balances
and transactions have been eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Management Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Management makes assumptions and
estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America.
Those assumptions and estimates directly affect the amounts reported and disclosures included in the consolidated financial statements.
Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are
considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to
the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Foreign Currency Translation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For foreign subsidiaries with operations
denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and
expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments
are accumulated in a separate component of shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Cash and Cash Equivalents</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">All highly liquid investments purchased
with a maturity of three months or less are considered to be cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Short-Term Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">From time to time, the Company has short-term investments
which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit
risk associated with financial institutions with which the Company conducts significant business. The Company believes our credit
risk is minimal, as the Company primarily conducts business with large, well-established financial institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2011, 2010 and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Accounts Receivable</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Accounts receivable represent payments
due to the Company for previously recognized net sales, reduced by allowances for sales returns and doubtful accounts or balances
which are estimated to be uncollectible which aggregated $9.5 million and $5.9 million as of December 31, 2011 and 2010, respectively.
Accounts receivable balances are written-off against the allowance for doubtful accounts when they become uncollectible. Recoveries
of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received.
We generally grant credit based upon our analysis of the customer&rsquo;s financial position as well as previously established
buying patterns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Inventories</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Inventories, including promotional
merchandise, only include inventory considered saleable or usable in future periods, and is stated at the lower of cost or market,
with cost being determined on the first-in, first-out method.&nbsp;Cost components include raw materials, components, direct labor
and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound
freight.&nbsp;Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company&rsquo;s
customers. Overhead included in inventory aggregated, $4.4 million, $3.0 million and $2.3 million as of December 31, 2011, 2010
and 2009, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Derivatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">All derivative instruments are recorded as either assets
or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks.
For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment
(referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting
loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings
the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective
portion of the derivative&rsquo;s gain or loss is initially reported in equity (as a component of accumulated other comprehensive
income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction
affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company
also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative
instruments, the changes in their fair value are recorded in earnings immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Equipment and Leasehold Improvements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Equipment and leasehold improvements
are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line
method over the estimated useful lives for equipment, which range between three and ten&nbsp;years and the shorter of the lease
term or estimated useful asset lives for leasehold improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Goodwill and Other Long-Lived Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Goodwill is calculated as the excess
of the cost of purchased businesses over the fair value of their underlying net assets.&nbsp; Other indefinite-lived intangible
assets principally consist of trademarks.&nbsp;Goodwill and other indefinite-lived intangible assets are not amortized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2011, 2010 and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company evaluates goodwill and
indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur
or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the
reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be
recoverable. Impairment of goodwill is evaluated using a two step process. The first step involves a comparison of the estimated
fair value of the reporting unit to the carrying value of that unit. If the carrying value of the reporting unit exceeds the fair
value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on
industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit&rsquo;s goodwill
exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Testing goodwill for impairment requires
us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions the Company makes
will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, the Company uses industry
accepted valuation models and set criteria that are reviewed and approved by management and, in certain instances, the Company
engages third party valuation specialists to advise us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">For indefinite-lived intangible assets,
the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. To determine
fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method.
This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to
use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning
future sales levels, market royalty rates, future tax rates and discount rates. If the carrying value of an indefinite-lived intangible
asset exceeds its fair value, impairment is recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Intangible assets subject to amortization
are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable
intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future
cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our
projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is
recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment
charge would be recorded to reduce the intangible asset to its fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Concentration of Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company is a worldwide manufacturer,
marketer and distributor of fragrance and fragrance related products, and sells its products to department stores, perfumeries,
specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. The Company
grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit
risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;s largest customer
was its former U.S. prestige fragrance distributor which accounted for 8% and 11% of consolidated net sales in 2010 and 2009, respectively.
In 2010, the Company formed a U.S. subsidiary which took over U.S. prestige fragrance distribution on January&nbsp;1, 2011. No
one customer represented 10% or more of net sales in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2011, 2010 and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company sells its products to
department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers
and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products
by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. The Company recognizes revenues when merchandise
is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts
and allowances. The Company does not bill its customer&rsquo;s freight and handling charges. All shipping and handling costs, which
aggregated $8.8 million, $5.3 million and $5.0 million in 2011, 2010 and 2009, respectively, are included in selling, general and
administrative expenses in the consolidated statements of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Sales Returns</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Generally, the Company does not permit
customers to return their unsold products. However, commencing in January 2011 we took over U.S. distribution of our European based
prestige products and for U.S. based customers we allow customer returns if properly requested, authorized and approved. The Company
regularly reviews and revises, as deemed necessary, its estimate of reserves for future sales returns based primarily upon historic
trends and relevant current data including information provided by retailers regarding their inventory levels. In addition, as
necessary, specific accruals may be established for significant future known or anticipated events. The types of known or anticipated
events that we have considered, and will continue to consider, include, but are not limited to, the financial condition of our
customers, store closings by retailers, changes in the retail environment and our decision to continue to support new and existing
products. The Company records estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable.
Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and
marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as
estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates,
if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Payments to Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company records revenues generated
from purchase with purchase and gift with purchase promotions as sales and the costs of its purchase with purchase and gift with
purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their
attainment of pre-established sales levels.&nbsp;These fees have been recorded as a reduction of net sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Advertising and Promotion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Advertising and promotional costs
are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling,
general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses
were $127.8 million, $69.2 million and $55.8 million for 2011, 2010 and 2009, respectively. Costs relating to purchase with purchase
and gift with purchase promotions that are reflected in cost of sales aggregated $48.4 million, $30.2 million and $29.8 million
in 2011, 2010 and 2009, respectively. Accrued expenses include approximately $16.4 million and $14.7 million in advertising liabilities
as of December 31, 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notes to Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2011, 2010 and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands except share and per share data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Package Development Costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Package development costs associated
with new products and redesigns of existing product packaging are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Operating Leases</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company recognizes rent expense
from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over
the applicable lease term.&nbsp;The Company considers lease renewals in the useful life of its leasehold improvements when such
renewals are reasonably assured.&nbsp;In the event the Company receives capital improvement funding from its landlord, these amounts
are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>License Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company&rsquo;s license agreements
provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors&rsquo;
trademarks.&nbsp;The licenses typically have an initial term of approximately 5 years to 15 years, and are potentially renewable
subject to the Company&rsquo;s compliance with the license agreement provisions.&nbsp;The remaining terms, including the potential
renewal periods, range from approximately 2 years to 15 years.&nbsp; Under each license, the Company is required to pay royalties
in the range of 5% to 10% to the licensor, at least annually, based on net sales to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Most of the Company&rsquo;s licenses
were entered into to create additional sales.&nbsp; In some cases, the Company may pay an entry fee to acquire, or enter into,
a license where the licensor or another licensee was operating a pre-existing fragrance business.&nbsp; In those cases, the entry
fee is capitalized as an intangible asset and amortized over its useful life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Certain license agreements may require
minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities.&nbsp;
Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued
at the time these costs are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In addition, the Company is exposed to certain concentration
risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent
upon the continuation and renewal of such licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Company accounts for income taxes
using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been recognized in its financial statements or tax returns.&nbsp;The net deferred tax assets
assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates.&nbsp;Included
in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not
that the deferred tax assets will not be realized in the relevant jurisdiction.&nbsp;If the Company determines that a deferred
tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Issuance of Common Stock by Consolidated Subsidiary</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The difference between the Company&rsquo;s
share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company&rsquo;s investment deemed
sold, is reflected as an equity adjustment in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Treasury Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Board
of Directors may authorize share repurchases of the Company&rsquo;s common stock (Share Repurchase Authorizations). Share repurchases
under Share Repurchase Authorizations may be made through open market transactions, negotiated purchase or otherwise, at times
and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are
held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares
are accounted for under the cost method and reported as a reduction of equity. Share Repurchase Authorizations may be suspended,
limited or terminated at any time without notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Recent Accounting Pronouncements</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In May
2011, new accounting guidance on fair value measurements was issued, which requires updates to fair value measurement disclosures
to conform US GAAP to International Financial Reporting Standards. This guidance includes additional disclosure requirements about
Level 3 fair value measurements and is effective for interim and annual periods beginning after December&nbsp;15, 2011. The adoption
of the new guidance will not affect the Company&rsquo;s financial position, results of operations and cash flows, but will require
additional disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In June&nbsp;and
December 2011, new accounting guidance on comprehensive income was issued, which revises the presentation of comprehensive income
in financial statements. The Company has adopted the new guidance which has no affect the Company&rsquo;s financial position,
results of operations or cash flows, but requires the Company to disclose the total of comprehensive income, the components of
net income and the components of other comprehensive income in either (i) a continuous statement of comprehensive income or (ii)
as two separate but consecutive statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In September
2011, new accounting guidance on testing goodwill for impairment was issued, which allows an entity to first assess qualitative
factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount,
as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350.
This guidance is effective for interim and annual goodwill impairment tests for interim and annual periods beginning after December&nbsp;15,
2011. The adoption of the new guidance will not affect the Company&rsquo;s financial position, results of operations and cash
flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">There
are no other new accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(2)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Recent Agreements</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Burberry</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In December
2011, the Company and Burberry began to explore ways in which we can work more closely together to realize the brand&rsquo;s potential
and are currently in discussion regarding the potential establishment of a new operating structure for the Burberry fragrance
and beauty business. As there can be no assurance that an agreement will be reached, Burberry exercised its right to evaluate
the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine
whether it wishes to buy out the unexpired portion of the license as of December 31, 2012 or continue the existing contract which
runs through December 31, 2017. As previously disclosed, if Burberry were to buy back the license, then the purchase price will
be the greater of the fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Repetto</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In December
2011, we entered into a thirteen-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary
products under the Repetto brand. Our rights under the agreement commenced on January 1, 2012. The agreement is subject to certain
minimum advertising expenditures and royalty payments as are customary in our industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>The Gap Inc.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In July
2011, we renewed our exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrances for Gap
and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In July 2011,
we also renewed our license agreement with The Gap Inc. for international distribution of fragrances through Gap and Banana Republic
stores as well as select specialty and department stores outside the United States, including duty-free and other travel related
retailers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">These
renewal agreements, which took effect on January 1, 2012 and run through December 31, 2014, contain terms and conditions similar
to those of the original agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Pierre
Balmain</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In July
2011, we entered into a twelve-year exclusive worldwide license agreement to create, produce and distribute perfumes and ancillary
products under the Balmain brand. Our rights under the agreement commenced on January 1, 2012 when we took over the production
and distribution of existing Balmain fragrances. The agreement is subject to certain minimum sales, advertising expenditures and
royalty payments as are customary in our industry. The Company paid an up front entry fee of &euro;2.1 million (approximately
$2.7 million) for this license.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Anna
Sui</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In June
2011, we entered into a ten-year exclusive worldwide fragrance license agreement, with two five-year renewal options, to create,
produce and distribute perfumes and fragrance-related products under the Anna Sui brand. Our rights under the agreement commenced
on January 1, 2012 when we took over production and distribution of the existing Anna Sui fragrance collections. The agreement
is subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company
agreed to pay an upfront entry fee of $2.0 million for this license which was recorded and paid for in 2012 and agreed to purchase
current inventory and certain other assets of the existing licensee. As of December 31, 2011, approximately $2.8 million of current
inventory was purchased.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>S.
T. Dupont</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In April
2011, we renewed our license agreement with S.T. Dupont for the creation, development and distribution of fragrance products through
December 31, 2016. Our initial eleven-year license agreement with S.T. Dupont was signed in June 1997, and had previously been
extended in 2006 for an additional three years until June 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Lane Bryant</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In March
2011, we entered into an exclusive agreement with a unit of Charming Shoppes, Inc. for its flagship brand, Lane Bryant.&nbsp;Under
the agreement, Inter Parfums designs and manufactures personal care products for the Lane Bryant brand, while Lane Bryant is responsible
for marketing, promoting and selling these products. The initial term of the contract, which may be extended by mutual consent,
runs through December 31, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Boucheron</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In December
2010, the Company entered into an exclusive worldwide license agreement with Boucheron Parfums SAS to create, produce and distribute
perfumes and ancillary products under the Boucheron brand. Our rights under such license agreement, which took effect on January
1, 2011 and runs through December 31, 2025, are subject to certain minimum sales, advertising expenditures and royalty payments
as are customary in our industry. The Company paid an upfront entry fee of &euro;15 million (approximately $20 million) for this
license, and purchased the inventory of the former licensee for &euro;1.7 million (approximately $2.3 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Nine West</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In July
2010, the Company entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation,
production, marketing and global distribution of women&rsquo;s fragrances under the Nine West brand. The agreement, which runs
through December&nbsp;31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides
for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's
fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject
to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Betsey
Johnson</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In July
2010, the Company entered into an exclusive worldwide agreement with Betsey Johnson LLC under which the Company will design, manufacture
and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which
runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to
global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty
products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement
are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Montblanc</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In January
2010, the Company entered into an exclusive worldwide license agreement with Montblanc International GmbH to create, produce and
distribute perfumes and ancillary products under the Montblanc brand. Our rights under this license agreement, which took effect
on July 1, 2010 and runs through December 31, 2020, are subject to certain minimum sales, advertising expenditures and royalty
payments as are customary in our industry. The Company paid an upfront entry fee of &euro;1 million (approximately $1.4 million)
for this license and purchased inventory of the former licensee for &euro;4 million (approximately $5.7 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black"><B><I>Jimmy
Choo</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In October
2009, the Company entered into an exclusive worldwide license agreement with J Choo Limited, which commenced on January 1, 2010,
for the creation, development and distribution of fragrances under the Jimmy Choo brand. Our rights under such license agreement,
which runs through 2022, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary
in our industry. A member of the Company&rsquo;s Board of Directors is also a member of the Board of Directors of J Choo Limited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(3)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Inventories</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%; text-align: left"><FONT STYLE="color: Black">Raw materials and component parts</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: Black">64,411</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: Black">40,809</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Finished goods</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">99,666</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">69,031</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">164,077</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">109,840</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(4)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Fair Value of Financial Instruments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The following
tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using
the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair
value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Fair
    Value Measurements at December 31, 2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Quoted Prices in</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant Other</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Active Markets for</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Observable</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Unobservable</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Identical Assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(Level
                                                                                                                                        1)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(Level
                                                                                                                                        2)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(Level
                                                                                                                                        3)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt"><FONT STYLE="color: Black">Short-term investments</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Liabilities:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><FONT STYLE="color: Black">Foreign currency
    forward exchange contracts not accounted for using hedge accounting</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">3,532</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">3,532</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Interest rate swaps</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">69</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">69</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">3,601</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">3,601</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Fair Value Measurements at
    December 31,2010</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Quoted Prices in</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant Other</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Active Markets for</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Observable</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Unobservable</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Identical Assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Level
                                                                                                                                        1)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Level
                                                                                                                                        2)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Level
                                                                                                                                        3)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; padding-left: 0.12in"><FONT STYLE="color: Black">Short-term investments</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">49,391</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">49,391</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.12in; padding-left: 0.24in; padding-bottom: 1pt"><FONT STYLE="color: Black">Foreign currency forward</FONT> <FONT STYLE="color: Black">exchange
    contracts</FONT> <FONT STYLE="color: Black">not accounted for using</FONT> <FONT STYLE="color: Black">hedge
    accounting</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">1,024</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">1,024</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">50,415</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">50,415</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">Liabilities:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.12in; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Interest rate swaps</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">333</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">333</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The carrying
amount of cash and cash equivalents, short-term investments, accounts receivable, other receivables, accounts payable and accrued
expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable
approximates fair value as the interest rates on the Company&rsquo;s indebtedness approximate current market rates. The fair value
of the Company&rsquo;s long-term debt was estimated based on the current rates offered to companies for debts with the same remaining
maturities and is approximately equal to its carrying value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Foreign
currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate
swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(5)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Derivative Financial Instruments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency.
Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness
exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in
exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset
the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period
and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange
contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness
is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed
highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified
to earnings.&nbsp;If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated
in other comprehensive income are reclassified to current-period earnings.&nbsp;Cash-flow hedges were highly effective, in all
material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">The following table presents
gains and losses in derivatives designated as hedges and the location of those gains and losses in the financial statements (in
thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Location of Gain</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Loss)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Amount of Gain</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Amount of Gain</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Location of Gain</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Amount of Gain</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Recognized in</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Loss) Recognized</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Derivatives in</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Loss) Recognized</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Loss) Reclassified</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Loss) Reclassified</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Income on</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">in Income on</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Cash Flow</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">in OCI on</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">from Accumulated</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">from Accumulated</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Derivative</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Derivative</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Hedging</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Derivative</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">OCI into Income</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">OCI into Income</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Effective</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Effective Portion)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Relationships</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Effective Portion)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Effective Portion)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(Effective Portion)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Portion)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">(A)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">Year ended</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">Year ended</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">Year ended</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">December 31,</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">December 31,</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 19%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 18%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 5%"><FONT STYLE="color: Black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 5%"><FONT STYLE="color: Black">2010</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 18%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 5%"><FONT STYLE="color: Black">2011</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; width: 5%"><FONT STYLE="color: Black">2010</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="color: Black">Foreign exchange</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Gain (loss) on</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Gain (loss) on</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">contracts</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">foreign currency</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">&mdash;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">foreign currency</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;&mdash;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">(2,638</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">(A) The amount of gain (loss) recognized
in income represents the amount excluded from the assessment of hedge effectiveness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The following
table presents gains and losses in derivatives not designated as hedges and the location of those gains and losses in the financial
statements (in thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%; font-weight: bold; text-align: center"><FONT STYLE="color: Black">Derivatives not</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="color: Black"><B>Location of Gain (Loss)</B></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Designated as Hedging</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: Black"><B>recognized in Income on</B></FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">December 31,</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">December 31,</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>Instruments</B></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>Derivative</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Interest rate swaps</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Interest expense</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">272</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">362</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Foreign exchange contracts</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Gain (loss) on foreign currency</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">All derivative
instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest
rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign
currency forward exchange contracts not accounted for using hedge accounting in 2011 resulted in a liability and is included in
accrued expenses and in 2010 such valuation resulted in an asset and is included in other current assets on the accompanying balance
sheets. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in
earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the changes in
fair value of the derivative instrument will be recorded as a separate component of shareholders&rsquo; equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">At December&nbsp;31,
2011, the Company had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S.
$67.3&nbsp;million and GB &pound;10.0&nbsp;million which all have maturities of less than one year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(6)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Equipment and Leasehold Improvements</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%"><FONT STYLE="color: Black">Equipment</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: Black">35,160</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="color: Black">26,778</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Leasehold improvements</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,265</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,107</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">37,425</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">28,885</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Less accumulated depreciation and amortization</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">22,900</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">17,678</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">14,525</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">11,207</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Depreciation
and amortization expense was $6.0 million, $3.5 million and $4.3 million for 2011, 2010 and 2009, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(7)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Trademarks, Licenses and Other
                                                                  Intangible Assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Gross</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Accumulated</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Net Book</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Amortization</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Trademarks (indefinite lives)</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,590</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,590</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Trademarks (finite lives)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">50,127</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">151</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">49,976</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Licenses (finite lives)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">70,109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">23,289</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">46,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Other intangible assets (finite lives)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">13,953</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">11,589</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,364</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Subtotal</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">134,189</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">35,029</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">99,160</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="color: Black">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">140,779</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">35,029</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">105,750</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Gross</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Accumulated</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Net Book</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Amortization</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Trademarks (indefinite lives)</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,671</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,671</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Trademarks (finite lives)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">51,680</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">134</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">51,546</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Licenses (finite lives)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">70,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">18,881</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">51,369</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Other intangible assets (finite lives)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">13,220</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">11,404</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">1,816</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Subtotal</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">135,150</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">30,419</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">104,731</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="color: Black">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">141,821</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">30,419</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">111,402</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In 2009,
an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No other impairment charges
for trademarks with indefinite useful lives were required in 2011, 2010 and 2009. Amortization expense was $7.9 million, $5.7
million and $6.7 million for 2011, 2010 and 2009, respectively. Amortization expense is expected to approximate $6.8 million
in 2012 and 2013, $6.4 million in 2014 and $5.9 million in 2015 and 2016. The weighted average amortization period for trademarks,
licenses and other intangible assets with finite lives are 18 years, 12 years and 2 years, respectively, and 13 years in the aggregate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Trademarks
(finite lives) primarily represents Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted
the right to repurchase the brand names and trademarks in 2025 for the greater of </FONT>&euro;<FONT STYLE="font-size: 10pt">70
million (approximately $91 million) or one times the average of the annual sales for the years ending December 31, 2023 and 2024
(residual value). Because the residual value of the intangible asset exceeds its carrying value, the asset is not amortized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(8)</B></TD><TD><B>Goodwill and Other Intangible Assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The following tables present our assets and liabilities that are
measured at fair value on a nonrecurring basis, and are categorized using the fair value hierarchy.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Fair
    Value Measurements at December 31, 2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Quoted
                                                                      Prices in</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant
                                                                      Other</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Active
                                                                      Markets for</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Observable</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Unobservable</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Identical
                                                                      Assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(Level
                                                                                                      1)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(Level
                                                                                                      2)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(Level
                                                                                                      3)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Description</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"><FONT STYLE="color: Black">Trademark -
    Nickel</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,263</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,263</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt"><FONT STYLE="color: Black">Goodwill</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,763</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,763</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Fair
    Value Measurements at December 31, 2010</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Quoted Prices in</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant Other</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Significant</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Active Markets for</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Observable</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Unobservable</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Identical Assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="color: Black">Inputs</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Level
    1)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Level
    2)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Level
    3)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Description</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"><FONT STYLE="color: Black">Trademark -
    Nickel</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,337</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,337</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt"><FONT STYLE="color: Black">Goodwill</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">3,654</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">3,654</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The goodwill
and trademarks referred to above, relates to the Company&rsquo;s Nickel skin care business which is primarily a component of our
European operations. The Company has determined that it may be inclined to sell the Nickel business within the next few years
and therefore, the Company engages a third party valuation specialist to advise us and assist in a potential transaction. As a
result, the Company has determined that as of December 31, 2011, the carrying amount of the goodwill exceeded fair value resulting
in an impairment loss of $0.8 million. A similar evaluation is performed every year and in 2009, the Company recorded an impairment
loss of $1.7 million. Accumulated impairment losses relating to goodwill aggregated $4.3 million as of December 31, 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">To determine
fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method.
This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights
to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning
future sales levels, market royalty rates, future tax rates and discount rates. The Company uses this method to determine if an
impairment charge is required relating to our Nickel brand trademarks. In 2009, an impairment charge relating to the Nickel trademark
in the amount of $0.54 million was recorded. No impairment charge was required in 2011 or 2010. The Company assumed a market
royalty rate of 6% and a discount rate of 7.7%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The fair
values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average
cost of capital of 7.7%. The cash flow projections are based upon a number of assumptions, including, future sales levels and
future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in
consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions the Company
has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators
exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do
not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to
our results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The cost
of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the
term of the respective license or the intangible assets estimated useful life which range from three to seventeen years. If the
residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews
intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Activity
relating to the goodwill is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="color: Black">Balance - beginning of year</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">3,654</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">3,927</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.12in"><FONT STYLE="color: Black">Effect of changes in foreign currency translation rates</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(273</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.12in"><FONT STYLE="color: Black">Impairment loss</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(837</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Balance - end of year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,763</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">3,654</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(9)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Loans Payable &ndash; Banks</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Loans
payable &ndash; banks consist of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company&rsquo;s
foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $25 million.
These credit lines bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was 1.024% at December&nbsp;31, 2011). Outstanding
amounts totaled $11.8 million and $5.2 million at December&nbsp;31, 2011 and 2010, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
and its domestic subsidiaries have available a $15 million unsecured revolving line of credit due on demand, which bears interest
at the prime rate minus 0.5% (the prime rate was 3.25% as of December 31, 2011). The line of credit which has a maturity date
of March 31, 2012 is expected to be renewed on an annual basis. There were no borrowings outstanding pursuant to this line of
credit as of December 31, 2011 and 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The weighted
average interest rate on short-term borrowings was 1.7% and 1.8% as of December&nbsp;31, 2011 and 2010, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(10)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Long-Term Debt</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">Long-term debt consists of
the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="color: Black">18 million euro
    fixed rate facility at 4.1%, payable in 20 quarterly installments</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">5,211</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="color: Black">22 million euro variable
    rate facility at three month EURIBOR plus 0.40%, payable in 20 equal quarterly installments</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4,339</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">10,621</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">141</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">297</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">16,129</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="color: Black">Less current maturities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">4,480</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">11,090</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 27pt"><FONT STYLE="color: Black">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">5,039</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In connection
with the 22 million euro variable rate facility, the Company entered into a swap transaction effectively exchanging the variable
interest rate to a fixed rate of 4.42%. This derivative instrument is recorded at fair value and changes in fair value which resulted
in gains of $0.3 million in 2011 and $0.4 million in 2010 are reflected in interest expense on the consolidated statements of
income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Some
of the Company&rsquo;s long-term debt facilities require the maintenance of certain financial covenants including a debt to equity
ratio of less than one and a debt to adjusted net income ratio of less than three. One facility contains cross default provisions
by permitting acceleration of the debt if any affiliated company of the debtor defaults in any other debt facility, and the creditor
of such other debt facility accelerates such debt and such affiliated debtor does not in good faith contest such default and acceleration.
The Company is in compliance with all of the covenants and other restrictions of its debt agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(11)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Commitments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Leases</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
leases its office and warehouse facilities under operating leases which are subject to various step rent provisions, rent concessions
and escalation clauses expiring at various dates through 2020. Escalation clauses are not material and have been excluded from
minimum future annual rental payments. Rental expense, which is calculated on a straight-line basis, amounted to $12.7 million,
$10.6 million and $9.9 million in 2011, 2010 and 2009, respectively. Minimum future annual rental payments are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 77%; text-align: left"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 20%; text-align: right"><FONT STYLE="color: Black">4,623</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2013</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3,574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2014</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2,977</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2015</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2,526</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2016</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2,559</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">Thereafter</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,672</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">22,931</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>License Agreements</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and
sale of its products expiring at various dates through 2025. In connection with certain of these license agreements, the Company
is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 77%; text-align: left"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 20%; text-align: right"><FONT STYLE="color: Black">155,815</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2013</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">170,566</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2014</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">173,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2015</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">165,803</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">2016</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">178,354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">Thereafter</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">424,939</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">1,268,711</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Future
advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31,
2011, without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share
our advertising obligations.</FONT> <FONT STYLE="font-size: 10pt">Royalty expense included in selling, general, and administrative
expenses, aggregated $51.3 million, $40.2 million and $35.5 million, in 2011, 2010 and 2009, respectively and represented 8.3%,
8.8% and 8.7% of net sales for the years ended December 31, 2011, 2010 and 2009. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(12)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Equity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Share-Based Payments:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder
vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year
term and vest over a four to five-year period. The fair value of shares vested in 2011 and 2010 aggregated $0.6 million and $0.5 million, respectively. <FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation cost is recognized on a straight-line
basis over the requisite service period for the entire award. </FONT>It is generally the Company&rsquo;s policy to issue new shares
upon exercise of stock options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The following
table sets forth information with respect to nonvested options for 2011:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">Number&nbsp;of&nbsp;Shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">Weighted&nbsp;Average&nbsp;Grant
    <BR>Date&nbsp;Fair&nbsp;Value</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="color: Black">Nonvested options &ndash; beginning of year</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">480,843</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">4.32</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Nonvested options granted</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">118,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Nonvested options vested or forfeited</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(142,820</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4.29</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Nonvested options &ndash; end of year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">456,923</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4.40</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Share-based
payment expenses decreased income before income taxes by $1.1 million in 2011 and $0.9 million in both 2010 and 2009, decreased
net income attributable to Inter Parfums, Inc. by $0.60 million, $0.55 million and $0.54 million in 2011, 2010 and 2009, respectively,
and reduced diluted earnings per share by $0.02 in 2011, 2010 and 2009.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The following
table summarizes stock option activity and related information for the years ended December 31, 2011, 2010 and 2009 and does not
include information relating to options of IPSA granted by IPSA, our majority-owned subsidiary:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year&nbsp;ended&nbsp;December&nbsp;31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Options</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">Weighted
    <BR>Average <BR>exercise <BR>price</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Options</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">Weighted
    <BR>Average <BR>exercise <BR>price</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Options</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">Weighted
    <BR>Average <BR>exercise <BR>price</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 22%; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="color: Black">Shares under
    option -  beginning of year</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">807,620</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">12.78</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">920,825</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">11.32</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">1,138,375</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">11.23</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Options granted</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">118,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">15.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">120,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">18.64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">100,550</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">11.90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Options exercised</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(95,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">12.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(226,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">10.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(243,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">10.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Options cancelled</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(7,620</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">14.37</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(6,950</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">11.27</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(74,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">14.20</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="color: Black">Shares
    under options -  end of year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">823,275</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">13.20</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">807,620</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">12.78</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">920,825</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">11.32</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">At December
31, 2011, options for 771,795 shares were available for future grant under the plans. The aggregate intrinsic value of options
outstanding is $2.3 million as of December 31, 2011 and unrecognized compensation cost related to stock options outstanding on
Inter Parfums, Inc. common stock aggregated $1.4 million, which will be recognized over the next five years. The amount of unrecognized
compensation cost related to stock options outstanding of our majority-owned subsidiary, IPSA, was &euro;0.7 million (approximately
$0.9 million). Options under IPSA plans vest four years after grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The weighted
average fair values of options granted by Inter Parfums, Inc. during 2011, 2010 and 2009 were $4.59, $5.59 and $4.40 per share,
respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value.&nbsp;The assumptions
used in the Black-Scholes pricing model for the years ended December 31, 2011, 2010 and 2009 are set forth in the following table:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year&nbsp;Ended&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="color: Black">Weighted-average expected stock-price volatility</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">40</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">39</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">49</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Weighted-average expected option life</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4.5 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4.5 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">4.5 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Weighted-average risk-free interest rate</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Weighted-average dividend yield</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Expected
volatility is estimated based on historic volatility of the Company&rsquo;s common stock. In 2011, the expected term of the option
is estimated based on historic data. In 2010 and 2009, the Company used the simplified method as historic data regarding employee
exercise behavior was incomplete. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant
of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors
would increase as the earnings of the Company and its stock price continue to increase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Stock-based
employee compensation determined under the fair value based method, net of related tax effects, includes compensation incurred
by IPSA, our majority-owned subsidiary whose stock is publicly traded in France. No options were granted by IPSA in 2011. The
weighted average fair values of the options granted by IPSA during 2010 and 2009 were &euro;6.55 per share and &euro;4.27 per
share, respectively, on the date of grant using the Black-Scholes option pricing model.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Cash
proceeds, tax benefits and intrinsic value related to stock options exercised were as follows:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year&nbsp;Ended&nbsp;December&nbsp;31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="color: Black">Cash proceeds from stock options exercised</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">1,210</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">771</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">956</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Tax benefits</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">520</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">692</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Intrinsic value of stock options exercised</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">407</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The following
table summarizes additional stock option information as of December&nbsp;31, 2010:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Options outstanding</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Number</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">weighted average remaining</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">Options</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Exercise
    prices</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">outstanding</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">contractual
    life</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">exercisable</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="color: Black">$ 6.15 &ndash; $ 6.93</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 15%; text-align: right"><FONT STYLE="color: Black">75,220</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 15%; text-align: center"><FONT STYLE="color: Black">2.96
                                                       years</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 15%; text-align: right"><FONT STYLE="color: Black">42,860</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">$ 11.30 &ndash; $ 11.41</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">154,650</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">2.09 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">20,588</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">$ 12.14 &ndash; $ 12.64</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">194,380</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">2.94 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">116,635</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">$ 13.10 &ndash; $ 13.45</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">164,775</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">0.98 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">161,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">$ 15.59 - $ 15.62</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">121,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">5.91 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">$17.94</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">4.09 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="color: Black">$18.01</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">1.41 years</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="color: Black">$19.03</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">106,350</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">5.00
                                                                            years</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">21,270</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Totals</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">823,275</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="color: Black">3.09
                                                                               Years</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">366,352</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">As of
December 31, 2011, the weighted average exercise price of options exercisable was $12.45 and the weighted average remaining contractual
life of options exercisable is 2.27 years. The aggregate intrinsic value of options exercisable at December 31, 2011 is $1.2
million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Chief
Executive Officer and the President each exercised 75,000 outstanding stock options of the Company&rsquo;s common stock in both
2010 and 2009. The aggregate exercise prices of $1.5 million in both 2010 and 2009 were paid by them tendering to the Company
in 2010 and 2009 an aggregate of 95,744 and 129,984 shares, respectively, of the Company&rsquo;s common stock, previously owned
by them, valued at fair market value on the dates of exercise. All shares issued pursuant to these option exercises were issued
from treasury stock of the Company. In addition, the Chief Executive Officer tendered in 2010 and 2009 an additional 6,782 and
2,503 shares, respectively, for payment of certain withholding taxes resulting from his option exercises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Treasury Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">As of
December 31, 2008, the Board of Directors of the Company authorized the repurchase of up to 1,031,863 shares of the Company&rsquo;s
common stock. During 2009, the Company repurchased 108,100 shares of its common stock at an average price of $5.84 per common
share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black"><B><I>Dividends</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The quarterly
dividend of $2.4 million ($0.08 per share) declared in December&nbsp;2011 was paid in January&nbsp;2012. Furthermore, in December
2011 the Board of Directors of the Company authorized the continuation of the annual dividend of $0.32 per share. The next quarterly
dividend of $0.08 per share will be paid on April 16, 2012 to shareholders of record on March 30, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(13)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Net
                                                                   Income Attributable to Inter Parfums, Inc. Common Shareholders</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Net income
attributable to Inter Parfums, Inc. per common share (&ldquo;basic EPS&rdquo;) is computed by dividing net income attributable
to Inter Parfums, Inc. by the weighted-average number of shares outstanding.&nbsp;Net income attributable to Inter Parfums, Inc.
per share assuming dilution (&ldquo;diluted EPS&rdquo;), is computed using the weighted average number of shares outstanding,
plus the incremental shares outstanding assuming the exercise of dilutive stock options and warrants using the treasury stock
method. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Numerator:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Net income attributable to Inter Parfums,
    Inc.</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">32,303</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">26,593</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">22,367</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.24in; text-indent: -0.12in"><FONT STYLE="color: Black">Effect of dilutive
    securities of</FONT> <FONT STYLE="color: Black">consolidated subsidiary</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(82</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(86</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(18</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt"><FONT STYLE="color: Black">Numerator
    for diluted earnings per share</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">32,221</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">26,507</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">22,349</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">Denominator:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Weighted average shares</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">30,514,529</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">30,360,602</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">30,099,998</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Effect of dilutive securities:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="color: Black">Stock options and warrants</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">163,296</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">121,389</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">21,079</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt"><FONT STYLE="color: Black">Denominator
    for diluted earnings per share</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">30,677,825</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">30,481,991</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">30,121,077</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">Earnings per share:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Net income attributable to Inter Parfums, Inc.</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="color: Black">common shareholders:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.36in"><FONT STYLE="color: Black">Basic</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.36in"><FONT STYLE="color: Black">Diluted</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Not included
in the above computations is the effect of anti-dilutive potential common shares which consist of outstanding options to purchase
118,000, 154,000, and 889,000 shares of common stock for 2011, 2010, and 2009, respectively, and outstanding warrants to purchase
81,000 and 300,000 shares of common stock for 2010 and 2009, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(14)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Segments
                                                                   and Geographic Areas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
<FONT STYLE="font-family: Times New Roman, Times, Serif">manufactures and distributes one product line, fragrances and fragrance
related products. The Company</FONT> manages its business in two segments, European based operations and United States based operations.
The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the
sales of the prestige brand name fragrances and United States operations primarily represent the sale of specialty retail and
mass market fragrances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Information
on the Company&rsquo;s operations by segments is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Net sales:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">62,976</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">55,535</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">47,810</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">552,415</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">404,876</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">361,662</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Eliminations of intercompany
    sales</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(171</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(8</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">615,220</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">460,411</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">409,464</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Net income attributable to Inter Parfums, Inc.:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2,108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">769</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(178</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">30,217</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">25,803</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">22,482</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Eliminations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(22</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">21</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">63</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">32,303</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">26,593</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">22,367</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Depreciation and amortization expense:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">507</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">582</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,116</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">12,566</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">8,606</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">9,847</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">13,073</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">9,188</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">10,963</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Interest and dividend income:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">1,095</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">1,650</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">982</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">1,105</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">1,652</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">982</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Interest expense:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">71</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">177</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,186</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,045</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,470</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,197</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,116</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">2,647</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Income tax expense (benefit):</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,405</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">596</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">148</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">23,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">17,554</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">15,996</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Eliminations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(14</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">15</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">46</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">24,444</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">18,165</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">16,190</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Total assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">59,841</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">40,896</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">45,580</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">465,747</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">398,547</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">382,628</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Eliminations of investment
    in subsidiary</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(9,554</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(1,338</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(9,120</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">516,034</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">438,105</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">419,088</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Additions to long-lived assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">572</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">305</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">13,979</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">27,990</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,111</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">14,551</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">28,295</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">6,301</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Total long-lived assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">5,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">5,335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">5,612</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">117,638</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">120,929</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">109,305</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">123,038</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">126,264</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">114,917</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Deferred tax assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">United States</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,505</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,580</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Europe</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">5,748</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">5,650</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2,689</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Eliminations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">17</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">7,270</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">7,230</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">4,088</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">United
States export sales were approximately $24.9 million, $25.7 million and $14.0 million in 2011, 2010 and 2009, respectively.
Consolidated net sales to customers by region are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="color: Black">North America</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">150,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">91,200</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">96,800</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">Europe</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">246,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">211,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">184,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Central and South America</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">61,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">41,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">29,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Middle East</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">57,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">45,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">42,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Asia</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">95,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">66,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">53,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">6,200</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">3,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">2,600</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">615,200</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">460,400</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">409,500</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">Consolidated net sales to
customers in major countries are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    Ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="color: Black">United States</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">138,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">86,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">88,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">United Kingdom</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">45,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">35,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">31,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">France</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">48,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">37,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">37,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(15)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Income Taxes</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. With few exceptions,
the Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for
years before 2007. In 2010, the French Tax Authorities commenced an examination of the French subsidiary&rsquo;s income tax returns
for 2006 through 2008. In October 2011, the Company agreed in principle with the French tax authority on the consequences of the
audit, which covered income tax and non-income tax items. As a result, the Company increased income tax expense by $1.7 million
and reduces its reserve for contingency related to non-income tax items recorded in 2010 by $1.3 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The Company
follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company
did not recognize any increase in the liability for unrecognized tax benefits and has no uncertain tax position at December 31,
2011. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component
of the provision for income taxes. No interest or penalties were recognized during the periods presented and there is no accrual
for interest and penalties at December&nbsp;31, 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The components
of income before income taxes consist of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="color: Black">U.S. operations</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">3,478</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">1,364</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">(30</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Foreign operations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">63,915</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">52,476</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">46,378</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">67,393</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">53,840</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">46,348</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 122; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The provision
for current and deferred income tax expense (benefit) consists of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">Current:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; padding-left: 9pt"><FONT STYLE="color: Black">Federal</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">1,269</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">515</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">280</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">State and local</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">286</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">112</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">119</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Foreign</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">23,898</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">22,096</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">18,870</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">25,453</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">22,723</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">19,269</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black">Deferred:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="color: Black">Federal</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">State and local</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(53</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Foreign</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(842</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(4,527</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(2,828</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(1,009</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(4,558</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(3,079</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="color: Black">Total income tax expense</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">24,444</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">18,165</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">16,190</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The tax
effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities
are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="color: Black">December 31,</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Deferred tax assets:</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">State net operating loss carry forwards</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">433</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Foreign net operating loss carry forwards</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Alternative minimum tax credit carry forwards</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">514</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Inventory and accounts receivable</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">392</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">372</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Profit sharing</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,806</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1,575</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Stock option compensation</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">682</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">610</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Effect of inventory profit elimination</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3,424</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3,605</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">452</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">514</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="color: Black">Total gross deferred tax assets</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">7,899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">9,348</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="color: Black">Valuation allowance</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(629</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(2,118</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="color: Black">Net deferred tax assets</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">7,270</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">7,230</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">Deferred tax liabilities (long-term):</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Property, plant, and equipment</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="color: Black">Trademarks and licenses</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(5,975</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">(6,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(93</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(308</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="color: Black">Total deferred tax liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(6,068</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">(6,789</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="color: Black">Net deferred tax assets
    (liabilities)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">1,202</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">441</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In 2011,
all remaining state net operating loss carry-forwards were written off against the valuation allowance, as they are no longer
available for utilization. Valuation allowances had been provided on the potential benefit of state net operating loss carry-forwards
as it was determined that future tax benefits from option compensation deductions might prevent the net operating loss carry-forwards
from being fully utilized. In 2010 and 2009, $0.2 million and $0.6 million, respectively, of such valuation allowances were
realized which was equal to the benefits realized from the utilization of net operating loss carry-forwards. The amounts realized
were credited to additional paid-in capital in the respective periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">In addition,
valuation allowances of $0.9 million and $0.8 million had been provided in 2010 and 2009, respectively, against certain foreign
net operating loss carry-forwards, as it was determined that future profitable operations from certain foreign subsidiaries might
not be sufficient to realize the full amount of net operating loss carry-forwards. In 2011, approximately $1.1 million of such
valuation allowances was realized as the Company was able to utilize certain foreign net operating loss carry-forwards for which
a valuation allowance had been established.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">No further
valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized
in the reduction of future taxable income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">The&nbsp;Company
has not provided for U.S. deferred income taxes on $202 million of undistributed earnings of its non-U.S. subsidiaries as of
December&nbsp;31, 2011 since the&nbsp;Company intends to reinvest most of these earnings in its foreign operations indefinitely
and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been
and are planned to be repatriated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: Black">Differences
between the United States Federal statutory income tax rate and the effective income tax rate were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Year
    ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2010</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2009</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="color: Black">Statutory rates</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">34.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">34.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: Black">34.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">State and local taxes, net of Federal benefit</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="color: Black">Effect of foreign taxes
    greater than (less than) U.S. statutory rates</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">2.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: red; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="color: red; text-align: right"><FONT STYLE="color: Black">(0.5</FONT></TD><TD STYLE="color: red; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">0.1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">0.1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="color: Black">Effective rates</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">36.3</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">33.7</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="color: Black">34.9</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(16)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Accumulated Other Comprehensive
                                                                   Income</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD><FONT STYLE="color: Black">The components of accumulated other comprehensive
                                                        income consists of the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: center">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: center">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: center">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: Black; text-align: left">Net derivative instruments, beginning of year</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">213</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">130</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">4,412</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left">Reclassification adjustment for gains included in net income</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(4,423</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1pt">Gain on derivative instruments</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">11</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">83</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">141</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1pt">Net derivative instruments, end of year</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">224</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">213</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">130</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left">Cumulative translation adjustments, beginning of year</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">14,544</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">27,892</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">21,103</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1pt">Translation adjustments</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(7,021</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(13,348</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">6,789</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1pt">Cumulative translation adjustments, end of year</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">7,523</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">14,544</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">27,892</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 2.5pt">Accumulated other comprehensive income</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">7,747</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">14,757</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">28,022</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 124; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Notes to Consolidated
Financial Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">December 31, 2011,
2010 and 2009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands except
share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>(17)</B></FONT></TD><TD><FONT STYLE="color: Black"><B>Net Income Attributable to
                                                                   Inter Parfums, Inc. and Transfers from the Noncontrolling Interest</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: center">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: center">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; text-align: center">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; color: Black; text-align: left">Net income attributable to Inter Parfums, Inc.</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">32,303</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">26,593</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">22,367</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Increase (decrease) in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">209</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(848</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: Black; text-align: right">(45</TD><TD STYLE="padding-bottom: 1pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">32,512</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">25,745</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: Black; text-align: right">22,322</TD><TD STYLE="padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black"><B>Schedule II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>INTER PARFUMS,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Valuation and Qualifying
Accounts</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(In thousands)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Column A</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Column B</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Column C</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Column D</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Column E</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(2)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">Charged to</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">Balance at</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">Charged to</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">other</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">beginning of</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">costs and</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">accounts &ndash;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">Deductions &ndash;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center">Balance at</TD><TD NOWRAP STYLE="color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="color: Black; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Description</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">period</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">expenses</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">describe</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">describe</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">end of period</TD><TD NOWRAP STYLE="padding-bottom: 1pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left">Allowance for doubtful accounts:</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; color: Black; padding-left: 0.25in">Year ended December 31, 2011</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 10%; color: Black; text-align: right">4,367</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: Black; text-align: right">2,838</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: Black; text-align: right">(211</TD><TD NOWRAP STYLE="width: 1%; color: Black; text-align: left">)(d)</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: Black; text-align: right">1,674</TD><TD NOWRAP STYLE="width: 1%; color: Black; text-align: left">(a)</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: Black; text-align: right">5,320</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2010</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">2,096</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,147</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(106</TD><TD NOWRAP STYLE="color: Black; text-align: left">)(d)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">770</TD><TD NOWRAP STYLE="color: Black; text-align: left">(a)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,367</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2009</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,185</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,295</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">57</TD><TD NOWRAP STYLE="color: Black; text-align: left">(d)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">441</TD><TD NOWRAP STYLE="color: Black; text-align: left">(a)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,096</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left">Sales return accrual:</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2011</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">1,560</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,129</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">-</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,517</TD><TD NOWRAP STYLE="color: Black; text-align: left">(b)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,172</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2010</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">296</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,496</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">-</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">232</TD><TD NOWRAP STYLE="color: Black; text-align: left">(b)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,560</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2009</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">118</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">385</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">-</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">207</TD><TD NOWRAP STYLE="color: Black; text-align: left">(b)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">296</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; text-align: left">Inventory Reserve:</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2011</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">6,242</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,880</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(272</TD><TD NOWRAP STYLE="color: Black; text-align: left">)(d)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,390</TD><TD NOWRAP STYLE="color: Black; text-align: left">(c)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7,460</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2010</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">7,150</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,766</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(405</TD><TD NOWRAP STYLE="color: Black; text-align: left">)(d)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,269</TD><TD NOWRAP STYLE="color: Black; text-align: left">(c)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">6,242</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 0.25in">Year ended December 31, 2009</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">7,394</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,237</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">195</TD><TD NOWRAP STYLE="color: Black; text-align: left">(d)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,676</TD><TD NOWRAP STYLE="color: Black; text-align: left">(c)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7,150</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="color: Black">(a)</FONT></TD><TD><FONT STYLE="color: Black">Write-off of bad debts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="color: Black">(b)</FONT></TD><TD><FONT STYLE="color: Black">Write-off of sales returns.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="color: Black">(c)</FONT></TD><TD><FONT STYLE="color: Black">Disposal of inventory</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.35in"><FONT STYLE="color: Black">(d)</FONT></TD><TD><FONT STYLE="color: Black">Foreign currency translation adjustment</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">See accompanying reports of independent
registered public accounting firms</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">Pursuant to the
requirements of Section 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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="color: Black">Inter Parfums, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">By: /s/ Jean Madar</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Jean Madar, Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Date: March 12, 2012</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">Pursuant to the
requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%"><FONT STYLE="color: Black">Signature</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="color: Black">Title</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="color: Black">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/ Jean Madar</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Chairman of the Board of Directors</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March 12, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Jean Madar</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">and Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/ Russell Greenberg</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Chief Financial and Accounting Officer</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March 12, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Russell Greenberg</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">and&nbsp; Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/ Philippe Benacin</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March 1, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Philippe Benacin</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/ Philippe Santi</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March 5, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Philippe Santi</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/ Francois Heilbronn</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March 5, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Francois Heilbronn</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March _, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Jean Levy</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March _, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Robert Bensoussan-Torres</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March _, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Serge Rosinoer</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: Black">/s/ Patrick Cho&euml;l</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">Director</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">March 1, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">Patrick Cho&euml;l</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B><U>Exhibit
Index</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period
ended June 30, 2007:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.130</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Agreement for Technical Assistance
        between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007 - French Original</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">(Certain confidential information
        in this Exhibit 10.130 was omitted and filed separately with the Securities and Exchange Commission with a request for
        confidential treatment by Inter Parfums, Inc.).</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.130.1</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Agreement for Technical Assistance
        between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007 - English Translation</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">(Certain confidential information
        in this Exhibit 10.130.1 was omitted and filed separately with the Securities and Exchange Commission with a request for
        confidential treatment by Inter Parfums, Inc.).</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.131</FONT></TD>
    <TD><FONT STYLE="color: Black">Coexistence Agreement between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007- French
    Original</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.131.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Coexistence Agreement between Jeanne Lanvin, S.A and Interparfums SA dated 30 July 2007- English
    Translation</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal
year ended 31 December 2007:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.132</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Manufacturing and License Agreement
        Between Retail Brand Alliance, Inc., D/B/A Brooks Brothers &ndash; Licensor and Inter Parfums USA, LLL. &ndash; Licensee</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Dated November 2007 (Certain
        confidential information in this Exhibit 10.132 was omitted and filed separately with the Securities and Exchange Commission
        with a request for confidential treatment by Inter Parfums, Inc.).</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.26</FONT></TD>
    <TD><FONT STYLE="color: Black">Addendum [France] to 2004 Stock Option Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.28</FONT></TD>
    <TD><FONT STYLE="color: Black">Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 with
    Schedule Option Holders and Number of Options Granted</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.29</FONT></TD>
    <TD><FONT STYLE="color: Black">Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 under
    French Addendum to Stock Option Plan with Schedule Option Holders and Number of Options Granted</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following document
heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended
March 31, 2008:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.133</FONT></TD>
    <TD><FONT STYLE="color: Black">License Agreement&nbsp;by and among The Gap, Inc., Banana Republic LLC, Gap (Apparel) LLC,
    Gap (ITM), Inc., Banana Republic (Apparel) LLC, and Banana Republic (ITM), Inc. and Inter Parfums, Inc. and Inter Parfums
    USA, LLC (signed April 2008 but effective as of July 1, 2007)<B>&nbsp;</B>(Certain confidential information in this Exhibit
    10.133 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment
    by Inter Parfums, Inc.).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period
ended June 30, 2008:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.134</FONT></TD>
    <TD><FONT STYLE="color: Black">Licence Agreement among Paul Smith Limited, Interparfums SA and Inter Parfums, Inc. dated July
    3, 2008, but signed on July 17, 2008 (Certain confidential information in this Exhibit 10.134 was omitted and filed separately
    with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2008:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.135</FONT></TD>
    <TD><FONT STYLE="color: Black">Bail Commercial situ&eacute; au 2&egrave;me &eacute;tage, 4/6 rond point des Champs Elysees,
    Paris, France,<FONT STYLE="font-size: 10pt"> entre Dauchez Administrateur De Biens </FONT>et Interparfums SA [dated] le 21
    janvier 2009 &ndash; [French original] (Certain confidential information in this Exhibit 10.135 was omitted and filed separately
    with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.135.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Commercial Lease for portion of the 2nd Floor, at 4/6 rond point des Champs Elysees, Paris,
    France, between <FONT STYLE="font-size: 10pt">Dauchez Property Administrators</FONT> and Interparfums SA dated January 21,
    2009 -English translation] (Certain confidential information in this Exhibit 10.135.1 was omitted and filed separately with
    the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">10.136</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Bail Commercial situ&eacute; au 6&egrave;me &eacute;tage, 4/6 rond point
    des Champs Elysees, Paris, France,<FONT STYLE="font-size: 10pt"> entre Dauchez Administrateur De Biens </FONT>et Interparfums
    SA [dated] le 21 janvier 2009 &ndash; [French original] (Certain confidential information in this Exhibit 10.136 was omitted
    and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums,
    Inc).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.136.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Commercial Lease for portion of the 6<SUP>th</SUP> Floor, at 4/6 rond point des Champs Elysees,
    Paris, France, between <FONT STYLE="font-size: 10pt">Dauchez Property Administrators</FONT> and Interparfums SA dated January
    21, 2009 &ndash; [English translation] (Certain confidential information in this Exhibit 10.136.1 was omitted and filed separately
    with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.30</FONT></TD>
    <TD><FONT STYLE="color: Black">Form of Option Agreement for Options Granted to Executive Officers on December 31, 2008 with
    Schedule of Option Holders and Options Granted</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following document
heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended
June 30, 2009:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.137</FONT></TD>
    <TD><FONT STYLE="color: Black">Lease Extension Agreement between 14<SUP>th</SUP> Street Development, LLC and Nickel USA, Inc.
    dated June 8, 2009</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following document
heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended
September 30, 2009:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Exhibit</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">No.</FONT></P></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.138</FONT></TD>
    <TD><FONT STYLE="color: Black">Licence Agreement between J Choo Limited and Interparfums SA signed on September 29, 2009 (Certain
    confidential information in this Exhibit 10.138 was omitted and filed separately with the Securities and Exchange Commission
    with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2009:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Restated Certificate of Incorporation dated September 3, 1987</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1.2</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Amendment to Restated Certificate of Incorporation dated July 31, 1992</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1.3</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Amendment to Restated Certificate of Incorporation dated July 9, 1993</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1.4</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Amendment to Restated Certificate of Incorporation, as amended, dated July 13,
    1999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1.5</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Amendment to Restated Certificate of Incorporation, as amended, dated July 12,
    2000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1.6</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Amendment to Restated Certificate of Incorporation dated August 6, 2004</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.2</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Amended and Restated By-laws</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.20</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">1999 Stock Option Plan, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.22</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">2004 Stock Option Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.25</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">Employment Agreement between the Company and Philippe Benacin dated July 29, 1991</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-style: italic">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.26</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease for portion of 15th Floor, 551 Fifth Avenue, New York, New York</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.26.1</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Third Modification of Lease dated June 17, 2002 between Metropolitan Life Insurance Company, and Jean Philippe Fragrances, LLC (previously erroneously filed as exhibit no. 19.92 )</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.61</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease for 60 Stults Road, South Brunswick, NJ between Forsgate Industrial Complex, a limited partnership, and Jean Philippe Fragrances, Inc. dated July 10, 1995</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.104</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease dated as of 1 March 2001 for 300 West 14<SUP>th</SUP> Street, New York, NY</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.106</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (French Original)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.106.1</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (English Translation)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.107</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5<SUP>th</SUP> Floor-Left, Paris, France (French Original)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">10.107.1</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="color: Black">Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5<SUP>th</SUP> Floor-Left, Paris, France(English Translation)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 15%"><FONT STYLE="color: Black">10.110</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="color: Black">Lease For 48 Rue Des Francs-Bourgeois, In Paris, 3<SUP>rd </SUP>District
    (French Original)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">10.110.1</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Lease For 48 Rue Des Francs-Bourgeois, In Paris,, 3<SUP>rd </SUP>District
    (English Translation)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.112</FONT></TD>
    <TD><FONT STYLE="color: Black">Confidential Treatment Agreement among Burberry Ltd., Interparfums SA, Inter Parfums, Inc.
    and LV Capital USA, Inc., et al., dated October 12, 2004</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.113</FONT></TD>
    <TD><FONT STYLE="color: Black">Indemnity Agreement among Burberry Ltd., Interparfums SA and Inter Parfums, Inc. dated October
    12, 2004</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following additional
documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2009:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.3</FONT></TD>
    <TD><FONT STYLE="color: Black">Articles of Incorporation of Inter Parfums Holdings, S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.3.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Articles of Incorporation of Inter Parfums Holdings, S.A. (English translation)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.4</FONT></TD>
    <TD><FONT STYLE="color: Black">Articles of Incorporation of Interparfums SA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.4.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Articles of Incorporation of Interparfums SA (English translation)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.21.3</FONT></TD>
    <TD><FONT STYLE="color: Black">2004 Nonemployee Director Stock Option Plan, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.30</FONT></TD>
    <TD><FONT STYLE="color: Black">Form of Option Agreement for Options Granted to Executive Officers on December 31, 2009 with
    Schedule of Option Holders and Options Granted</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.139</FONT></TD>
    <TD><FONT STYLE="color: Black">License Agreement between Montblanc-Simplo Gmbh and Interparfums SA (Certain confidential information
    in this Exhibit 10.139 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential
    treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">21</FONT></TD>
    <TD><FONT STYLE="color: Black">List of Subsidiaries</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">23</FONT></TD>
    <TD><FONT STYLE="color: Black">Consent of Mazars LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">31.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Rule 13a-14 of Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">31.2</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Rule 13a-14 of Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">32.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">32.2</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period
ended June 30, 2010:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Interparfums Singapore Pte. Ltd&nbsp; Memorandum and Articles of Association</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.2</FONT></TD>
    <TD><FONT STYLE="color: Black">Interparfums Luxury Brands, Inc. Certificate of Incorporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.141</FONT></TD>
    <TD><FONT STYLE="color: Black">License Agreement with Betsey Johnson LLC (Certain confidential information in this Exhibit
    10.141 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment
    by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.142</FONT></TD>
    <TD><FONT STYLE="color: Black">License Agreement with Nine West Development Corporation (Certain confidential information
    in this Exhibit 10.142 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential
    treatment by Inter Parfums, Inc.).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period
ended September 30, 2010:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.143</FONT></TD>
    <TD><FONT STYLE="color: Black">Collaboration Agreement between Clarins U.S.A., Inc., and Interparfums Luxury Brands Inc. (Certain
    confidential information in this Exhibit 10.143 was omitted and filed separately with the Securities and Exchange Commission
    with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.144</FONT></TD>
    <TD><FONT STYLE="color: Black">Contrat de Bail Commercial<U> </U>et GEMFI and Interparfums SA - French original - (Certain
    confidential information in this Exhibit 10.144 was omitted and filed separately with the Securities and Exchange Commission
    with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.144.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Commercial Lease Agreement between GEMFI and Interparfums SA - English translation- (Certain
    confidential information in this Exhibit 10.144.1 was omitted and filed separately with the Securities and Exchange Commission
    with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2010:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.31</FONT></TD>
    <TD><FONT STYLE="color: Black">Form of Option Agreement for Options Granted to Executive Officers on December 31, 2010 with
    Schedule of Option Holders and Options Granted</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.111</FONT></TD>
    <TD><FONT STYLE="color: Black">Licence Agreement among Burberry Ltd., Interparfums SA and Inter Parfums, Inc. dated 12 October
    2004 (Certain confidential information in Exhibit 10.111 has been omitted and filed separately with the Securities and Exchange
    Commission with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.119</FONT></TD>
    <TD><FONT STYLE="color: Black">Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees
    et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage droite (French original)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.119.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees
    et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage droite (English translation)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.120</FONT></TD>
    <TD><FONT STYLE="color: Black">Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees
    et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage gauche (French original)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.120.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees
    et Interparfums SA, 30 Jun 2005, Locaux 4 eme etage gauche (English translation)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">10.145</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Amendment Number 2 to Licence Agreement between Burberry Limited, Interparfums
    SA, and Inter Parfums, Inc. dated December 21, 2010 (Certain confidential information in this Exhibit 10.145 was omitted and
    filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.146</FONT></TD>
    <TD><FONT STYLE="color: Black">License Agreement between Boucheron Parfums, SAS and Interparfums SA dated December 17, 2010
    (Certain confidential information in this Exhibit 10.146 was omitted and filed separately with the Securities and Exchange
    Commission with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.147</FONT></TD>
    <TD><FONT STYLE="color: Black">$ 15 Million Master Promissory Note Dated as of February 1, 2011 in favor of Capital One, NA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">21</FONT></TD>
    <TD><FONT STYLE="color: Black">List of Subsidiaries</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">23.1</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">Consent of WeiserMazars LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">23.2</FONT></TD>
    <TD><FONT STYLE="color: Black">2009 Consent of Mazars LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">31.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Rule 13a-14 of Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">31.2</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Rule 13a-14 of Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">32.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">32.2</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">The following documents
are filed with this report:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="color: Black">Exhibit No.</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="color: Black">Description</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">Page<BR>
No.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.5</FONT></TD>
    <TD><FONT STYLE="color: Black">Articles of Incorporation of Inter Parfums, Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">137<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.6</FONT></TD>
    <TD><FONT STYLE="color: Black">Organizational Document of Inter Parfums (Suisse) Sarl (French original)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">154<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">3.6.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Organizational Document of Inter Parfums (Suisse) Sarl (English translation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">156<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">4.32</FONT></TD>
    <TD><FONT STYLE="color: Black">Form of Option Agreement for Options Granted to Executive Officers on December 30, 2011 with
    Schedule of Option Holders and Options Granted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">158<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.124</FONT></TD>
    <TD><FONT STYLE="color: Black">Fourth Modification of Lease, portion of 15<SUP>th</SUP> Floor, 551 Fifth Avenue, New York,
    New York</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">161<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">10.128</FONT></TD>
    <TD><FONT STYLE="color: Black">License Agreement Between Van Cleef &amp; Arpels Logistics SA, and Interparfums SA, entered
    into on June 19, 2006 (Certain confidential information in this Exhibit 10.128 was omitted and filed separately with the Securities
    and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">167<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">21</FONT></TD>
    <TD><FONT STYLE="color: Black">List of Subsidiaries</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">216<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">23.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Consent of WeiserMazars LLP</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">217<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">23.2</FONT></TD>
    <TD><FONT STYLE="color: Black">2009 Consent of Mazars LLP</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">218<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">31.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Rule 13a-14 of Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">219<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">31.2</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Rule 13a-14 of Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">221<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">32.1</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">223<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: Black">32.2</FONT></TD>
    <TD><FONT STYLE="color: Black">Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">224<FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
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<TYPE>EX-3.5
<SEQUENCE>2
<FILENAME>v303460_ex3-5.htm
<DESCRIPTION>EXHIBIT 3.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Exhibit 3.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE COMPANIES ACTS 1985 AND 1989</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>A PRIVATE COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Articles of Association </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Inter Parfums Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(adopted by Special Resolution dated 26 February
2007)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE COMPANIES ACT 1985</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PRIVATE COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of</B></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">INTER PARFUMS LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(the &quot;Company&quot;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(adopted by Special Resolution dated 26 February
2007)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">DEFINITIONS AND INTERPRETATION</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">1.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In these Articles, unless the context requires otherwise:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>Act</B>&quot; means the
Companies Act 1985 as amended and construed at the date of adoption of these Articles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;&quot;A&quot; Directors&quot;</B>
means the directors from time to time appointed by the &quot;A&quot; Shareholders pursuant to these Articles and holding office
for the time being and, unless otherwise stated, includes their duly appointed alternates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;&quot;A&quot; Shares&quot;
</B>means the &quot;A&quot; Ordinary Shares of &pound;100 each in the capital of the Company having the rights and restrictions
set out in these Articles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;&quot;A&quot; Shareholder&quot;
</B>means in respect of any &quot;A&quot; Share, the person or persons for the time being registered as the holder(s) of any &quot;A&quot;
Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;Articles&quot;</B> means
the articles of association of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;associate&quot;</B> means
in relation to a corporate entity a subsidiary or holding company of such entity or a subsidiary of such holding company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;&quot;B&quot; Directors&quot;</B>
means the directors from time to time appointed by the &quot;B&quot; Shareholders pursuant to these Articles and holding office
for the time being and, unless otherwise stated, includes their duly appointed alternates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>Board</B>&quot; means
the board of directors of the Company from time to time or as the context may require, any duly authorised committee thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;&quot;B&quot; Shares&quot;
</B>means the &quot;B&quot; Ordinary Shares of &pound;100 each in the capital of the Company having the rights and restrictions
set out in these Articles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;&quot;B&quot; Shareholder&quot;</B>
means in respect of any &quot;B&quot; Share, the person or persons for the time being registered as the holder(s) of any &quot;B&quot;
Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>business day</B>&quot;
means a day, other than a Saturday or a Sunday, on which clearing banks are open for commercial business in London;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;clear days&quot;</B> means
in relation to the period of a notice that period excluding the day when the notice is given or deemed to be given and the day
for which it is given or on which it is to take effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>communication</B>&quot;
means the same as in the Electronic Communications Act 2000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;directors&quot;</B> means
the directors for the time being of the Company or (as the context shall require) any of them acting as the board of directors
of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>electronic communication</B>&quot;
means the same as in the Electronic Communications Act 2000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>executed</B>&quot; includes
any mode of execution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&ldquo;Group&rdquo;</B> means,
in relation to a Shareholder any company which is a holding company of that company or a subsidiary of that company or a subsidiary
of such holding company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;holder&quot; </B>means
in relation to shares the member whose name is entered in the register of members as the holder of the shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;Majority Approval&quot;</B>
means the approval of a majority of the Shareholders by reference to the number of Shares held of any class;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;Ordinary Shares&quot;
</B>means the &quot;A&quot; Shares and the &quot;B&quot; Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;Shareholders&quot;</B>
means the &quot;A&quot; Shareholders, the &quot;B&quot; Shareholders and any other person registered in the register of members
as the holder of a Share from time to time (and the expression &quot;<B>Shareholder</B>&quot; shall be construed accordingly);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>&quot;Statutes&quot;</B> means
the Act, the Electronic Communications Act 2000 and every other statute or subordinate legislation at the time being in force concerning
companies and affecting the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>Relevant Securities</B>&quot;
means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shares in the Company other than Shares shown in the memorandum to
have been taken by the subscribers to it; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any right to subscribe for or convert any security into shares in
the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>Share</B>&quot; means
any share in the capital of the Company of whatever class and includes any interest in any such share; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&quot;<B>Table A</B>&quot; means
Table A in the Companies (Tables A to F) Regulations 1985 as amended by the Companies (Tables A to F) (Amendment) Regulations 1985
and as further amended by The Companies Act 1985 (Electronic Communications) Order 2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The regulations of Table A shall apply to the Company save insofar
as they are inconsistent with these Articles or are excluded or varied hereby or are duplicated in these Articles and such regulations
(save as aforesaid) and the Articles hereafter contained shall be the regulations of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unless the context otherwise requires, words or expressions contained
in these Articles and in Table A bear the same meaning as in the Act but excluding any statutory modification thereof not in force
when these Articles become binding on the Company Regulation 1 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">References in these Articles to an Article by number are to a particular
Article of these Articles.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">These Articles shall take effect subject to the requirements of the
Act and of every other statute for the time being in force affecting the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.6</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In these Articles where the context so permits:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">words importing the singular number only shall include the plural
number, and vice versa;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">words importing the masculine gender only shall include the feminine
gender;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">words importing persons shall include bodies corporate, unincorporated
associations and partnerships; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the expression &quot;<B>paid up</B>&quot; shall include credited
as paid up; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the word &quot;<B>writing</B>&quot; shall include using electronic
communications.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.7</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Words and expressions defined in or for the purposes of the Act shall,
unless these Articles provide otherwise, have the same meaning in these Articles.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.8</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Words and expressions defined elsewhere in these Articles shall bear
the meanings thereby ascribed to them.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.9</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Headings used in these Articles shall not affect their construction
or interpretation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.10</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">References to any statute or section of any statute shall include
reference to any statutory amendment, extension, modification or re-enactment thereof for the time being in force.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARE CAPITAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company is a private Company as defined by Section 1 of the Act
and accordingly any offer to the public (whether for cash or otherwise) of any shares in or debentures of the Company or any allotment
of or agreement to allot (whether for cash or otherwise) any shares in or debentures of the Company with a view to all or any of
these shares or debentures being offered for sale to the public shall be prohibited.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The authorised share capital of the Company at the time of adoption
of these Articles is<BR>
&pound;10,000 divided into 51 &quot;A&quot; Shares of &pound;100 each and 49 &quot;B&quot; Shares of &pound;100 each. The &quot;A&quot;
Shares and the &quot;B&quot; Shares shall be separate classes of Ordinary Shares but, save as hereinafter expressly provided, shall
rank pari passu in all respects.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the provisions of the Act and without prejudice to any
rights attached to any existing Shares, any Share may be issued with such rights or restrictions as the Company may by special
resolution determine. Regulation 2 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the provisions of the Act, Shares may be issued which
are to be redeemed or are to be liable to be redeemed at the option of the Company or the holder on such terms and in such manner
as may be provided by the Articles provided that any Shares purchased or redeemed by the Company shall be treated as cancelled.
Regulation 3 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company may exercise the powers of paying commissions conferred
by the Act. Subject to the provisions of the Act, any such commission may be satisfied by the payment of cash or by the allotment
of fully or partly paid Shares or partly in one way and partly in the other.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except as required by law, no person shall be recognised by the Company
as holding any Share upon any trust and (except as otherwise provided by the Articles or by law) the Company shall not be bound
by or recognise any interest in any share except an absolute right to the entirety thereof in the holder. Regulation 5 of Table
A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARE CERTIFICATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Every member, upon becoming the holder of any Shares, shall be entitled
without payment to one certificate for all the Shares of each class held by him (and, upon transferring a part of his holding of
shares of any class, to a certificate for the balance of such holding) or several certificates each for one or more of his Shares
upon payment for every certificate after the first of such reasonable sum as the directors may determine. Every certificate shall
be signed under the hand of two directors or any one director and the secretary of the Company and shall specify the number, class
and distinguishing numbers (if any) of the Shares to which it relates and the amount or respective amounts paid up thereon. The
Company shall not be bound to issue more than one certificate for shares held jointly by several persons and delivery of a certificate
to one joint holder shall be a sufficient delivery to all of them. Regulations 6 and 7 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If a share certificate is defaced, worn out, lost or destroyed, it
may be renewed on such terms (if any) as to evidence and indemnity and payment of the expenses reasonably incurred by the Company
in investigating evidence as the directors may determine but otherwise free of charge, and (in the case of defacement or wearing-out)
on delivery up of the old certificate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ISSUE OF SHARES AND ALTERATION OF SHARE CAPITAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company may by special resolution:-</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increase its share capital by creating new Shares of such amount
as the resolution prescribes;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">consolidate and divide all or any of its share capital into Shares
of larger amount than its existing Shares but so that any such consolidation and/or division shall not result in any member becoming
entitled to fractions of a Share;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">designate or redesignate any Shares;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">subject to the provisions of the Act, sub-divide its Shares, or any
of them into Shares of smaller amount and the resolution may determine that, as between the Shares resulting from the sub-division,
any of them may have any preference or advantage as compared with the others; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">cancel Shares which, at the date of the passing of the resolution,
have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares
so cancelled. Regulation 32 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Save as may be provided by Regulation 110 of Table A as amended by
these Articles, the directors are authorised to allot Relevant Securities on such terms and at such time or times as they may in
their discretion think fit; provided that:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">they obtain prior sanction of the Company by special resolution;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the maximum nominal amount of Relevant Securities to be allotted
in pursuance of such authority shall be the aggregate nominal amount of the authorised and unissued share capital of the Company
from time to time; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">this authority shall expire, unless sooner revoked or altered by
the Company in general meeting, on the expiry of the period of five years from the date of the adoption of these Articles provided
that the Company may before such expiry make one or more offers or agreements which would or might require Relevant Securities
to be allotted after such expiry and the directors may allot Relevant Securities after such authority has expired in pursuance
of every such offer or agreement as if the power conferred hereby had not expired.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The provisions of Articles 10 and 11 shall have effect subject to
section 80 of the Act. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Regulation 4 of Table A and, in accordance with section 91(1) of
the Act, section 89(1) and sections 90(1) to (6) of the Act shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the provisions of the Act, the Company may by special
resolution reduce its share capital, any capital redemption reserve and any share premium account in any way. Regulation 34 of
Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TRUSTS AND LIEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For the avoidance of doubt (but without limitation), Regulation 8
of Table A shall apply without amendment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">CALLS ON SHARES AND FORFEITURE</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There shall be added at the end of the first sentence of Regulation
18 of Table A, so as to increase the liability of any member in default in respect of a call, the words &quot;and all expenses
that may have been incurred by the Company by reason of such non-payment&quot;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>VARIATION OF CLASS RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If at any time the share capital of the Company is divided into different
classes of Shares, the rights attached to any class (unless otherwise provided by the terms of the issue of the Shares for that
class) may not, whether or not the Company is being wound up, be varied without (i) the consent in writing of the holders of three-fourths
in number of the issued Shares of that class, or with the sanction of an extraordinary resolution passed at a separate general
meeting of the holders of the Shares of that class and (ii) the sanction of the Company by special resolution. To every such separate
general meeting of a class of Shareholders the provisions of the regulations of the Company relating to general meetings shall
apply, but so that the necessary quorum shall be one persons at least holding Shares of the class and that any holder of Shares
of the class present in person or by proxy may demand a poll. If any such separate general meeting shall be adjourned owing to
the absence of a quorum and if at the adjourned meeting a quorum shall not be present within half an hour from the time appointed
for such adjourned meeting the holder or holders of Shares of the class concerned who are present shall constitute a quorum and
shall have power to decide upon all matters which could properly have been disposed of at the meeting from which the adjournment
took place.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">TRANSFER OF SHARES</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An instrument of transfer of fully paid shares need not be signed
by or on behalf of the transferee but shall be executed by or on behalf of the transferor who shall be deemed to remain a holder
of the share until the name of the transferee is entered in the register of members in respect thereof. Regulation 23 of Table
A shall be modified accordingly. Regulation 24 of Table A is hereby excluded.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">19</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Without limitation, the following shall be deemed to be a transfer
or purported transfer of a Share for the purposes of Articles 18 to 22 (the <B>&quot;Transfer Articles&quot;</B>):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any direction (by way of renunciation or otherwise) by a holder entitled
to an allotment or transfer of a Share to the effect that a Share be allotted or issued or transferred to some person other than
itself; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any sale or other disposition of any legal or beneficial interest
in a Share, whether or not for consideration and whether or not effected by an instrument in writing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">20</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Other than in accordance with (i) Articles 21 and 22 or (ii) pursuant
to any shareholders' agreement entered into between the Shareholders, no transfer of any Share shall be made or registered without
the sanction of the Company by Majority Approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">21</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any Shareholder (the &ldquo;<B>transferor</B>&rdquo;) may transfer,
for any consideration whatsoever, any or all of the Shares registered in its name to any member of its own Group (the &ldquo;<B>transferee</B>&rdquo;)
(whether directly or indirectly by a series of transactions), provided that if at any time the transferee ceases to be a member
of that Shareholder's Group:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the transferee shall forthwith transfer back to the transferor the
Shares registered in its name and which were so transferred to it; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if the transferee has not so transferred those Shares within a period
of 14 days after being required to do so by notice in writing given to it by the transferor, Article 22 shall apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">22</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the transferee under Article 21 defaults in such obligation as
referred to in that Article:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company may receive the purchase money (if any) or other consideration
due to the transferee and shall initially hold that purchase money or other consideration in trust for the purchaser;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the transferee shall be deemed to have appointed any one Director
or the Secretary of the Company as its duly appointed agent with full power to complete, sign and deliver on its behalf any stock
transfer form and/or other document which needs to be completed and signed in order to vest in the transferor legal title to the
Shares which the transferee is required to transfer pursuant to these Articles;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the transferee shall forthwith pay to the Company such amount as
may be required to enable the Company to pay all stamp duties payable on such stock transfer form;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">upon execution of such stock transfer form and/or other document,
the Company shall hold the relevant purchase money (if any) in trust for the transferee;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(e)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the receipt by the Company (or such person who the Directors may
authorise) of the purchase money or other consideration due to the transferee shall be a good discharge to the transferor from
the transferee and, after the transferor has been entered in the Register of Members of the Company, the validity of the transfer
shall not be questioned by any person; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the purchase money shall be paid to the transferee upon delivery
to the Company of its certificate or certificates in respect of the Shares transferred.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">PURCHASE OF OWN SHARES</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">23</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the provisions of the Act and the sanction of the Company
by special resolution, the Company may purchase its own shares (including any redeemable shares) and, make a payment in respect
of the redemption or purchase of its own shares otherwise than out of distributable profits of the Company or the proceeds of a
fresh issue of shares. Regulation 35 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">GENERAL MEETINGS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">24</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All general meetings other than annual general meetings shall be
called extraordinary general meetings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">25</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The directors may call general meetings and, on the requisition of
members pursuant to the provisions of the Act, shall forthwith proceed to convene an extraordinary general meeting for a date not
later than eight weeks after receipt of the requisition. Regulations 36 and 37 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">NOTICE OF GENERAL MEETINGS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">26</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An annual general meeting and an extraordinary general meeting called
for the passing of a special resolution or a resolution appointing a person as a director shall be called by at least twenty-one
clear days' notice. All other extraordinary general meetings shall be called by at least fourteen clear days' notice but a general
meeting may be called by shorter notice if it is so agreed in accordance with section 369(3) of the Act:-</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">The notice shall specify the time
and place of the meeting and the general nature of the business to be transacted only in the case of special business and, in the
case of an annual general meeting, shall specify the meeting as such. Regulation 38 shall not apply to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">Subject to the provisions of the
Articles and to any restrictions imposed on any shares, the notice shall be given to all the members, to all persons entitled to
a Share in consequence of the death or bankruptcy of a member and to the directors and auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROCEEDINGS AT GENERAL MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">27</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No business shall be transacted at any meeting unless a quorum is
present. Two persons entitled to vote upon the business to be transacted, each being a member or a proxy for a member or a duly
authorised representative of a corporation where (only for so long as there shall be &quot;A&quot; Shares and &quot;B&quot; Shares
in issue) one shall be an &quot;A&quot; Shareholder and one shall be a &quot;B&quot; Shareholder, shall be a quorum provided that
if the Company shall have only one member, one member present in person or by proxy shall be a quorum and these Articles shall
be construed accordingly. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">28</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If such a quorum is not present within half an hour from the time
appointed for the meeting, or if during a meeting such a quorum ceases to be present (other than by reason of the temporary absence
of any person), the meeting shall stand adjourned to the same day in the next week at the same time and place. If at the adjourned
meeting a quorum is not present within 30 minutes from the time appointed for the meeting, the members present shall form a quorum.
Regulations 40, 41 and 50 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">29</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The chairman, if any, of the board of directors or in his absence
some other director nominated by the directors shall preside as chairman of the meeting. The chairman may, with the consent of
all members present and entitled to vote at a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn
the meeting from time to time and from place to place, but no business shall be transacted at an adjourned meeting other than business
which might properly have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned for fourteen
days or more, at least seven clear days&rsquo; notice shall be given specifying the time and place of the adjourned meeting and
the general nature of the business to be transacted. Otherwise it shall not be necessary to give any such notice. Regulation 45
of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">30</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A poll may be demanded by the chairman or by any person present entitled
to vote upon the business to be transacted and a demand by a person as proxy for a member shall be the same as a demand by the
member. Regulation 46 of Table A shall be altered accordingly.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">VOTES OF MEMBERS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">31</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Regulation 54 shall not apply to the Company. Subject to any rights
or restrictions attached to any shares, on a show of hands every member who (being an individual) is present in person or by proxy
or (being a corporation) is present by a duly authorised representative, not being himself a member entitled to vote, shall have
one vote and on a poll every member shall have one vote for every fully paid share of which he is the holder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">32</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The words &quot;be entitled to&quot; shall be inserted between the
words &quot;shall&quot; and &quot;vote&quot; in Regulation 57 of Table A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">33</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On a poll, votes may be given either personally or by proxy. A member
may not appoint more than one proxy to attend on the same occasion and the last sentence of Regulation 59 of Table A shall not
apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">34</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A resolution in writing signed by all the members for the time being
entitled to receive notice of and attend and vote at general meetings shall be as effective as if the same had been passed at a
general meeting of the Company duly convened and held and may consist of several documents in the like form each signed by one
or more persons but a resolution so signed shall not be effective to remove a director or auditor before the expiration of his
term of office or to do anything else which the Companies Acts from time to time do not allow to be done by written resolution.
In the case of a corporation holding a Share the resolution may be signed on its behalf by a Director or the Secretary thereof
or by its duly appointed attorney or duly authorised representative. Regulation 53 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NUMBER OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">35</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of directors shall not be less than one and there shall
be no maximum number. In the event of there being a sole director these Articles shall be construed accordingly. Regulation 64
of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ALTERNATE DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">36</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any director (other than an alternate director) may appoint (a) any
other director, or (b) any other person approved by resolution of the directors and willing to act, to be an alternate director
and may remove from office an alternate director so appointed by him.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">37</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An alternate director shall (subject to his giving the Company an
address which notice may be served upon him) be entitled to receive notice of all meetings of directors and of all meetings of
committees of directors of which his appointor is a member, to attend and vote at any such meeting at which the director appointing
him is not personally present, and generally to perform all the functions of his appointor as a director in his absence but shall
not be entitled to receive any remuneration from the Company for his services as an alternate director. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">38</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An alternate director shall cease to be an alternate director if
his appointor ceases to be a director.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">39</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A person who holds office only as an alternate director shall, if
his appointor is not present, be counted in the quorum.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">40</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If an alternate director is himself a director or attends any meeting
as an alternate director for more than one director, his voting rights shall be cumulative but he shall only be counted once in
deciding whether a quorum is present.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">41</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any appointment or removal of an alternate director shall be by notice
to the Company signed by the director making or revoking the appointment or in any other manner approved by the directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">42</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Save as otherwise provided in the Articles, an alternate director
shall be deemed for all purposes to be a director and shall alone be responsible for his own acts and defaults and he shall not
be deemed to be the agent of the director appointing him. Regulations 65 to 69 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWERS OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">43</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the provisions of the Act, the memorandum and the Articles
and to any directions given by or agreed between the Shareholders from time to time, the business of the Company shall be managed
by the directors who may exercise all the powers of the Company. No alteration of the memorandum or Articles and no such direction
shall invalidate any prior act of the directors which would have been valid if that alteration had not been made or that direction
had not been given. The powers given by this Article shall not be limited by any special power given to the directors by the Articles
and a meeting of directors at which a quorum is present may exercise all powers exercisable by the directors. Regulation 70 of
Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>APPOINTMENT AND RETIREMENT OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">44</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The &quot;A&quot; Shareholders shall have right to appoint and remove
three &quot;A&quot; Directors, and shall have the right to appoint (from the Board) and remove the Chairman of the Company. Regulations
84 and 91 of Table A shall not apply to the Company. The &quot;B&quot; Shareholders shall have the right to appoint and remove
two &quot;B&quot; Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">45</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Neither the &ldquo;A&rdquo; Shareholders nor the &ldquo;B&rdquo;
Shareholders shall have any right to appoint or remove the directors appointed by the other class of Shareholder. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">46</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If for any reason the &quot;B&quot; Shareholder transfers all the
&quot;B&quot; Shares to the &quot;A&quot; Shareholder or any member of the &quot;A&quot; Shareholder's group, the &quot;B&quot;
Shareholder shall procure that all &quot;B&quot; Directors shall resign and the quorum for any meeting of the Board or any meeting
of the board of any subsidiary of the Company shall cease to require a &quot;B&quot; Director to be present and any requirement
that any resolution shall require the approval of any &quot;B&quot; Director shall cease (if any). The &quot;A&quot; Shareholder
shall be entitled to appoint additional &quot;A&quot; Directors up to the same number of &quot;B&quot; Directors as are required
to resign pursuant to this Article.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">47</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All such appointments and removals under Articles 44, 45 and 46 shall
be by notice in writing and shall take effect upon lodgement at the registered office of the Company. The directors shall not be
required to retire by rotation and Regulations 73 to 80 (inclusive) of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>REMUNERATION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">48</TD><TD STYLE="text-align: justify">Except with the sanction of a special resolution of the Company, the directors shall not be entitled
to remuneration, gratuities or pensions . Regulations 82 and 87 of Table A shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DISQUALIFICATION AND REMOVAL OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">49. (Notwithstanding the
provisions of Articles 44 to 47) the office of a director shall be vacated if:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">he ceases to be a director by virtue of any provision of the Act
or he becomes prohibited by law from being a director; or </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">being an executive director of the Company or any subsidiary he ceases
to hold office as an employee of the Company and a majority of the Board so requires; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">he becomes bankrupt or makes any arrangement or composition with
his creditors generally; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">he is, or may be, suffering from mental disorder and either:-</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt; text-align: left">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">he is admitted to hospital
in pursuance of an application for admission for treatment under the Mental Health Act 1983 or, in Scotland, an application for
admission under the Mental Health (Scotland) Act 1960, or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.6pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an order is made by a court having jurisdiction (whether in the United
Kingdom or elsewhere) in matters concerning mental disorder for his detention or for the appointment of a receiver, curator bonis
or other person to exercise powers with respect to his property or affairs; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: left; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(e)</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">he resigns his office by notice to the Company; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(f)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">he shall for more than six consecutive months have been absent without
permission of the directors from meetings of directors held during that period and the directors resolve that his office be vacated;
or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(g)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">he is named in a removal notice in accordance with Article 47.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 0in">Regulation 81
of Table A shall not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">DIRECTORS' APPOINTMENTS AND INTERESTS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">50.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions
of the Act, and provided that he has disclosed to the directors the nature and extent of any material interest of his, a director
notwithstanding his office:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -81pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.45pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify">may be a party to, or otherwise interested in, any transaction or arrangement with the Company
or in which the Company is otherwise interested;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84.95pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.45pt"></TD><TD STYLE="width: 42.5pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may be a director or other officer of, or employed by, or a party
to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by the Company or in </FONT>which<FONT STYLE="font-size: 10pt">
the Company is otherwise interested; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84.95pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.45pt"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD STYLE="text-align: justify">shall subject to the terms of any contract of employment between the Company and the director,
not by reason of his office, be accountable to the Company for any benefit which he derives from any such office or employment
or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement
shall be liable to be avoided on the ground of any such interest or benefit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -42.95pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-align: justify; text-indent: -42.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">51.</TD><TD STYLE="text-align: justify">For the purposes of Article 50:-</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -47.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -47.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.45pt"></TD><TD STYLE="width: 42.5pt">(a)</TD><TD STYLE="text-align: justify">a general notice given to the directors that a director is to be regarded as having an interest
of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons
is interested shall be deemed to be a disclosure that the director has an interest in any such transaction of the nature and extent
so specified; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84.95pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.45pt"></TD><TD STYLE="width: 42.5pt">(b)</TD><TD STYLE="text-align: justify">an interest of which a director has no knowledge and of which it is unreasonable to expect him
to have knowledge shall not be treated as an interest of his.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -47.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -47.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">52.</TD><TD STYLE="text-align: justify">Regulations 84 to 86 and 94 to 98 (inclusive) of Table A shall not apply to the Company.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -47.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROCEEDINGS OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">53.</TD><TD STYLE="text-align: justify">Subject to the provisions of the Articles, the directors may regulate their proceedings as they
think fit. A director may, and the secretary at the request of a director shall, call a meeting of the directors. Questions arising
at any meeting shall be decided by a majority of votes provided that any one director may act in dealing with the procedure set
out in Article 22. A director who is also an alternate director shall be entitled in the absence of his appointor to a separate
vote on behalf of his appointor in addition to his own vote. Notice of every meeting of the directors shall be given to each director
and his alternate director, including directors and alternate directors who may for the time being be absent from the United Kingdom
and have given the Company an address within the United Kingdom for service. Regulation 88 of Table A shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">54.</TD><TD STYLE="text-align: justify">The quorum for the transaction of business of the Board shall be two directors and for as long
as there shall be &quot;A&quot; Shares and &quot;B&quot; Shares in issue this shall be comprised of at least one &quot;A&quot;
Director and at least one &quot;B&quot; Director or their respective alternatives unless there is only one director appointed in
which case the quorum shall be one and these Articles shall be construed accordingly. Regulation 89 of Table A shall not apply
to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">55.</TD><TD STYLE="text-align: justify">Save as the Shareholders may from time to time agree otherwise, the directors may meet together
for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Unless at least one &quot;A&quot;
Director and at least one &quot;B&quot; Director indicate their willingness to accept shorter notice of a meeting of the directors,
at least seven clear days' prior notice of the time and place of each meeting of the directors shall be given. Questions arising
at any meeting shall be determined by a majority. In the case of an equality of votes, the chairman of the meeting shall not have
a second or casting vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">56.</TD><TD STYLE="text-align: justify">A director may, and the secretary on the requisition of a director shall, at any time summon a
meeting of the directors upon not less than seven days' notice. Notice of every meeting of the directors shall be given to every
director in accordance with the provisions referred to in Articles 66 to 73 (inclusive) but the non-receipt of notice by any director
shall not of itself invalidate the proceedings at any meeting of the directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">57.</TD><TD STYLE="text-align: justify">Any director including an alternate director may participate in a meeting of the directors or a
committee of the directors of which he is a member by means of a conference telephone or similar communications equipment whereby
all persons participating in the meeting can hear and speak to each other and any director, or alternate director or member of
a committee participating in this manner shall be deemed to be present in person at such meeting and, subject to these Articles
and the Act, he shall be entitled to vote and be counted in a quorum accordingly. Such a meeting shall be deemed to take place
where the largest group of those participating is assembled or, if there is no such group, where the chairman of the meeting then
is.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">58.</TD><TD STYLE="text-align: justify">At any meeting of the directors:</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">(h)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any &quot;A&quot; Directors or their alternates present at such meeting
shall collectively be entitled to as many votes as would be permitted to be cast if all the &quot;A&quot; Directors were present;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.45pt"></TD><TD STYLE="width: 42.5pt">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any &quot;B&quot; Director or their alternates present at such meeting
shall collectively be entitled to as many votes as would be permitted to be cast if all the &quot;B&quot; Directors were present.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">59.</TD><TD STYLE="text-align: justify">The words &quot;of filling vacancies, or&quot; shall be omitted from Regulation 90 of Table A.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>DELEGATION OF DIRECTORS&rsquo;
POWERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">60.</TD><TD STYLE="text-align: justify">A committee of the Board must include at least one &ldquo;A&rdquo; Director and one &ldquo;B&rdquo;
Director and the quorum for a meeting of any such committee shall throughout the meeting be at least one &ldquo;A&rdquo; Director
and one &ldquo;B&rdquo; Director. Regulation 72 of Table A shall be modified accordingly. Regulation 72 of Table A insofar as it
applies to Managing Directors shall not apply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">SECRETARY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">61.</TD><TD STYLE="text-align: justify">Subject to the provisions of the Act, the secretary shall be appointed by the directors for such
term and upon such conditions as they may think fit and any secretary so appointed may be removed by them. Except with the approval
of a special resolution of the Company, the secretary shall not be entitled to remuneration. Regulation 99 of Table A shall not
apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">DIVIDENDS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">62.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No dividends shall be declared by the Company unless approved by
the &quot;A&quot; Shareholder. Regulations 102 to 108 (inclusive) of Table A shall be amended accordingly. The &quot;A&quot; Shares
and the &quot;B&quot; Shares shall rank for dividends pari passu in all respects on the basis that the amount of any dividend declared
or paid shall be the&nbsp;same for&nbsp;each share of whatever class.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">THE SEAL</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">63.</TD><TD STYLE="text-align: justify">If the Company has a seal it shall only be used with the authority of the Board. The Board may
determine who shall sign any instrument to which the seal is affixed and unless otherwise so determined every instrument to which
the seal is affixed shall be signed by one director and by the secretary or another director. The obligation under Regulation 6
in Table A relating to the sealing of share certificates shall apply only if the Company has a seal. Regulation 101 of Table A
shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">ACCOUNTS</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">64.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No member shall (as such) have any right of inspecting any accounting
records or other book or document of the Company except as conferred by statute or authorised by special resolution of the Company.
Regulation 109 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">CAPITALISATION OF PROFITS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">65.</TD><TD STYLE="text-align: justify">For so long as there are &quot;A&quot; Shares and &quot;B&quot; Shares in issue, on any occasion
when shares are allotted and distributed credited as fully paid pursuant to the provisions of Regulation 110 of Table A as amended
by this Article, the Shares allotted to &quot;A&quot; Shareholders shall forthwith on allotment automatically stand designated
as &quot;A&quot; Shares and the Shares allotted to &quot;B&quot; Shareholders shall forthwith on allotment automatically stand
designated as &quot;B&quot; Shares.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">NOTICES</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt"><FONT STYLE="font-size: 10pt">66.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any notice to be given to or by any person pursuant to the Articles
(other than a notice calling a meeting of the directors) shall be in writing or shall be given using electronic communications
to an address for the time being notified for that purpose to the person giving the notice.In this Article, &quot;address&quot;,
in relation to electronic communications</FONT>, <FONT STYLE="font-size: 10pt">includes any number or address used for the purposes
of such communications. Regulation 111 of Table A shall not apply to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">67.</TD><TD STYLE="text-align: justify">The Company may give any notice to a member either personally or by sending it by first class post
in a prepaid envelope addressed to the member at his registered address or by leaving it at that address or by giving it using
electronic communications to an address for the time being notified to the Company by the member. In the case of joint holders
of a Share, all notices shall be given to the joint holder whose name stands first in the register of members in respect of the
joint holding and notice so given shall be sufficient notice to all the joint holders. A member whose registered address is not
within the United Kingdom and who gives to the Company an address within the United Kingdom at which notices may be given to him,
or an address to which notices may be sent using electronic communications, shall be entitled to have notices given to him at that
address, but otherwise no such member shall be entitled to receive any notice from the Company. Regulation 112 of Table A shall
not apply to the Company. In this Article and the next, &quot;address&quot;, in relation to electronic communications, includes
any number or address used for the purpose of such communications.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">68.</TD><TD STYLE="text-align: justify">A member present, either in person or by proxy, at any meeting of the Company or of the holders
of any class of Shares shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which it
was called. Regulation 113 of Table A shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">69.</TD><TD STYLE="text-align: justify">Every person who becomes entitled to a Share shall be bound by any notice in respect of that Share
which, before his name is entered in the register of members, has been duly given to a person from whom he derives his title. Regulation
114 of Table A shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">70.</TD><TD STYLE="text-align: justify">Any notice to be given to the Company pursuant to these Articles shall be sent to the registered
office of the Company or presented at a meeting of the Board or shall be sent to any number or address used for the purpose of
electronic communications and identified for that purpose by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">71.</TD><TD STYLE="text-align: justify">Any notice to be given pursuant to these Articles may be given by facsimile transmission to the
facsimile number maintained at the relevant address of the addressee. Such a notice shall be conclusively deemed to have been properly
given at the time shown on the transmission report received by the sender.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">72.</TD><TD STYLE="text-align: justify">Proof that an envelope containing a notice was properly addressed, prepaid and posted shall be
conclusive evidence that the notice was given by post. Proof of who was telephoned and the date and time of the call shall be conclusive
evidence that notice was given by telephone. A comprehensive transaction report or log generated by a fax machine, suitably certified
by or on behalf of the Company, shall be conclusive evidence that notice was given by fax. A copy of a record of the total number
of recipients sent to or each recipient to whom an e-mail message was sent together with any notices of failed transmissions and
copies of records of subsequent re-sending, suitably certified by or on behalf of the Company, shall be conclusive evidence that
notice was given by e-mail. A notice shall be deemed to have been given at the expiration of 24 hours after the envelope containing
it was posted or in the case of a notice contained in an electronic communication (other than notices transmitted by telephone
call which shall be deemed to have been given immediately after the time the telephone call was made), at the expiration of 24
hours after the time it was sent. Regulation 115 of Table A shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">73.</TD><TD STYLE="text-align: justify">A notice may be given by the Company to the persons entitled to a Share in consequence of the death
or bankruptcy of a member by sending or delivering it, in any manner authorised by the Articles for the giving of notice to a member,
addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description
at the address, if any, within the United Kingdom supplied for that purpose by the persons claiming to be so entitled. Until such
an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy
had not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">WINDING UP</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">74.</TD><TD STYLE="text-align: justify">If the Company is wound up, the liquidator may, with the sanction of an extraordinary resolution
of the Company and any other sanction required by the Act, divide among the members in specie the whole or any part of the assets
of the Company and may, for that purpose, value any assets and with the like sanction, determine how the division shall be carried
out as between the members or different classes of members. The liquidator may, with the like sanction, vest the whole or any part
of the assets in trustees upon such trusts for the benefit of the members as he with the like sanction determines, but no member
shall be compelled to accept any assets upon which there is a liability. Regulation 117 of Table A shall not apply to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEMNITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">75.</TD><TD STYLE="text-align: justify">Subject to the provisions of the Statutes but without prejudice to any indemnity to which the person
concerned may be otherwise entitled and protection from liability which may otherwise apply, every person who is or was at any
time a director or other officer of the Company (excluding the auditors) may be indemnified out of the assets of the Company against
all costs, charges, expenses, losses or liabilities (together <B>&quot;Liabilities&quot; </B>and each a<B> &quot;Liability&quot;</B>)
which he may sustain or incur in or about the actual or purported execution and/or discharge of the duties of his office and/or
in the exercise or purported exercise of his powers or discretions and/or otherwise in relation thereto or in connection therewith,
(together his <B>&quot;Role&quot;</B>) including (without prejudice to the generality of the foregoing) any Liability suffered
or incurred by him in disputing defending investigating or providing evidence in connection with any actual or threatened or alleged
claims, demands, investigations, or proceedings, whether civil or criminal or in connection with any application under section
144(3) or (4) or section 727 of the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">76.</TD><TD STYLE="text-align: justify">This indemnity shall not apply to the extent that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 29.25pt">(a)</TD><TD STYLE="text-align: justify">the Liability is recoverable from any other person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.8pt; text-align: justify; text-indent: -29.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 29.25pt">(b)</TD><TD STYLE="text-align: justify">where the consent of the Company's insurers is required, unless and until such consent is granted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.8pt; text-align: justify; text-indent: -29.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 29.25pt">(c)</TD><TD STYLE="text-align: justify">a Liability arises from an act or omission of the director or other officer which is shown to have
been in bad faith (including one involving fraud or fraudulent concealment by such director or other officer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 29.25pt">(d)</TD><TD STYLE="text-align: justify">the director
or other officer has received a financial benefit to which he is not entitled; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 71.8pt; text-align: justify; text-indent: -29.25pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 29.25pt">(e)</TD><TD STYLE="text-align: justify">it relates to tax or National Insurance Contributions payable on remuneration or other benefits
received by such director or other officer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 42.5pt">77.</TD><TD STYLE="text-align: justify">The Company may also, subject to the provisions of the Statutes, provide funds to any director
or other officer of the Company (excluding the auditors) or do anything to enable a director or other officer of the Company (excluding
the auditors) to avoid incurring expenditure of the nature described in section 337A of the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">78.</TD><TD STYLE="text-align: justify">The directors shall have the power to purchase and maintain insurance for the benefit of (a) every
person who is or was at any time a director or other officer (excluding the auditors) of the Company or any Associated Company
(as defined in section 309(A)(6) of the Act), (b) every person who is or was at any time an auditor of the Company or (c) any person
who is or was at any time a trustee of any pension fund or employees' share scheme in which employees of the Company or any Associated
Company (as defined in section 309(A)(6) of the Act) are interested including (without prejudice to the generality of the foregoing)
insurance against Liabilities in respect of his Role.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">79.</TD><TD STYLE="text-align: justify">Regulation 118 of Table A shall not apply to the Company.</TD></TR></TABLE>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<HR NOSHADE SIZE="1" ALIGN="LEFT" STYLE="color: Black; width: 70%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inter Parfums Soci&eacute;t&eacute; Anonyme</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<HR ALIGN="LEFT" NOSHADE SIZE="1" STYLE="color: Black; width: 70%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: left">Subscribed for and on behalf of the said</TD>
    <TD STYLE="width: 15%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Inter Parfums Soci&eacute;t&eacute; Anonyme</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-decoration: none; border-bottom: Black 1pt solid">/s/ Philippe Benacin</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Director</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Philippe Benacin</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.6
<SEQUENCE>3
<FILENAME>v303460_ex3-6.htm
<DESCRIPTION>EXHIBIT 3.6
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>REGISTRE DU COMMERCE DU CANTON DE FRIBOURG</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 32%; text-autospace: none">EXTRAIT DU REGISTRE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">Extrait avec &eacute;ventuelles radiations</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">Report du 17 septembre 2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">No r&eacute;f. 02350/2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">N&deg; f&eacute;d. CH-217-3540398-2</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS (SUISSE) S&agrave;rl</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">inscrite le 18 juin 2008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Soci&eacute;t&eacute; &agrave; responsabilit&eacute;
limit&eacute;e</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">R&eacute;f</TD>
    <TD STYLE="width: 69%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Raison Sociale</TD>
    <TD ROWSPAN="9" STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-autospace: none; text-align: center"><img src="logo.jpg"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; padding-left: 0.1in">INTER PARFUMS (SUISSE) S&agrave;rl</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Si&egrave;ge</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; padding-left: 0.1in">Fribourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Adresse</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; padding-left: 0.1in">Boulevard de P&eacute;rolles 21, c/o Tax Alliance SA, 1700 Fribourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Dates des Statuts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; padding-left: 0.1in">08.09.2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">But, Observations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-left: 0.1in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 0.1in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">But:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">acquisition, gestion et exploitation de droits immat&eacute;riels,
        notamment de brevets, de marques, de proc&eacute;d&eacute;s de fabrication, de savoir-faire, ainsi que la gestion et l'exploitation
        de licences portant sur des droits immat&eacute;riels (cf. statuts pour but complet).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Prestations accessoires, droits de pr&eacute;f&eacute;rence, de
        pr&eacute;emption ou d'emption: selon statuts.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Selon d&eacute;claration du 16.06.2008, la soci&eacute;t&eacute;
        n'est pas soumise &agrave; un contr&ocirc;le ordinaire et renonce &agrave; un contr&ocirc;le restreint.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Transformations (LFus)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">1</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">La soci&eacute;t&eacute; anonyme est transform&eacute;e en soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e conform&eacute;ment au projet de transformation du 04.09.2008 et bilan au 28.08.2008, pr&eacute;sentant des actifs de CHF 55'880' 120.10 et des passifs envers les tiers de CHF 85'478.75, soit un actif net de CHF 55'794'641.35, contre attribution &agrave; l'actionnaire unique de 27'450 parts sociales de CHF 1'000&mdash;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Organe de publication</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-left: 0.1in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P></TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 0.1in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Communication aux associ&eacute;s: par &eacute;crit ou par courriel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">FOSC</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">R&eacute;f</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><B>Capital social</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">Nominal</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">Lib&eacute;r&eacute;</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">CHF 27'450'000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">CHF 27'450'000</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><B>Apports en nature, reprises de biens, compensation de cr&eacute;ances, avant. partic., resp., vers. suppl.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">1.</TD>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-left: 0.1in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Apport en nature</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Selon contrat du 04.06.2008, INTER PARFUMS, soci&eacute;t&eacute;
        anonyme &agrave; Paris (F), fait apport &agrave; la soci&eacute;t&eacute; des marques LANVIN d'une valeur de EUR 34'712'000.&mdash;,
        accept&eacute; pour le prix de CHF 54'900'000.&mdash;, et imput&eacute; &agrave; concurrence de CHF 27'450'000.&mdash; &agrave;
        la lib&eacute;ration du capital-actions. En contrepartie il a &eacute;t&eacute; remis 27'450 actions de CHF 1'000.&mdash;, nominatives,
        &agrave; l'apporteur.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; text-autospace: none; padding-left: 0.1in">R&eacute;f</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; text-autospace: none; font-weight: bold; text-align: center"><B>Associ&eacute;s, g&eacute;rants et personnes ayant qualit&eacute; pour signer</B></TD>
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; text-autospace: none; text-align: center">Inscr.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">Mod.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">Rad.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Nom et Pr&eacute;noms, Origine, Domicile, Part sociale</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Fonctions</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Mode Signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 8pt">R&eacute;f</FONT></TD>
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Associ&eacute;s,
    g&eacute;rants et personnes ayant qualit&eacute; pour signer</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center"><FONT STYLE="font-size: 8pt">Inscr.</FONT></TD>
    <TD STYLE="width: 5%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center"><FONT STYLE="font-size: 8pt">Mod.</FONT></TD>
    <TD STYLE="width: 4%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center"><FONT STYLE="font-size: 8pt">Rad.</FONT></TD>
    <TD NOWRAP STYLE="width: 42%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Nom
    et Pr&eacute;noms, Origine, Domicile, Part sociale</FONT></TD>
    <TD STYLE="width: 22%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Fonctions</FONT></TD>
    <TD STYLE="width: 22%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Mode
    Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">1</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><B>INTER PARFUMS , soci&eacute;t&eacute;
        anonyme, &agrave; Paris (F),</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><I>27'450 parts de CHF 1'000.&mdash;</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Benacin Philippe, de France,
        &agrave; Paris (F)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Rubeli Guy-Philippe, de Gampelen,
        &agrave; Gy</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">associ&eacute;e</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">g&eacute;rant pr&eacute;sident</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">g&eacute;rant</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(sans signature)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">signature individuelle</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">signature individuelle</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">R&eacute;f</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">JOURNAL</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">PUBLICATION FOSC</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">R&eacute;f</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">JOURNAL</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">PUBLICATION FOSC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">0</P></TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Num&eacute;ro</TD>
    <TD STYLE="width: 19%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Date</TD>
    <TD STYLE="width: 8%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Date</TD>
    <TD STYLE="width: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Page/Id</TD>
    <TD STYLE="width: 5%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Num&eacute;ro</TD>
    <TD STYLE="width: 12%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Date</TD>
    <TD STYLE="width: 9%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Date</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Page/Id</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">report</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">3688</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">18.09.2008</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">24.09.2008</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">7/4663490</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fribourg, le 25 septembre 2008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: right; margin-bottom: 0; color: Red">









<IMG SRC="logo1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding-top: 10px; text-autospace: none; font-style: italic"><FONT STYLE="font-size: 10pt; color: black"><I>Fin
de l&rsquo;extrait</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Seul un extrait certifi&eacute; conforme, sign&eacute; et muni du sceau du registre, a une valeur l&eacute;gale.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none">INTER PARFUMS (SUISSE) S&agrave;rl</TD>
    <TD STYLE="width: 50%; text-autospace: none; text-align: right">Page 2/2</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.6(1)
<SEQUENCE>4
<FILENAME>v303460_ex3-6x1.htm
<DESCRIPTION>EXHIBIT 3.6(1)
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>REGISTRY OF COMMERCE OF THE CANTON OF FRIBOURG</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 32%; text-autospace: none; layout-grid-mode: line">REGISTRY EXTRACT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; font-weight: bold">Extract with possible deletions</TD>
    <TD STYLE="text-autospace: none; layout-grid-mode: line; font-weight: bold">Report of September 17, 2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-autospace: none; layout-grid-mode: line">Ref. No.<FONT STYLE="color: black"> 02350/2008</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-autospace: none; layout-grid-mode: line">Fed. No.<FONT STYLE="color: black"> </FONT>CH-217-3540398-2</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS (SWITZERLAND) Sarl</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registered on June 18, 2008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Limited Liability Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">Ref:</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Company Name</TD>
    <TD ROWSPAN="9" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center"><img src="logo.jpg"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">1</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.1in; text-autospace: none; layout-grid-mode: line">INTER PARFUMS (SWITZERLAND) Sarl</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Corporate Headquarters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">1</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.1in; text-autospace: none; layout-grid-mode: line">Fribourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Address</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">1</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.1in; text-autospace: none; layout-grid-mode: line">Boulevard de P&eacute;rolles 21, c/o Tax Alliance SA, 1700 Fribourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Date of the Statutes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">1</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.1in; text-autospace: none; layout-grid-mode: line">09/08/2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Purpose, Observations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P></TD>
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">Purpose</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">Acquisition, management and exploitation of intangible
        property, including patents, trademarks, manufacturing processes, know-how, as well as the management and operation of licensing
        of intangible property (see statutes for the complete purpose).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">Ancillary services, preferential, pre-purchase or purchase
        rights:<FONT STYLE="color: black"> </FONT>According to the Statutes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">According to the Financial Statement dated 06/16/2008,
        the corporation is not subject to regular monitoring and relinquished limited supervision.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Conversions (LFus)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">1</TD>
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.1in; text-autospace: none; layout-grid-mode: line">The corporation was converted into a limited liability company in accordance with the conversion project dated 09/04/2008, and the balance sheet of 08/28/2008, presenting assets of CHF 55,880,120.10 and third party liabilities of CHF 85,478.75, with net assets of CHF 55,794,641.35, the sole shareholder holding 27,450 corporate shares of CHF 1,000.00 each.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Publication Agency</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1</P></TD>
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">Communication with associates:<FONT STYLE="color: black">
        </FONT>in writing or by email</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">FOSC</P></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">Ref:</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Social Capital</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Nominal</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Paid In</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.1in; text-autospace: none; layout-grid-mode: line">CHF 27,450,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">CHF 27,450,000</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">In-kind contributions, recovery of goods, offset indebtedness, profit on holdings, paid in part, resp., suppl. vers.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">1</TD>
    <TD COLSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>In-kind contributions</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">In accordance with the Contract dated
        06/04/2008, INTER PARFUMS, a joint-stock company (F) in Paris, contributed to the company the brands LANVIN with a value of EUR
        34,712,000.00, accepted for the price of CHF 54,900,000.00, and the amount of CHF 27,450,000.00 paid by the release of capital
        stock.</FONT> <FONT STYLE="color: black"> </FONT>In return, 27,450 nominative shares with a value of CHF 1'000.00 each, were given
        to the contributor.</P></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">Ref:</TD>
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Shareholders, managers, and persons having the power to sign</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Reg.</TD>
    <TD STYLE="width: 5%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Mod.</TD>
    <TD STYLE="width: 4%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Rad.</TD>
    <TD NOWRAP STYLE="width: 42%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">First and Last Name, Origin, Domicile, Capital Share</TD>
    <TD STYLE="width: 22%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Functions</TD>
    <TD STYLE="width: 22%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center">Signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Shareholders,
    managers, and persons having the power to sign</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 8pt">Reg.</FONT></TD>
    <TD STYLE="width: 4%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 8pt">Mod.</FONT></TD>
    <TD STYLE="width: 4%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center"><FONT STYLE="font-size: 8pt">Rad.</FONT></TD>
    <TD STYLE="width: 43%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">First
    and Last Name, Origin, Domicile, Capital Share</FONT></TD>
    <TD STYLE="width: 22%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Functions</FONT></TD>
    <TD STYLE="width: 22%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">1</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">1</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><B>INTER PARFUMS, joint-stock
        company in Paris (F), </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><I>27,450 shares with a value
        of CHF 1,000.00 each</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Benacin Philippe, INTER PARFUMS,
        in Paris (F),</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Rubeli Guy-Philippe, of Gampelen,
        in Gy</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Shareholder</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Managing President</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Director</FONT></P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">(no signature)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Individual Signature</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt">Individual Signature</FONT></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Ref:</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">JOURNAL</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">FOSC PUBLICATION</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Ref:</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">JOURNAL</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">FOSC PUBLICATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 5%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">0</P></TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Number</TD>
    <TD STYLE="width: 19%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Date</TD>
    <TD STYLE="width: 8%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Date</TD>
    <TD STYLE="width: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Page/Id</TD>
    <TD STYLE="width: 5%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Number</TD>
    <TD STYLE="width: 12%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Date</TD>
    <TD STYLE="width: 9%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Date</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Page/Id</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">Deferred</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">3688</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">09/18/2008</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">09/24/2008</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; layout-grid-mode: line; text-align: center">7/4663490</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fribourg, on September 25, 2008</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%; text-autospace: none; layout-grid-mode: line; text-align: center">Certified extract</TD>
    <TD ROWSPAN="8" STYLE="width: 23%; text-autospace: none; layout-grid-mode: line; text-align: center">

<IMG SRC="logo2.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pages</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; text-align: center">Fribourg, on</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; text-decoration: underline; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 25, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; text-align: center">The Employee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; text-align: center">P-A JENNY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line; font-style: italic; text-align: center"><I>(Illegible Signature)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding-top: 10px; text-autospace: none; layout-grid-mode: line; font-style: italic"><I>End
of Extract</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; layout-grid-mode: line">Only a certified extract, signed and stamped with the Seal of the Registry, has a legal value.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black">(Text in Seal on front page and this
page: </FONT><B>REGISTRY OF COMMERCE OF FRIBOURG)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none; layout-grid-mode: line">INTER PARFUMS (SWITZERLAND) Sarl</TD>
    <TD STYLE="width: 50%; text-autospace: none; layout-grid-mode: line; text-align: right">Page 2/2</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-4.32
<SEQUENCE>5
<FILENAME>v303460_ex4-32.htm
<DESCRIPTION>EXHIBIT 4.32
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 4.32</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>This document constitutes part of a prospectus covering securities
that have been registered under the Securities Act of 1933.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B><I>Nonqualified
Stock Option Contract</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS NONQUALIFIED STOCK
OPTION CONTRACT</B> is entered into effective as of the 31st day of December, 2011, by and between <B>INTER PARFUMS, INC.,</B>
a Delaware corporation (the &ldquo;Company&rdquo;) and <FONT STYLE="text-transform: uppercase">___________</FONT> (&ldquo;Option
Holder&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WITNESSETH:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, in accordance
with the resolutions adopted by the Company&rsquo;s Executive Compensation and Stock Option Committee (the &ldquo;Committee&rdquo;),
and the terms and subject to the conditions of the Company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Plan&rdquo;), hereby
grants to the Option Holder as of December 31, 2010, a nonqualified stock option to purchase an aggregate of ______<B> </B>shares
(the &ldquo;Shares&rdquo;) of the common stock, $.001 par value per share, of the Company (the &ldquo;Common Stock&rdquo;), at
the exercise price of $15.59<B> </B>per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to earlier
termination as provided in the 2004 Plan, the term of this option shall be six (6) years from the date hereof; <I>provided that</I>,
such option shall vest and become exercisable to purchase shares of Common Stock as follows: 20% one year after the date of grant,
and then 20% on each of the second, third, fourth and fifth consecutive years from the date of grant on a cumulative basis, so
that each option shall become fully vested and exercisable on the fifth year from the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to
the provisions contained in Section 2 hereof, this option may be exercised from time to time in whole or in part prior to the end
of the term of the option (but not with respect to less than 100 Shares (unless less than 100 Shares remain to be purchased, then
such amount remaining), or fractional Shares), by giving written notice to the Company at its principal office, presently 551 Fifth
Avenue, New York, New York 10176, stating that the Option Holder is exercising this option, specifying the number of Shares purchased
and accompanied by payment in full of the aggregate purchase price therefor (i) in cash or certified check or (ii) with previously
acquired shares of Common Stock or a combination of the foregoing if permitted in the sole discretion of the Company&rsquo;s Executive
Compensation and Stock Option Committee (the &ldquo;Committee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, upon
the exercise of this option, the Company may withhold cash and/or Shares to be issued with respect thereto, having an aggregate
fair market value equal to the amount which it determines is necessary to satisfy its obligation to withhold federal, state and
local income taxes or other taxes incurred by reason of such exercise. Alternatively, the Company may require the holder to pay
to the Company such amount, in cash, promptly upon demand. The Company shall not be required to issue any Shares pursuant to this
option until all required payments have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This option is not
transferable otherwise than by will or the laws of descent and distribution and may be exercised, during the lifetime of the Option
Holder, only by the Option Holder or his legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the 2004
Plan or herein shall confer upon the Option Holder any right to continue in the employ of, or be associated with, the Company,
its Parent or any of its Subsidiaries, or interfere in any way with the right to employment or association of the Option Holder
with the Company, its Parent or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Option Holder
understands that the Shares have been registered for issuance to the Option Holder in Registration Statement No. 333-136988 under
the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;). Resale to the public by the Option Holder is to be made under Rule
144 under the Act in accordance with the procedure for resale of &ldquo;affiliate shares&rdquo; in the absence of a subsequent
effective registration statement for the resale of the Shares. Notwithstanding registration under the Act, the Option Holder understands
that in accordance with the provisions of the Company&rsquo;s Code of Business Conduct, (i) the Option Holder must obtain permission
from the Company&rsquo;s Chief Financial Officer prior to any sale of the Shares; and (ii) <FONT STYLE="letter-spacing: -0.15pt">the
use of material non-public information in connection with the sale of the Company&rsquo;s shares (&ldquo;Insider Trading&rdquo;)
or the communication of such information to others who use it in trading the Company&rsquo;s shares (&ldquo;Tipping&rdquo;) is
strictly prohibited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option Holder understands that the Company maintains its internet website at <U>www.interparfumsinc.com</U> which is linked to
the SEC Edgar database. The Option Holder can obtain through the Company&rsquo;s website, free of charge, its annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant
to Section 13(a) or 15(d) of the Exchange as soon as reasonably practicable after the Company has electronically filed with or
furnished them to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition,
the Company will cause to be delivered to the Option Holder, upon request to the Company directed to either the Chief Financial
Officer or the Controller, without charge to the Option Holder, a copy of the documents incorporated by reference into the Registration
Statement, other than exhibits (unless such exhibits are specifically incorporated by reference into the Registration Statement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything
to the contrary, if at any time the Chief Executive Officer, Board of Directors of the Company or the Committee shall determine
it its discretion that the listing or qualification of the Shares on any securities exchange, with national securities association
or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition
of, or in connection with, the granting of an option, or the issue of Shares thereunder, or the sale of the Shares, then this option
may not be exercised in whole or in part unless such listing, qualification, consent or approval shall have been effected or obtained
free of any conditions not acceptable to the Chief Executive Officer, Board of Directors or the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
and the Option Holder further agree that they will both be subject to and bound by all of the terms and conditions of the 2004
Plan, which is incorporated by reference herein and made a part hereof as if fully set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the
Option Holder's employment by, or association with, the Company, its Parent or any of its Subsidiaries terminates, or in the event
of the death or disability of the Option Holder, the rights hereunder shall be governed by, and made subject to, the provisions
of the 2004 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of
a conflict between the terms of this Contract and the terms of the 2004 Plan, then in such event, the terms of 2004 Plan shall
govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
provided herein, all capitalized terms used herein shall have the same meaning ascribed to them in the 2004 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Option Holder
agrees that the Company may amend the 2004 Plan and the options granted to the Option Holder under the 2004 Plan, subject to the
limitations contained in the 2004 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Contract shall
be binding upon and inure to the benefit of any successor or assign of the Company and to any executor, administrator or legal
representative entitled by law to the Option Holder's right hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Contract shall
be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts
of laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B>
the parties hereto have entered into this Contract effective as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold">INTER PARFUMS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 4%; text-autospace: none">By:</TD>
    <TD STYLE="width: 46%; text-autospace: none; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none"></TD>
    <TD STYLE="text-autospace: none">[Name and Title]&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schedule of Executive Officers and Number
of Shares Underlying Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-autospace: none; font-weight: bold; text-align: center">Executive&nbsp;Officer</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-autospace: none; font-weight: bold; text-align: center">Number&nbsp;of &nbsp;Shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Jean Madar</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">19,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Philippe Benacin</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">19,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Russell Greenberg</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">25,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Philippe Santi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Frederic Garcia-Pelayo</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Henry B. &ldquo;Andy&rdquo; Clarke</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">7,500</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.124
<SEQUENCE>6
<FILENAME>v303460_ex10-124.htm
<DESCRIPTION>EXHIBIT 10.124
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 10.124</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOURTH MODIFICATION OF LEASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">This Fourth Modification of Lease made as of this
_ day of January. 2006 by and between JEFFREY MANAGEMENT CORP. AS MANAGER FOR FRENCH PARTNERS LLC AND NEW YORK FRENCH BUILDING
CO-INVESTORS, LLC, TENANTS-IN-COMMON, having an address at 7 Penn Plaza, New York, New York, 10001 (hereinafter referred to as
the &quot;Landlord&quot;) and JEAN PHILIPPE FRAGRANCES, LLC, having an address at 551 Fifth Avenue, New York, New York, 10176,
(hereinafter referred to as the &ldquo;Tenant&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WITNESSETH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">WHEREAS, Landlord's predecessor in interest and
Tenant's predecessor in interest have entered into a certain lease dated January 13, 1992,as amended by Modification of Lease dated
June 17, 1994. Second Modification of Lease dated April 30, 1997 and Third Modification of Lease dated June 17, 2002 (hereinafter
collectively referred to as the &quot;Lease&rdquo;) for a portion of the fifteenth (15th) floor (hereinafter referred to as the
&quot;Current Demised Premises&quot;) in the building known as 551 Fifth Avenue, collectively known as Suite 1522, New York, New
York 10176 (hereinafter referred to as the &quot;Building&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">WHEREAS, Tenant wishes to lease additional space
on the fifteenth (15th) floor, known as Suite 1502, as more fully indicated on the attached Exhibit &quot;A&quot;, from the Landlord
(hereinafter referred to as the &quot;Additional Space&quot;) and Landlord is willing to lease said Additional Space to Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">NOW THEREFORE. in consideration of these promises,
mutual covenants and agreements contained herein and other good and valuable: consideration, receipt of which is hereby acknowledged
the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
March 1, 2006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Additional Space and the Current Demised Premises shall be together known as the Demised Premises (hereinafter referred to as the
&quot;Demised Premises&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
billing for the Additional Space shall be separate and apart from the billing for the Current Demised Premises and accordingly
the annual rent rate for the Additional Space only shall be as more fully indicated on the attached Exhibit &quot;B&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
35A of the Lease shall be amended in connection with the Additional Space only so that Tenant shall pay .30 percent of any increase
in any of the items included in the &quot;Real Estate Taxes&quot; and on the sixth (6th) line carrying over to the seventh (7th)
line the Base Tax Year in connection with the Additional Space only shall be &quot;July 1, 2006 through June 30, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
regard to the Additional Space only, landlord shall provide electric energy to the Tenant on a &quot;rent inclusion&quot; basis
in accordance with Article 378 of the lease. The Annual Rent set forth in Exhibit &quot;B&rdquo;, includes the annual amount of
$3,900..00 for electric energy on a rent inclusion basis for the Additional Space only. All of the terms of Article 37 of the Lease,
including but not limited to the purchase of electric energy and the increase in the cost of the purchase of Building electricity
above $3,900.00, shall be applicable for the Additional Space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant
agrees to accept the Additional Space in its &quot;as is&quot; condition except landlord agrees to demolish the Additional Space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
36 of the lease shall be amended in connection with the Additional Space only so that in subparagraph (b) the term &quot;Base Operating
Period&quot;, as it applies to the Additional Space only shall mean the calendar year commencing January 1, 2006. Subparagraph
(e) shall be amended so that the term &ldquo;Tenant's Proportionate Share&quot; In connection with the Additional Space only shall
mean 30%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant
represents that it has dealt with no broker other than Jeffrey Management Corp. Tenant agrees to indemnify and hold Landlord harmless
(including attorneys' fees) from and against any and all claims for brokerage commissions made by any other party claiming to act
for or on behalf of Tenant concerning this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Limited Guaranty, attached hereto and marked Exhibit&quot;C&quot; is incorporated into and made a part of the Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VIII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Fourth Modification of Lease shall be binding upon and Inure to the benefit of the parties hereto, their respective heirs, legal
representatives, successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as herein expressly modified, all terms, convenants and conditions of the Lease are hereby ratified and certified in all respects
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">IN WITNESS WHEREOF the parties hereto have executed this instrument
as of the day first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JEFFREY MANAGEMENT CORP. AS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MANAGER FOR FRENCH PARTNERS LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AND NEW YORK FRENCH BUILDING CO-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">INVESTORS, LLC, TENANTS-IN-COMMON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 90%; font-size: 10pt">[/s/_________]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">JEAN PHILIPPE FRAGRANCES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">INTER PARFUMS, INC., SOLE MEMBER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 40%; font-size: 10pt; text-decoration: none; border-bottom: Black 1pt solid">/s/ &nbsp;RUSSELL GREENBERG</TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RUSSELL GREENBERG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">EXECUTIVE VICE PRESIDENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">EXHIBIT &ldquo;A&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[Floor Plan Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">EXHIBIT &ldquo;B&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jean Philippe Fragrances, L.L.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Term:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Monthly:</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Annual Rent:</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 38%">&nbsp;</TD><TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 25%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 25%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>3/1/2006 - 2/28/2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,241.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,900.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT &ldquo;C&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">LIMITED GUARANTY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">The undersigned Inter Parfums, Inc., a Delaware
corporation, (&ldquo;Guarantor&rdquo;) as additional consideration for JEFFREY MANAGEMENT CORP. AS MANAGER FOR FRENCH PARTNERS
LLC AND NEW YORK FRENCH BUILDING CO-INVESTORS, L.L.C., TENANTS-IN-COMMON, Landlord, entering into a Fourth Modification of Lease
that modifies the Lease dated January 13, 1992, Modification of Lease dated June 17, 1994, Second Modification of Lease dated April
30, 1997, and Third Modification of Lease dated June 17, 2002 (collectively the original lease and all four (4) modification agreements
are hereinafter referred to as the &ldquo;Lease&rdquo;) with JEAN PHILIPPE FRAGRANCES, LLC, as Tenant, with respect to premises
located in 551 FIFTH AVENUE, NEW YORK, NEW YORK, 10176, more fully described in the Fourth Modification of Lease of eve date herewith,
hereby personally guarantees to Landlord the payment of all Annual Rent and additional rent and other charges due to Landlord under
the Lease or otherwise, which accrues up to and until the date on which the Demised Premises are vacated and the keys and possession
of the Demised Premises are turned over to Landlord and are available for re-renting provided, however, that Tenant has given Landlord
thirty (30) days prior written notice of the date on which the Demised Premises will be so vacated and that all items of repair
and maintenance of the Demised Premises under the Lease to be performed by the Tenant have been performed. Guarantor hereby agrees
that any repair and maintenance necessary to be performed to the Demised Premises due to the willful misconduct or gross negligence
of Tenant, shall be performed by the Guarantor, prior to the vacating of the Demised Premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">I addition, should the term of the Lease end
by virtue of the Tenant&rsquo;s default, the Tenant&rsquo;s property, fixtures and installations and any and all property fixtures
and installations which the Tenant has permitted to be brought upon the premises or installed in the premises, which may be required
to be removed at the expiration or termination of Tenant&rsquo;s occupancy in accordance with the terms of the Lease, shall be
removed by the Tenant at or prior to such termination and, if not so removed, the undersigned Guarantor agrees to reimburse Landlord
for any and all expenses in connection therewith, and to hold the Landlord harmless from any claims or liability in connection
with such removal. This Guaranty shall not include a guarantee of the obligation of the Tenant to replace any item beyond repair
other than plate glass, but shall include such guarantee or replacement in the event that such replacement is necessitated by the
acts or omissions of the Tenant, its agents, employees, or invitees, or by failure of the Tenant to make timely repairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The Guarantor executes this Guaranty knowing that
the Landlord will rely upon the same in entering into said Agreement of Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Guarantor further understands and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landlord
may (but is not obligated to) first look to the Guarantor for any Annual Rent, additional rent, or other guaranteed obligations
of Tenant, before applying any security monies held under this Lease. In such event, Guarantors would be obligated to pay to Landlord
any Annual rent and/or additional rent, and perform any of the above obligations prior to Landlord&rsquo;s applying any security
held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor may, at Landlord&rsquo;s option, be joined in any action or proceeding commenced by Landlord against Tenant in connection
with and based upon any covenants and obligations in said Lease, which have been guaranteed by guarantor, and that the undersigned
hereby waives any demand by Landlord and/or prior action by Landlord of any nature whatsoever against Tenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Guaranty shall remain and continue in full force and effect notwithstanding the alteration of the said Lease by the parties thereto
whether prior to or subsequent to the execution hereof and as to any renewal, extension, modification or amendment of said Lease
and as to any assignment of Tenant&rsquo;s interest in said lease, and the Guarantors do hereby waive notice of any of the foregoing
and agree that the liability of the Guarantors hereunder shall not be discharged, in whole or in part thereby, and shall be based
upon the obligations set forth in said Lease as the same may be altered, renewed, extended, modified, amended, or assigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantor&rsquo;s
obligations hereunder shall remain fully binding although Landlord may have waived one or more defaults by Tenant, extended the
time of performance by Tenant, released, returned or misapplied other collateral given later an additional security (including
other guarantees) and released Tenant from the performance of its obligations under such Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Guaranty shall remain in full force and effect notwithstanding the institution by or against Tenant of bankruptcy, reorganization,
readjustment, receivership or insolvency proceedings of any nature, or the disaffirmance of said Lease in an such proceedings or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Guaranty is signed by more than one party, their obligations shall be joint and several and of the release of one of such
guarantors shall not release any other of such guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Guaranty shall be applicable to and binding upon the heirs, representatives, successors and assigns of Landlord, Tenant and Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Guaranty shall be interpreted in accordance with the laws of the state of New York. Guarantors agree to submit to the jurisdiction
of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Signed by Guarantor this ______ day of February,
2006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">INTER PARFUMS, INC. a Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 40%; text-decoration: none; border-bottom: Black 1pt solid">/s/ Russell Greenberg</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Russell Greenberg, Executive VP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tax Pay ID No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13-3275609</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">551 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10176</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-decoration: none; border-bottom: Black 1pt solid">/s/</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Witness</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.128
<SEQUENCE>7
<FILENAME>v303460_ex10-128.htm
<DESCRIPTION>EXHIBIT 10.128
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Exhibit 10.128: Certain confidential information
in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) with a
request for confidential treatment by Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LICENSE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VAN CLEEF &amp; ARPELS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INTER PARFUMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Exhibit 10.128: Certain confidential information
in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) with a
request for confidential treatment by Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">CONTENTS</TD>
    <TD STYLE="font-weight: bold; text-align: right; vertical-align: bottom">PAGE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 86%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 10%; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">1.</TD>
    <TD STYLE="text-align: left">DEFINITIONS</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">2.</TD>
    <TD STYLE="text-align: left">LICENSE</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">3.</TD>
    <TD STYLE="text-align: left">COMPENSATION TO LICENSOR</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">4.</TD>
    <TD STYLE="text-align: left">PRODUCTS AND QUALITY CONTROL</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">5.</TD>
    <TD STYLE="text-align: left">MARKETING AND LAUNCH PLANS, ADVERTISING, MARKETING AND SALES PROMOTION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">6.</TD>
    <TD STYLE="text-align: left">DISTRIBUTION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">7.</TD>
    <TD STYLE="text-align: left">TERM AND TERMINATION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">8.</TD>
    <TD STYLE="text-align: left">TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">9.</TD>
    <TD STYLE="text-align: left">EXCLUSIVITY</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">10.</TD>
    <TD STYLE="text-align: left">PRODUCT LIABILITY</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">11.</TD>
    <TD STYLE="text-align: left">CONFIDENTIALITY</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">12.</TD>
    <TD STYLE="text-align: left">NOTICES</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">13.</TD>
    <TD STYLE="text-align: left">ASSIGNMENT</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">14.</TD>
    <TD STYLE="text-align: left">ENTIRE AGREEMENT, MODIFICATION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">15.</TD>
    <TD STYLE="text-align: left">APPLICABLE LAW, JURISDICTION</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">16.</TD>
    <TD STYLE="text-align: left">REMEDIES, NO WAIVER</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">17.</TD>
    <TD STYLE="text-align: left">SEVERABILITY</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">18.</TD>
    <TD STYLE="text-align: left">SECTION HEADINGS</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">19.</TD>
    <TD STYLE="text-align: left">FORCE MAJEURE</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">35</TD></TR>
</TABLE>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: left; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; font-variant: normal; text-align: left; text-indent: -28.35pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Annex A</TD>
    <TD STYLE="width: 90%">Trademarks</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annex B</TD>
    <TD>Quality Criteria</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annex C</TD>
    <TD>Form of Royalty Report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annex D</TD>
    <TD>Marketing Activities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annex E</TD>
    <TD>Selective Distribution Criteria</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annex F</TD>
    <TD>Annual Marketing Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annex G</TD>
    <TD>KEY MARKETS</TD></TR>
</TABLE>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; font-variant: normal; font-variant: normal; text-align: left; text-indent: -28.35pt">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: center"><B>LICENSE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>VAN
CLEEF &amp; ARPELS LOGISTICS sA,</B> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a company incorporated under the laws of Switzerland,
having its registered office at 8, route de Chandolan, 1752 Villars-sur-Gl&acirc;ne, Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-left: 2.5in">hereinafter referred to as &ldquo;LICENSOR&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>INTER PARFUMS SA,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a company incorporated under the laws of France
RCS Paris B 350&nbsp;219&nbsp;382 , having its registered office at 4 rond-point des Champs Elys&eacute;e 75008 PARIS, France</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-left: 2.5in">hereafter referred to as &ldquo;LICENSEE&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, LICENSOR and/or its RELATED COMPANIES
(as hereinafter defined) are the owners of the TRADEMARKS (as hereinafter defined), the tradename &ldquo;Van Cleef &amp; Arpels&rdquo;
(hereinafter &ldquo;TRADENAME&rdquo;), and the goodwill and reputation associated with them and manufactures or has manufactured
for it and sells under the TRADEMARKS luxury goods, in particular high quality jewellery and watches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, LICENSOR has the right to grant the
exclusive right to use the TRADEMARKS and the TRADENAME in connection with the marketing of luxury fragrance and cosmetic products
throughout the world in accordance with the terms and conditions of this AGREEMENT and to grant a license for the use of the TRADEMARKS
as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, LICENSEE desires to obtain the right
to use the TRADEMARKS and the TRADENAME on and in connection with the development, manufacture and sale of the PRODUCTS (as hereinafter
defined) throughout the world in accordance with the terms and conditions of this AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, LICENSOR is willing to grant LICENSEE
the right to use the TRADEMARKS and the TRADENAME on and/or in connection with the manufacture and sale of the PRODUCTS (as hereinafter
defined) throughout the TERRITORY on the terms and conditions hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">LICENSEE is informed of the current licence
agreement for Products under the Trademarks (both as hereinafter defined) with YSL Beaut&eacute; and the parties agree that this
Agreement shall only enter into force if and when the current licence agreement with YSL Beaut&eacute; will have been terminated
and the terms of Section 3.1, 7.1 and 20 has been agreed on in writing. It is further agreed by the parties that this Agreement
shall not enter into force and be nul and void if no termination Agreement is reached with the current licensee with effect as
per September 30, 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THEREFORE, in consideration of the said premises
and the mutual promises and covenants contained herein, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>DEFINITIONS</TD></TR></TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">Unless the context otherwise requires,
the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">&ldquo;AGREEMENT&rdquo; shall mean this License Agreement including all Annexes and Exhibits hereto,
as the same may be amended, supplemented or modified in accordance with <U>Section 14</U> hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">&ldquo;COMMENCEMENT DATE&rdquo; shall mean the date on which the termination of LICENSOR&rsquo;S
current licence agreement for PRODUCTS under the TRADEMARKS is effective, which has to be a date on or prior to September 30, 2006.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">&ldquo;CONTRACTUAL YEAR&rdquo; shall mean the period commencing on the COMMENCEMENT DATE and ending
December 31, 2007 and thereafter any subsequent period of twelve months commencing on January 1 and ending on the following December
31;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">&ldquo;TRADEMARKS&rdquo; shall mean the trademark &ldquo;Van Cleef &amp; Arpels&rdquo; and other
trademarks as represented and listed in <U>Annex A Part 1 and 2</U> hereto, together with any further names, symbols or marks which
the parties may agree to introduce in accordance with the provisions of this AGREEMENT for the purpose of applying to the PRODUCTS,
and shall include (but not be limited to) the various registrations thereof which have been obtained, which are pending, or which
may be obtained, as are relevant to the PRODUCTS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">&ldquo;BOTTLES&rdquo; shall mean the bottles or other containers (including, but without limitation,
tubes, vials, jars, etc.) for the PRODUCTS in which the PRODUCTS are sold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify">&ldquo;FORMULAE&rdquo; shall mean the formulae relevant to the PRODUCTS, including but not limited
the formula of the scent of the PRODUCTS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">&ldquo;PRESENTATION&rdquo; shall mean all trademarks, get-up, designs, advertising, merchandising,
point of sale, promotional and packaging (including labelling) material appearing upon or used in relation to the PRODUCTS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.8</TD><TD STYLE="text-align: justify">&ldquo;PRODUCTS&rdquo; shall mean such luxury fragrance (women&rsquo;s and men&rsquo;s fragrance
and home fragrance) and cosmetic products (limited to bath and body products, to the exclusion of skin care and make up products)
as shall be launched in accordance with the provisions of this AGREEMENT, that LICENSEE may market, distribute and sell in connection
with the TRADEMARKS and/or the TRADENAME pursuant to the terms and conditions of this AGREEMENT;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.9</TD><TD STYLE="text-align: justify">&ldquo;TECHNICAL INFORMATION&rdquo; shall mean any and all know-how and retail information in connection
with, for example, creative and technical input with respect to design, image, corporate identity, brand direction, advertising,
marketing and promotion (including LICENSOR&rsquo;S global marketing policy) relating to the PRODUCTS;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">1.10</TD><TD STYLE="text-align: justify">&ldquo;QUALITY CRITERIA&rdquo; shall mean the quality criteria as outlined in <U>Annex B</U> attached
hereto which may be amended with both parties&rsquo; written agreement (Section 14.2 below) and shall be consistent with the prestige
of the TRADEMARKS, the TRADENAME and the goodwill and reputation associated with them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.11</TD><TD STYLE="text-align: justify">&ldquo;BEST LOCAL WHOLESALE PRICE&rdquo; shall, for the purpose of <U>Section 6.5</U> below mean
the lowest price of the first sale of the PRODUCTS from LICENSEE or a RELATED COMPANY of LICENSEE to any third party which is not
a RELATED COMPANY of LICENSEE, may that be a distributor or a retailer, in each relevant market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.12</TD><TD STYLE="text-align: justify">&ldquo;LICENSOR&rsquo;S OUTLETS&rdquo; shall mean those shop-in-shops, corners, concessions and
free standing boutiques which are owned, operated or managed by LICENSOR, by any of its RELATED COMPANIES and/or by a third party
under the TRADENAME;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.13</TD><TD STYLE="text-align: justify">&ldquo;TERRITORY&rdquo; shall mean all countries and territories throughout the world, including
duty free zones;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.14</TD><TD STYLE="text-align: justify">&ldquo;NET SALES&rdquo; shall mean the invoice prices invoiced by LICENSEE and any of its RELATED
COMPANIES on the first sale of PRODUCTS in the ordinary course of business to a non-RELATED COMPANY, after deduction of any sales
taxes imposed on LICENSEE directly in respect of the PRODUCTS, credits, product returns, trade or cash discounts (including year-end
discounts), provided that the aggregate of such deductions shall not exceed such amount as would be normal business practice in
relation to the sale of luxury fragrance and grooming products of comparable prestige and price to the PRODUCTS. For the avoidance
of any doubt, NET SALES shall not include sales of point of sales and/or promotional materials, including but not limited to testers,
minis, samples, show cards and windows.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.15</TD><TD STYLE="text-align: justify">&ldquo;RELATED COMPANIES&rdquo; shall mean any parent or subsidiary of any of the parties or any
company affiliated with or related to any of them or a party or any company under common control with any of them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.16</TD><TD STYLE="text-align: justify">&ldquo;KEY MARKETS&rdquo; shall mean the territories listed in <U>Annex G</U> .</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.17</TD><TD STYLE="text-align: justify">&ldquo;PROJECTED NET SALES&rdquo; shall mean the projected net sales figure for the PRODUCTS in
any calendar year as contained in the annual marketing plan relevant for that calendar year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt">2.</TD><TD>LICENSE</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">LICENSOR hereby grants LICENSEE an exclusive license to use the TRADEMARKS and/or the TRADENAME
in connection with the development, manufacture, sale, distribution, advertising, merchandising, promotion and marketing of the
PRODUCTS in the TERRITORY for the term of the AGREEMENT in accordance with the conditions set out below. LICENSEE shall be entitled
to use the TRADEMARKS set forth in <U>Annex A Part 1</U> hereto and/or the TRADENAME in connection with other trademarks and/or
other distinctive or descriptive attributes (words, logos, devices, etc.) but only as LICENSOR shall first approve in accordance
with <U>Section 4.2</U> (in particular <U>Section 4.2.2</U>) and as set forth below. The goodwill generated through the sale of
the PRODUCTS shall vest exclusively in LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">During the term of this AGREEMENT and subject to prior written approval by LICENSOR, LICENSEE shall
also be authorised to use the TRADENAME as a branch or division name as &ldquo;Parfums Van Cleef &amp; Arpels&rdquo;, especially
on stationery etc., or, to incorporate the TRADENAME into the company name of a RELATED COMPANY (as &ldquo;Parfums Van Cleef &amp;
Arpels&rdquo;). The approval shall be deemed to have been given if LICENSOR does not give written notice of disapproval within
one (1) month after LICENSOR has received LICENSEE&rsquo;S written request for approval together with details of the planned incorporation
of the TRADENAME.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">LICENSEE will inform LICENSOR about the planned incorporation of the TRADENAME into the company
name of a RELATED COMPANY in good time at the latest four weeks before the respective entry in the Commercial Register.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">LICENSOR will, at the request of LICENSEE, co-operate as required in the incorporation of the TRADENAME
into the company name of a RELATED COMPANY of LICENSEE, and supply all necessary declarations or take the necessary actions, the
costs of such declarations or actions to be reimbursed by LICENSEE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">Promptly after the expiration or termination of the AGREEMENT, or if there is a sell-off period
(<U>Section 7.5 below</U>) promptly after the end of such sell-off period, LICENSEE agrees to procure the change of the name of
a branch, division or RELATED COMPANY referred to in <U>Sections 2.2 to 2.4 </U>by deleting the TRADENAME and ceasing to use and
destroying all relevant headed stationary, correspondence or other printed material bearing the TRADENAME.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">LICENSEE warrants that any use of the TRADENAME by a branch, division or RELATED COMPANY in accordance
with the provisions of <U>Section 2.2</U> above will only be permitted in order to enable LICENSEE to perform its obligations in
relation to the marketing, sale, development and manufacturing of the PRODUCTS under this AGREEMENT, to the exclusion of any other
activities, and will be subject to that branch, division or RELATED COMPANY complying in all other respects with the terms of this
AGREEMENT and all applicable local legal requirements relating to its incorporation and the conduct of its business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">LICENSOR may only with LICENSEE&rsquo;s prior written approval (which will be in LICENSEE&rsquo;S
exclusive discretion) and subject to the warranties given in <U>Sections 10.2 to 10.4</U>, be entitled to sell other products which
are not PRODUCTS together with PRODUCTS, especially in combination packages, marketed under the TRADEMARK, or to give away other
products as &ldquo;gift with purchase&rdquo; together with the PRODUCTS (hereinafter collectively called &ldquo;OTHER PRODUCTS&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.15pt">3.</TD><TD>COMPENSATION TO LICENSOR</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">In consideration of the rights granted
                                                           and the services to be performed by LICENSOR hereunder, LICENSEE shall
                                                           pay to LICENSOR a lump sum entrance fee of EUR _____* Mio. Further,
                                                           in consideration of the rights granted and the services to be performed
                                                           by LICENSOR during each CONTRACTUAL YEAR or part thereof a royalty
                                                           which shall be equal to <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>1</SUP>NET
                                                           SALES of all PRODUCTS sold in any CONTRACTUAL YEAR , and which shall
                                                           in any CONTRACTUAL YEAR be a minimum amount as specified in Section
                                                           3.2 below.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: left"></P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; text-align: left"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Left blank in original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">LICENSEE agrees to pay the following guaranteed minimum royalties to LICENSOR to be paid in (4)
equal amounts in each CONTRACTUAL YEAR (&ldquo;CY&rdquo;) in accordance with <U>Section 3.3</U> below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MINIMUM GUARANTEED ROYALTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Contractual Year</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 38%"><B>Minimum Guaranteed <BR>
    Royalty</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 1 Commencement Date to Dec 31 2007</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 2 Jan 1 to Dec 31 2008</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 3 Jan 1 to Dec 31 2009</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 4 Jan 1 to Dec 31 2010</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 5 Jan 1 to Dec 31 2011</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 6 Jan 1 to Dec 31 2012</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 7 Jan 1 to Dec 31 2013</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 8 Jan 1 to Dec 31 2014</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 9 Jan 1 to Dec 31 2015</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 10 Jan 1 to Dec 31 2016</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 11 Jan 1 to Dec 31 2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CY 12 Jan 1 to Dec 31 2018</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>2</SUP></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.2pt; text-align: justify">For the avoidance of doubt, the
parties confirm that the minimum guaranteed royalties shall be non-cumulative on a year-to-year (CONTRACTUAL YEARS) basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">LICENSEE shall, for each quarter of
                                                           each CONTRACTUAL YEAR, pay to LICENSOR the greater of the cumulative
                                                           amount of royalties payable under <U>Section 3.1</U> above or the cumulative
                                                           minimum royalties due in that CONTRACTUAL YEAR up to that date less
                                                           any royalties, whether payable under <U>Section 3.1</U> or guaranteed
                                                           minimum royalty payments, already paid in that CONTRACTUAL YEAR. These
                                                           payments will be made within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>3</SUP>after
                                                           the end of each calendar quarter, such quarters ending on 31 March,
                                                           30 June, 30 September and 31 December in each CONTRACTUAL YEAR. Each
                                                           payment shall be accompanied by a quarterly royalty report in the form
                                                           as attached as <U>Annex C</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify">In addition to the quarterly royalty
                                                           reports referred to in <U>Section 3.3</U> above, LICENSEE shall &ndash;
                                                           if requested by LICENSOR promptly after the end of a calendar year
                                                           &ndash; provide to LICENSOR within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>4</SUP>of
                                                           the end of each calendar year a global certificate from its internal
                                                           auditors certifying that the volume and value of sales of the PRODUCTS
                                                           for that calendar year and that the figures contained in the quarterly
                                                           royalty reports for the same calendar year correspond with the entries
                                                           in the books of LICENSEE and where appropriate, any RELATED COMPANY
                                                           of LICENSEE or any other entity under its control and certifying the
                                                           global deductions from gross sales made to calculate the NET SALES
                                                           figure for the relevant calendar year. The certificate shall also certify
                                                           that the figures set out in the year-end rebate referred to in <U>Section
                                                           6.5</U> are true and accurate. Additionally, upon requested by, LICENSEE
                                                           shall provide a certificate from its external auditors confirming that
                                                           the volume and value of sales of the PRODUCTS for that calendar year
                                                           and that the figures contained in the quarterly royalty reports correspond
                                                           with the entries in the books of LICENSEE and, where appropriate, any
                                                           RELATED COMPANY of LICENSEE or any other entity under its control and
                                                           certifying the global deductions from gross sales made to calculate
                                                           the NET SALES figure for the relevant calendar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD STYLE="text-align: justify">Failure by LICENSEE to make payment
                                                           of any royalties within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>5</SUP>after
                                                           their due date shall thereafter incur accrued interest at the basic
                                                           bank interest rate of BNP, Banque Nationale de Paris, plus <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]]</B><SUP>6</SUP>per
                                                           annum. Payment shall be applied first against any interest which may
                                                           have been accrued to the date of the payment and any balance against
                                                           the amount of royalties outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.6</TD><TD STYLE="text-align: justify">All taxes required by law to be withheld or assessed on or with respect to the remittance of royalties
by LICENSEE or any RELATED COMPANY hereunder shall, if paid by LICENSEE or any related party, be deducted from the amount of royalties
payable to LICENSOR. LICENSEE shall furnish LICENSOR with documentation reflecting the amount and proof of such tax payments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>5 </SUP>Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>6</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.7</TD><TD STYLE="text-align: justify">All royalties shall be paid in Euro. The exchange rate of the royalties from foreign currencies
to Euro shall be calculated according to the average rate of exchange during the last month of the quarter being reported as published
in the Financial Times under the heading &ldquo;Exchange Cross Rate&rdquo; or, in the event that the relevant calculations cannot
be made as aforesaid, by such other exchange rate calculation formula as may be agreed by the parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.8</TD><TD STYLE="text-align: justify">LICENSEE shall not be obliged to pay royalties on any compensation received from its customers
as a participation on advertising and sales promotion, such as payments for decoration, testers and samples.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.9</TD><TD STYLE="text-align: justify">LICENSEE agrees to keep full and accurate
                                                           books and records relating to the marketing and the sale of the PRODUCTS.
                                                           LICENSEE agrees that LICENSOR shall have the right to inspect, audit
                                                           or make copies of the books and records of LICENSEE and/or any RELATED
                                                           COMPANIES of LICENSEE relating to the computation and the payment of
                                                           the royalties due and owing to LICENSOR within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>7</SUP>after
                                                           the quarter in question up to <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>8</SUP>a
                                                           year at reasonable times and upon no less than one month&rsquo;s prior
                                                           notice. This right terminates <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>9</SUP>after
                                                           the expiration of this AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.10</TD><TD STYLE="text-align: justify">If a shortfall in the ROYALTIES paid
                                                            is verified, LICENSEE shall promptly pay to LICENSOR all additional
                                                            ROYALTIES due. If the shortfall is greater than [<B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>10</SUP>of
                                                            the cumulative amount of ROYALTIES paid by LICENSEE for the relevant
                                                            period, then the LICENSEE shall also pay to LICENSOR an amount equal
                                                            to the reasonable costs and expenses of LICENSOR&rsquo;S examination
                                                            together with interest calculated in accordance with <U>Section 3.5
                                                            </U>above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt">4.</TD><TD>PRODUCTS AND QUALITY CONTROL</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">The parties shall collaborate in the development process of the PRODUCTS so that the PRODUCTS brought
to the market will be consistent with the image of LICENSOR and the TRADEMARKS, and in conformity with the QUALITY CRITERIA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>8 </SUP>Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>9 </SUP>Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>10 </SUP>Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">LICENSEE expressly agrees to take
LICENSOR&rsquo;S image and reputation into consideration in the development and the manufacturing of the PRODUCTS and ensure that
the PRODUCTS will be in accordance with LICENSOR&rsquo;S image and reputation and will not harm or diminish LICENSOR&rsquo;S image
and reputation and the goodwill LICENSOR has built up with its other products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">The parties agree that LICENSOR shall have approval rights with regard to the PRODUCTS over:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.6pt; text-align: justify">the concept</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.6pt; text-align: justify">the scent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.6pt; text-align: justify">the name</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.6pt; text-align: justify">the inner and outer packaging (including
but not limited to the bottles, the folding boxes, any other packagings, tubes, vials and jars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">and any changes made thereto. As
far advertising and marketing, it is referred to <U>Section 5.5 below</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.2.1</TD><TD STYLE="text-align: justify">If LICENSOR does not give its approval of any of LICENSEE&rsquo;S proposals with regard to the
concept, the scent or the packaging, it shall give its reasons for such withholding and agrees to submit its ideas, input, advice,
and suggestions with regard thereto to LICENSEE within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>11</SUP>after having received
such proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.2.2</TD><TD STYLE="text-align: justify">Within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>12</SUP>of
                                                                     receipt of LICENSEE&rsquo;S request for approval of any name
                                                                     in accordance with this <U>Section 4.2</U>, or any trademark
                                                                     and/or any other attribute in accordance with <U>Section
                                                                     2.1</U> as well as the submission of a completed availability
                                                                     search by LICENSEE in accordance with <U>Section 8.16</U>
                                                                     below, LICENSOR shall notify LICENSEE which names, trademarks
                                                                     or attributes it approves or disapproves and shall give its
                                                                     reason for any disapproval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>11 </SUP>Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:11.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>12</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.2.3</TD><TD STYLE="text-align: justify">In the event of non-approval pursuant to <U>Sub-Sections 4.2.1 and/or 4.2.2</U> above, LICENSEE
agrees to take LICENSOR&rsquo;S comments, ideas, input and advice into consideration and to amend or revise its proposal and/or
implement LICENSOR&rsquo;S suggestions and submit the revised proposal to LICENSOR for its approval, it being understood that LICENSOR
and LICENSEE shall use their best endeavours to closely cooperate in order to have finally a satisfactory common project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">4.2.4</TD><TD STYLE="text-align: justify">Any proposal submitted to
                                                                     LICENSOR for approval and not disapproved within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>13</SUP>after
                                                                     LICENSOR having received such proposal shall be deemed to
                                                                     have been approved.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">LICENSEE shall be responsible for ensuring that the PRODUCTS, the BOTTLES, the FORMULAE and the
PRESENTATION comply with the agreed designs, models and prototypes and with all relevant laws, regulations, specifications and
standards in force with respect thereto and with all LICENSOR&rsquo;S reasonable instructions relating to the PRODUCTS, in particular,
their quality and presentation. LICENSEE will withdraw from the course of manufacture and/or storage and not place upon the market
any goods found not in accordance with the QUALITY CRITERIA, whether fully or partly manufactured.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -0.05pt">LICENSEE
agrees and undertakes to maintain the quality of the PRODUCTS existing at the date of signing of this AGREEMENT at minimum at their
then current level .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">LICENSEE agrees to use commercially reasonable efforts to develop the sales of the PRODUCTS and
to launch new PRODUCT lines at least in KEY MARKETS, as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">March 2008 : launch of new fragrance for
women</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">September 2008 : launch of new fragrance
for men</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
                                                              <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>14</SUP>: launch
                                                              of the 2<SUP>nd</SUP> new fragrance for women</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>15</SUP>:
                                                              animate and support of all PRODUCT lines</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>13</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:13.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>14</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>15</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">LICENSOR agrees to use its best efforts to ensure that the reputation, image and the goodwill of
the TRADEMARKS as represented in <U>Annex A</U> Part 1 and/or of the TRADENAME shall retain its present standing (as of signing
of this AGREEMENT), particularly in connection with other products manufactured and/or distributed under the TRADEMARKS and/or
the TRADENAME by LICENSOR, RELATED COMPANIES of LICENSOR or other licensees, sub-licensees and franchisees of LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify">LICENSEE will permit LICENSOR or its authorised representative at all reasonable times to enter
the LICENSEE&rsquo;S premises where the PRODUCTS are made, stored, distributed or sold, for the purpose of inspection thereof.
In order to enable LICENSOR to control the quality of the PRODUCTS, LICENSEE agrees to submit to LICENSOR after reasonable request
random samples (up to 4 items per range of PRODUCTS) free of cost for inspection.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify">If LICENSEE uses sub-manufacturers or sub-licensees, in accordance with the terms of this AGREEMENT
for the manufacture of the PRODUCTS, LICENSEE shall remain liable for ensuring that the quality of the PRODUCTS remains in accordance
with the QUALITY CRITERIA. LICENSEE shall permit or procure that the sub-manufacturer or sub-licensee shall permit the LICENSOR
or its representative during normal business hours to enter any place of manufacture or storage occupied by or used by the sub-manufacturer
or the sub-licensee for the purpose of inspection of the PRODUCTS and to ensure that the QUALITY CRITERIA are being adhered to.
PROVISIONS for this purpose shall be incorporated into any sub-manufacturing contract or sub-license granted hereunder. LICENSEE
undertakes to have executed by any of such sub-manufacturer and sub-licenses a declaration acknowledging LICENSOR&rsquo;s intellectual
property rights as provided by LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">LICENSEE will use its best efforts
to ensure that such suppliers which are branding any of the components of the PRODUCTS with any of the TRADEMARKS permit the LICENSOR
or its representative either alone or together with LICENSEE or its representative within reasonable intervals and after reasonable
notice during normal business hours to enter any place of manufacture or storage occupied or used by such suppliers for the purpose
of inspection of the PRODUCTS and to ensure that the QUALITY CRITERIA are being adhered to.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify">The Parties agree that it is essential that the Products be marked &ldquo;Made in France&rdquo;.
For that purpose, LICENSEE undertakes that any and all Products shall be manufactured in such a manner as to permit such marking
in accordance with country of origin markings and regulations and any other relevant regulation in force during the term of this
AGREEMENT in the Territory.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify">LICENSEE is informed that LICENSOR and the Richemont Group are engaged in respecting international
treaties and guidlines in relation to, inter alia, protection of environment, labour conditions (no child labour) and testing of
products (no tests on animals), and LICENSEE undertakes to carry out this AGREEMENT in full respect of aforesaid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt">5.</TD><TD STYLE="text-align: justify">MARKETING AND LAUNCH PLANS, ADVERTISING, MARKETING AND SALES PROMOTION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">LICENSEE shall, on a <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>16</SUP>,
                                                           and in each calendar year, communicate in writing to LICENSOR and follow
                                                           such communication within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>17</SUP>,
                                                           or within such other period as the parties may agree, with a presentation
                                                           for discussion purposes at LICENSOR&rsquo;S premises, or at such other
                                                           location as may be agreed, the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.25pt">(a)</TD><TD STYLE="text-align: justify">its marketing plan for the following
                                                                  <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>18</SUP>period
                                                                  to include the information set out in <U>Annex F</U> hereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.25pt">(b)</TD><TD STYLE="text-align: justify"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>19</SUP>per
                                                                  calendar year, than its indicative Strategic Plan for the following
                                                                  [<B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>20</SUP>,
                                                                  such Strategic Plan to include a market overview, LICENSEE&rsquo;S
                                                                  strategy and marketing objectives, a marketing calendar and
                                                                  summary of planned advertising and promotional expenditure,
                                                                  brand positioning and pricing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 35.25pt">(c)</TD><TD STYLE="text-align: justify">any new PRODUCT launch plans, if relevant, in accordance with <U>Section 5.3</U> below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>16</SUP> Confidential information omitted
and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:16.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>17</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>18</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>19</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>20</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:20.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">At the time LICENSEE presents its marketing
                                                           plan in accordance with <U>Section 5.1 (a)</U> above, LICENSOR shall
                                                           present its PRODUCT marketing plan for the following <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>21</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">The launch plan for each new line of PRODUCTS shall be presented at the relevant marketing proposal
presentation referred to in <U>Section 5.1</U> above, or at a separate presentation if agreed by the parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify">LICENSEE shall be responsible for producing and circulating all advertising and promotional materials
in the TERRITORY at its costs. LICENSEE agrees to take LICENSOR&rsquo;S image into consideration in its advertising and promotion
for the PRODUCTS and to ensure that the advertising and promotion for the PRODUCTS will be in accordance with LICENSOR&rsquo;S
image and reputation and will not harm or diminish LICENSOR&rsquo;S image and reputation and the goodwill LICENSOR has built up
with its other products. LICENSEE further agrees to consult with LICENSOR with regard to advertising and sales promotion and to
take LICENSOR&rsquo;S advice into due consideration in order to develop advertising which is consistent with the image and reputation
of LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify">The parties agree that LICENSOR shall have approval rights with regard to the advertising and marketing
for the PRODUCTS over</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify">the &ldquo;central&rdquo; marketing
materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify">the &ldquo;central&rdquo; PR releases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify">the &ldquo;central&rdquo; advertising
material</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-align: justify">major public relation events</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">(&ldquo;central&rdquo; means the
initial core materials that will be sent by LICENSEE to international markets for translation and adaptation to local markets.
It is thereby understood, that there will be no &ldquo;local&rdquo; marketing, PR and advertising material other than the translated
or to the local needs adapted &ldquo;central&rdquo; marketing, PR and advertising material).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;21</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">If LICENSOR does not consent to
any of LICENSEE&rsquo;S proposals with regard to the advertising and marketing for the PRODUCTS, it shall give its reasons for
such withholding and agrees to submit its ideas, input and advice with regard thereto to LICENSEE within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>22</SUP>after
having received such proposal. LICENSEE agrees to take LICENSOR&rsquo;S comments, ideas, input and advice into consideration and
amend or revise its proposal and/or implement LICENSOR&rsquo;S suggestions and submit the revised proposal to LICENSOR for approval-it
being understood that LICENSOR and LICENSEE shall use their best endeavours to closely cooperate in order to have finally a satisfactory
common project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD STYLE="text-align: justify">LICENSEE undertakes to spend jointly with its distributors in each calendar year a minimum percentage
of its PROJECTED NET SALES on advertising and marketing of the PRODUCTS (hereinafter called &ldquo;Advertising and Marketing Expenditure&rdquo;)
as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%; border-collapse: collapse; margin-left: 70pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; text-align: justify">- First Contractual Year (or part thereof)</TD>
    <TD STYLE="width: 25%; font-weight: bold; text-align: right"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;]<SUP>23</SUP></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">- Second and third Contractual Year</TD>
    <TD STYLE="font-weight: bold; text-align: right"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;]<SUP>24</SUP></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">- Fourth and any subsequent Contractual Year</TD>
    <TD STYLE="font-weight: bold; text-align: right"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;]<SUP>25</SUP></B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">The term Advertising and Marketing
Expenditure shall cover all expenditure for the activities listed in <U>Annex D</U>. Product development costs for new PRODUCTS
actually launched (excluding line extensions which are not new PRODUCTS), and pre-launch costs, shall in the first year of their
launch be included in the Advertising and Marketing Expenditure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">It is expressly agreed that LICENSEE
undertakes to spend jointly with its distributors at least <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>26</SUP>of the Advertising
and Marketing Expenditure on Media Advertising (point 1 of <U>Annex D</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.7</TD><TD STYLE="text-align: justify">The range of measures making up advertising and marketing activities for the purpose of this <U>Section
5</U> shall be as defined in <U>Annex D</U> attached to this AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>22</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:22.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>23</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>24</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>25</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>26</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:26.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.8</TD><TD STYLE="text-align: justify">Subject to compliance with the provisions of this AGREEMENT, LICENSEE shall be free to decide whether
and to what extent the advertising and marketing activities and methods specified in <U>Annex D</U> to this AGREEMENT are to be
employed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.9</TD><TD STYLE="text-align: justify">Any information about LICENSOR as well as any pictures and photos of LICENSOR or LICENSOR&rsquo;S
OUTLETS shall be subject to LICENSOR&rsquo;S prior written approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">LICENSOR agrees to sell to LICENSEE
a reasonable number of samples of other products of LICENSOR at wholesale price and provide LICENSEE with a reasonable number of
photos, drawings, etc. of LICENSOR&rsquo;S shops or products for LICENSEE&rsquo;S use in advertising, promotion or any other way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.10</TD><TD STYLE="text-align: justify">In case LICENSOR and LICENSEE intend to arrange for public relation statements referring to their
co-operation they will beforehand consult with each other and harmonise words, pictures and further details of the public relation
actions and each shall confirm in writing to the other its approval of the final format of such statement prior to public release.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.11</TD><TD STYLE="text-align: justify">LICENSOR undertakes to provide LICENSEE with information about and reasonable quantities of representative
samples of advertising and promotional material used by LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.12</TD><TD STYLE="text-align: justify">If requested by LICENSEE, LICENSOR agrees to inform LICENSEE about its actual marketing strategies
and communication concepts by providing LICENSOR with relevant TECHNICAL INFORMATION. LICENSEE shall take these strategies into
reasonable consideration for the development of the advertising and promotion for the PRODUCTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.13</TD><TD STYLE="text-align: justify">If requested by either party, the parties shall consult with each other from time to time on advertising
and promotion activities to be implemented jointly and/or together with other licensees, sub-licensees or franchisees of LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.14</TD><TD STYLE="text-align: justify">LICENSEE shall make available to LICENSOR:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">a quarterly report on the status
of its expenditure for advertising, merchandising and promotions, including Advertising and Marketing Expenditure; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">regular evidence of expenditure
in relation to advertising, merchandising and promotion for the PRODUCTS by providing representative samples of its advertising,
public relation releases, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.15</TD><TD STYLE="text-align: justify">LICENSOR shall be free to use for LICENSOR&rsquo;S OUTLETS LICENSEE&rsquo;S advertising and marketing
materials for the PRODUCTS, subject to the limitations of rights granted by third parties in relation to such advertising and marketing
materials for the PRODUCTS. To this end, LICENSEE will supply to LICENSOR reasonable quantities of aforesaid material, upon request
by LICENSOR at BEST WHOLESALE PRICE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt">6.</TD><TD STYLE="text-align: justify">DISTRIBUTION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">LICENSEE agrees to distribute the PRODUCTS or have them distributed by its RELATED COMPANIES or
third party distributors only through selected distribution channels (speciality department stores, qualified independent perfumeries,
select perfumery chains and travel retail outlets) of high standing and compatible with the high quality and high luxury image
of the TRADEMARKS. Upon request by LICENSOR, LICENSEE will provide LICENSOR with information about the names and addresses of its
distributors and authorised outlets, and in particular with confirmation (respectively, information) in the case of individual
outlets that they are (respectively, whether they are) supplied by LICENSEE or its authorised distributors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">LICENSEE shall use its best efforts to ensure that such outlets conform with LICENSOR&rsquo;S selective
distribution criteria as set out in <U>Annex E</U> hereto. LICENSOR reserves the right for its representatives to visit all outlets
supplied by LICENSEE or its authorised distributors in order to ensure that they do so conform and, in the event they do not and
after being requested by LICENSOR, LICENSEE shall, subject to compliance with local laws, use its best efforts that such outlets
will no longer be supplied with the PRODUCTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">LICENSEE agrees to use its best endeavours that all material of whatever nature relevant to the
TRADENAME or the TRADEMARKS will be promptly removed from any outlet which ceases to sell the PRODUCTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify">LICENSEE agrees not to distribute or sell the PRODUCTS though correspondence (including mail order
/ catalogue sales) without first obtaining LICENSOR&rsquo;S written consent. LICENSEE further agrees that the marketing, distribution
or sale of the PRODUCTS through any electronic means such as the Internet shall only be authorised for approved retailers provided
they have a physical outlet fulfilling the criteria as set out in Section 6.2/Annex E , and provided that the use of the Internet
is consistent with the high quality and high luxury image of the PRODUCTS and criteria as LICENSOR may reasonably communicate from
time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt">6.5</TD><TD STYLE="text-align: justify">LICENSOR shall be free, in its exclusive
                                                             discretion, to market and sell the PRODUCTS through LICENSOR&rsquo;S
                                                             OUTLETS in the TERRITORY. It is agreed that LICENSOR, and any of
                                                             its RELATED COMPANIES or franchisees, shall order the PRODUCTS from
                                                             LICENSEE, and LICENSEE shall accept, or procure the acceptance of
                                                             such orders, and shall deliver the PRODUCTS to LiCENSOR at BEST LOCAL
                                                             WHOLESALE PRICE minus <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>27</SUP>.
                                                             Royalties shall be paid in accordance with the provisions of <U>Section
                                                             3</U> above on sales to LICENSOR, any of its RELATED COMPANIES or
                                                             franchisees in accordance with this Section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">LICENSOR shall remain free in the
TERRITORY to distribute the PRODUCTS in reasonable quantities for sales of personnel of the Richemont Group, for business gift
purposes (free of charge), and/or for promotional purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.6</TD><TD STYLE="text-align: justify">LICENSEE shall use all commercially reasonable efforts to supply PRODUCTS to LICENSOR by such dates
as LICENSOR shall reasonably notify to LICENSEE in order to meet LICENSOR&rsquo;S time-table for preparation of brochures, promotional
activities, etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">7.</TD><TD>TERM AND TERMINATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">The initial term of this AGREEMENT shall commence on the COMMENCEMENT DATE and shall have a duration
of twelve (12) Contractual Years, and thus expire on December 31, 2018 (Initial Term), unless renewed or sooner terminated as provided
below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">The parties expressly agree and
confirm that the effectiveness of this Agreement and its entry into force shall be subject to the license agreement between LICENSOR
and YSL Beaut&eacute; being terminated by mutual understanding between the parties thereto (with effect no later than September
30, 2006 the latest as per the COMMENCEMENT DATE of this Agreement) and that an agreement between LICENSOR, LICENSEE and YSL regarding
the transition and the intellectual property rights relating to the then existing PRODUCTS has been duly executed no later than
September 30, 2006. In case no agreement is reached with YSL Beaut&eacute; for the termination of the licence agreement between
such company and LICENSOR, and no agreement be reached by the parties on the termination (see Section 20) on the date of September
30, 2006, the latest, this AGREEMENT shall not become effective and shall be nul and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;<SUP>27</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:27.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">Each party shall be entitled to renew
                                                           the AGREEMENT for a further term of five (5) Contractual Years up to
                                                           and including December 31, 2023, upon written notice to the other,
                                                           such notice to be given on or before June 1, 2018, in the event the
                                                           global net sales as reflected in LICENSEE&rsquo;S books for the Contractual
                                                           Year 11 (2017) were above <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>28</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">The parties agree that they shall no later than 31 December 2017 ( end of CONTRACTUAL YEAR 11)
consult together with a view to agreeing by June 1, 2018 the terms and conditions upon which they may further extend the AGREEMENT
with effect from January 1, 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify">Each party shall be entitled to terminate the AGREEMENT upon written notice to the other party
upon the occurrence of any of the following events:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.4.1</TD><TD STYLE="text-align: justify">the other party shall default
                                                                     or fail to make when due any payment due hereunder, and such
                                                                     default or failure shall continue for a period of <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>29</SUP>after
                                                                     receipt of notice thereof from the other party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.4.2</TD><TD STYLE="text-align: justify">a material breach of any
                                                                     provision of this AGREEMENT which is not remedied within
                                                                     <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>30</SUP>of
                                                                     written notice thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.4.3</TD><TD STYLE="text-align: justify">liquidation, insolvency or bankruptcy, suspension of payments, heavy indebtedness or discontinuance
of business of the other party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.4.4</TD><TD STYLE="text-align: justify">any of the circumstances
                                                                     referred to in <U>Section 19</U> below persist for a period
                                                                     of at least <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>31</SUP>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>28</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>29</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>30</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>31</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify">Each party shall be entitled to terminate
                                                           the AGREEMENT with <B>[&mdash;&mdash;&mdash;-]</B><SUP>32</SUP>written
                                                           notice in the event of the other party coming under the direct or indirect
                                                           control (control means to control more than fifty per cent of the voting
                                                           rights which enables this party to exercise effective control) of a
                                                           direct competitor of the party becoming entitled to terminate. For
                                                           the purpose of the AGREEMENT, competitor of LICENSOR or LICENSEE shall
                                                           mean <B>[&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>33
                                                           </SUP>and/or any company within one of the aforesaid group of companies
                                                           from time to time. For the avoidance of doubt, in the event of termination
                                                           pursuant to this Section, LICENSEE shall not be entitled to any sell-out
                                                           period after the expiration of the <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>34</SUP>notice
                                                           period. In the event that either party should give notice of termination
                                                           in accordance with this <U>Section 7.5</U>, it is acknowledged that
                                                           LICENSEE shall not be obliged to pay minimum royalties in accordance
                                                           with <U>Section 3.2</U> above from the date notice has been given.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">This right of termination has to
be executed by a party within <B>[&mdash;&mdash;&mdash;&mdash;]</B><SUP>35</SUP> after that party having been informed about any
of the aforementioned events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.6</TD><TD STYLE="text-align: justify">Any notice of termination must be given by means of a registered letter sent to the relevant party&rsquo;s
address in accordance with the provisions of <U>Section 12</U> below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.7</TD><TD STYLE="text-align: justify">Upon the expiration or termination of the AGREEMENT:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.7.1</TD><TD STYLE="text-align: justify">LICENSEE shall cease to manufacture the PRODUCTS, the BOTTLES and the PRESENTATION;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>32</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>33</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:33.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>34</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:34.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>35</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:35.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.7.2</TD><TD STYLE="text-align: justify">provided the termination
                                                                     has not been a result of default of LICENSEE or of notice
                                                                     having been given by either party under <U>Sections 7.2 or
                                                                     7.5</U> above, LICENSEE shall be entitled to sell off the
                                                                     existing stock of PRODUCTS for a period up to <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>36</SUP>following
                                                                     the date of termination and to use up the existing materials
                                                                     for the manufacture of the PRODUCTS and to sell off the so-produced
                                                                     PRODUCTS within the sell-off period. During the sell-off
                                                                     period LICENSEE shall continue to provide quarterly reports
                                                                     and pay royalties on NET SALES, but shall not be obliged
                                                                     to pay any minimum royalties. PRODUCTS will not be sold at
                                                                     a discount (other than ordinary discounts in the normal course
                                                                     of business) unless LICENSOR&rsquo;S prior written approval
                                                                     has been obtained;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.7.3</TD><TD STYLE="text-align: justify">LICENSEE shall either at
                                                                     the end of the sell-off period referred to in Section 7.5
                                                                     above or, if there is no sell-off period, upon expiration
                                                                     or termination of the AGREEMENT, promptly supply to LICENSOR
                                                                     an inventory of the PRODUCTS, BOTTLES and PRESENTATION and
                                                                     all other materials relevant to manufacture, marketing and
                                                                     distribution of the PRODUCTS, including but not limited to
                                                                     bottles, folding-boxes or other containers then in stock,
                                                                     and an inventory of all relevant tooling. LICENSOR shall
                                                                     have the right to purchase the inventory at production cost
                                                                     or, in case of tooling, at its depreciated value (based on
                                                                     depreciation over five years in accordance with normal accounting
                                                                     principles) within <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>37</SUP>after
                                                                     receipt of the inventory; If not otherwise agreed between
                                                                     the parties, LICENSOR, if using its option, has to acquire
                                                                     any and all of the PRODUCTS, bottles, packaging, semi-finished
                                                                     PRODUCTS and materials, unless obsolete, damaged or otherwise
                                                                     unsaleable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.7.4</TD><TD STYLE="text-align: justify">LICENSEE will return all material relating to the PRODUCTS which is the property of LICENSOR promptly
following termination or, if relevant, at the end of the sell-off period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">7.7.5</TD><TD STYLE="text-align: justify">all rights granted to LICENSEE to use the TRADEMARKS, the TRADENAME, the BOTTLES, the PRESENTATION
and the FORMULAE shall cease.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>36</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:36.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>37</SUP> Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:37.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.8</TD><TD STYLE="text-align: justify">Stocks of PRODUCTS, BOTTLES and PRESENTATION which display the TRADEMARKS and any relevant tooling
not purchased by LICENSOR and not disposed of during the sell-off period may be disposed of in such manner as shall be mutually
agreed by the parties or, failing agreement shall be destroyed under the supervision of LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.9</TD><TD STYLE="text-align: justify">Expiration or termination of this AGREEMENT for any reason shall not affect the rights and obligations
of the parties accrued up to the date of expiration or termination, but the LICENSEE shall have no right to any compensation for
the cessation of its rights on expiration or termination hereof in accordance with the terms of this AGREEMENT and LICENSEE shall
hold the LICENSOR harmless from any such claims for compensation or damages which may be made by any distributors or agents or
persons, firms or companies performing a similar function.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD>TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS</TD></TR></TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt">8.1</TD><TD STYLE="text-align: justify">LICENSOR guarantees and warrants that it is, respectively, will be, the owner of the TRADEMARKS
<U>set forth in Annex A Part 1 hereto</U> and the TRADENAME for the PRODUCTS and to grant this exclusive license to use the TRADEMARKS
<U>set forth in Annex A Part 1 hereto</U> and the TRADENAME for the PRODUCTS for the purpose of this AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">Subject to this Section 8.and in general information with respect to the TRADEMARKS supplied to
LICENSEE during the term of this AGREEMENT, LICENSOR undertakes to (i) defend LICENSEE against any and all claims by third parties
based on the use by LICENSEE in accordance with this AGREEMENT of the TRADEMARKS and/or the TRADENAME and (ii) to indemnify, reimburse
and hold LICENSEE harmless from any and all liability, damages, cost and expenses, including reasonable attorneys&rsquo; fees incurred
by LICENSEE, arising from any such claims made by third parties against LICENSEE with respect to LICENSEE&rsquo;S use of the TRADEMARKS
and/or the TRADENAME in accordance with this AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">LICENSOR represents and warrants
that attached hereto as <U>Annex A Part 2</U> is a true and accurate list updated as of ________* which indicates with respect
to each of the TRADEMARKS set forth in <U>Part 1 of Annex A</U> the existing and/or pending applications and/or registration for
a specific country or territory. LICENSEE acknowledges that it has received a copy of such trademark list and that it is aware
of the status of registration of the TRADEMARKS as it appears on such trademark list (<U>Annex A Part 2</U>).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; margin-top: 0; margin-bottom: 0; font-variant: normal; text-align: left"></P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0; margin-bottom: 0; font-variant: normal; text-align: left"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; margin-top: 0; margin-bottom: 0; font-variant: normal; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Left blank in original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify">LICENSEE acknowledges that LICENSOR and/or its RELATED COMPANIES are the exclusive owners of all
rights, title and interests in the TRADEMARKS and/or the TRADENAME and any part thereof and any other element, whether or not capable
of being registered as a trademark together with all rights in the designs, copyright, including sketches and technical drawings
or other intellectual property or materials relating to the PRODUCTS, the PRESENTATION, the BOTTLES, the FORMULAE, whether produced
by LICENSOR or by LICENSEE or by any sub-contractor or third party appointed by LICENSEE, and of all goodwill attached thereto
and agrees not to attack these rights or to induce or support any such attacks. The parties agree that any rights in the TRADEMARKS
and the TRADENAME arising from the use of the TRADEMARKS and/or the TRADENAME or any part thereof by LICENSEE shall inure solely
to the benefit of LICENSOR and/or its RELATED COMPANIES. LICENSEE irrevocably agrees that any rights which it and/or any of its
RELATED COMPANIES may acquire by virtue of this AGREEMENT in respect of the TRADEMARKS, the TRADENAME, the PRESENTATION, the BOTTLES
and the FORMULAE shall vest in and promptly upon request be assigned for nominal consideration to the LICENSOR and/or its RELATED
COMPANIES absolutely.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify">The parties agree to inform each other about any and each substantial violation or infringement
of the TRADEMARKS in relation to the PRODUCTS, the PRESENTATION, the BOTTLES and other trademarks to be used in conjunction with
the TRADEMARKS and/or the TRADENAME by third parties which come to their knowledge.</TD></TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify">LICENSOR agrees to use its best endeavours
                                                           to keep the registrations of the TRADEMARKS and other trademarks to
                                                           be used in conjunction with the TRADEMARKS (in accordance with this
                                                           AGREEMENT) in full force and effect for the term of this AGREEMENT
                                                           and to keep LICENSEE informed on the legal status of the applications
                                                           and registrations of the TRADEMARKS and the other trademarks to be
                                                           used in conjunction with the TRADEMARKS in international class of goods
                                                           3. LICENSOR agrees to provide LICENSEE with a report in January of
                                                           each year, including all applications and registrations of the TRADEMARKS
                                                           relating to the PRODUCTS and the other trademarks to be used in conjunction
                                                           with the TRADEMARKS and containing at least the application and/or
                                                           registration number as well as the application and/or registration
                                                           dates and the goods these applications and/or registrations have been
                                                           applied or registered for.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">With respect to PRODUCTS launched
since the signing of this AGREEMENT LICENSEE agrees to carry all costs in relation to the registration and administrative procedures
(including, but not limited to opposition procedures and alike) and undertakes to reimburse LICENSOR for such costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify">LICENSOR shall at its reasonable business
                                                           discretion defend the TRADEMARKS, the TRADENAME and the PRODUCTS as
                                                           well as any other trademarks used in relation to the PRODUCTS in accordance
                                                           with the terms of this AGREEMENT, at its own cost and in co-ordination
                                                           with LICENSEE against any and all violations or infringements which,
                                                           according to LICENSOR&rsquo;S reasonable business discretion, may have
                                                           a materially adverse impact on this AGREEMENT, especially against confusingly
                                                           similar trademarks, trademark applications or use by third parties
                                                           for any goods and/or services identical with or similar to the PRODUCTS.
                                                           If requested by LICENSOR, LICENSEE undertakes to assist or support
                                                           LICENSOR in its measures of defence within its ability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify">Any cost and expenses reasonably and
                                                           properly incurred arising from a necessary or requested participation
                                                           of LICENSEE in the measures of defence of the TRADEMARKS will be refunded
                                                           by LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.8</TD><TD STYLE="text-align: justify">If LICENSEE, in its reasonable business
                                                           discretion, identifies a violation or infringement of the TRADEMARKS
                                                           and/or the TRADENAME which in its reasonable opinion may have a materially
                                                           adverse impact on this AGREEMENT, it shall promptly inform LICENSOR
                                                           and LICENSOR agrees to enter into discussions with LICENSEE as to the
                                                           best course of action to adopt to deal with such violation / infringement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">LICENSOR undertakes to take full
account of LICENSEE&rsquo;S recommendations but shall not be bound to institute legal proceedings in respect of such violation
/ infringement. LICENSEE acknowledges that it will not take any action on its own account to defend the TRADEMARKS and/or the
TRADENAME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.9</TD><TD STYLE="text-align: justify">The parties agree, at the request of
                                                           either party, to the registration of the AGREEMENT or of LICENSEE as
                                                           &ldquo;Registered User&rdquo; or &ldquo;licensee&rdquo; of the TRADEMARKS
                                                           for the PRODUCTS in those countries where this is mandatory under national
                                                           law and LICENSOR agrees to take at its own cost and expenses all action
                                                           necessary for the registration of the AGREEMENT or of LICENSEE as Registered
                                                           User in those countries. LICENSOR further agrees to reimburse LICENSEE
                                                           any costs and expenses reasonably and properly incurred by LICENSEE
                                                           in connection with the registration of the AGREEMENT or of LICENSEE
                                                           as &ldquo;Registered User&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.10</TD><TD STYLE="text-align: justify">LICENSEE undertakes at the request
                                                            of LICENSOR to sign any document necessary for the registration and/or
                                                            maintenance of the validity of the TRADEMARKS including the recordal
                                                            (and cancellation of such recordal upon termination) of this AGREEMENT
                                                            and of LICENSEE as a Registered User or licensee. In addition, to
                                                            the extend that LICENSOR should deem it advisable to protect the TRADEMARKS,
                                                            LICENSEE agrees to provide a statement to the effect that LICENSEE
                                                            is producing, selling and promoting the PRODUCTS under LICENSOR&rsquo;S
                                                            control, together with such other assistance (at LICENSOR&rsquo;S
                                                            cost) as LICENSOR reasonably deems necessary for this purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.11</TD><TD STYLE="text-align: justify">LICENSEE agrees that it shall not,
                                                            at any time, directly or indirectly contest the validity of the registration
                                                            of the TRADEMARKS or LICENSOR&rsquo;S other intellectual property
                                                            rights (including those in the PRESENTATION, the FORMULAE and the
                                                            BOTTLES) to the extent that such rights relate to the subject matter
                                                            of this AGREEMENT, or their ownership by LICENSOR, its RELATED COMPANIES,
                                                            successors and/or assignees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.12</TD><TD STYLE="text-align: justify">LICENSEE agrees not to use the TRADEMARKS
                                                            or LICENSOR&rsquo;S other intellectual property rights in respect
                                                            of the PRESENTATION, the FORMULAE and the BOTTLES in connection with
                                                            the sale of any products other than the PRODUCTS, nor to use, other
                                                            than under the terms of this AGREEMENT, the TRADEMARKS and/or the
                                                            TRADENAME as a part of its trading name and shall not use in its business
                                                            any other trade or service mark, other than under the terms of this
                                                            AGREEMENT, so resembling the TRADEMARKS as to be likely to cause confusion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.13</TD><TD STYLE="text-align: justify">LICENSEE shall use the TRADEMARKS
                                                            and all designs, sketches, models, prototypes/maquettes and other
                                                            material directly related to the PRODUCTS as well as the PRESENTATION,
                                                            the FORMULAE and the BOTTLES, solely in connection with the production,
                                                            marketing, merchandising, distribution, advertising, promotion, and
                                                            sale in the TERRITORY of the PRODUCTS and any OTHER PRODUCTS which
                                                            LICENSOR has agreed may be sold or given away with the PRODUCTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.14</TD><TD STYLE="text-align: justify">LICENSEE shall, upon LICENSOR&rsquo;S
                                                            reasonable request, mark all labels, cartons, price lists, promotional
                                                            and advertising, merchandising and promotional material and other
                                                            printed or duplicated material for or relating to the PRODUCTS with
                                                            a notice in a form as is normal practice in the industry to the effect
                                                            that the TRADEMARKS are registered trademarks and/or the property
                                                            of LICENSOR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.15</TD><TD STYLE="text-align: justify">LICENSEE agrees to use the TRADEMARKS
                                                            set forth in <U>Annex A Part 1</U> only in the form as represented
                                                            in ANNEX A Part 1 or as may be provided by LICENSOR from time to time
                                                            on the PRODUCTS and for the advertising and promotion for the PRODUCTS.
                                                            This obligation shall not apply where a TRADEMARK is used within continuous,
                                                            flowing text (e. g. in press releases and descriptive texts) where
                                                            it could be impracticable to use the TRADEMARKS in the form represented
                                                            in ANNEX A Part 1, provided that such representation of the TRADEMARKS
                                                            shall be as close to the form represented in ANNEX A Part 1 as is
                                                            practicable in the circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">8.16</TD><TD STYLE="text-align: justify">LICENSEE shall be responsible for
                                                            identifying appropriate names for all new ranges of the PRODUCTS,
                                                            together with, if appropriate, new BOTTLES and PRESENTATION for such
                                                            new ranges and, to that end, LICENSEE agrees that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">it shall use reasonable endeavours to ensure
                                                       the availability of all proposed names, designs for new BOTTLES and PRESENTATION;
                                                       and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">it shall assist LICENSOR, at LICENSOR&rsquo;S
                                                        reasonable request and cost, in applying to register, registering or otherwise
                                                        protecting in LICENSOR&rsquo;S name any new names, BOTTLE design and/or
                                                        PRESENTATION approved by LICENSOR in accordance with this AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">LICENSOR shall have the right to file,
                                                         to register and/or to use the name with respect to any other category
                                                         of products it (and/or its RELATED COMPANIES) presently markets and distributes
                                                         under the TRADENAME.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD STYLE="text-align: justify">EXCLUSIVITY</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; font-variant: normal; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD STYLE="text-align: justify">LICENSOR agrees, during the term of this AGREEMENT:</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">9.1.1</TD><TD STYLE="text-align: justify">not to manufacture, advertise
                                                                     or promote, distribute or in any other way market products,
                                                                     which are identical to the PRODUCTS except as may be permitted
                                                                     in this AGREEMENT;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">9.1.2</TD><TD STYLE="text-align: justify">not to consent to the use
                                                                     of the TRADEMARKS and/or the TRADENAME in connection with
                                                                     the manufacture, distribution, marketing and/or advertising
                                                                     of products which are identical to the PRODUCTS, alone or
                                                                     in conjunction with any additions.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">10.</TD><TD>PRODUCT LIABILITY</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">10.1</TD><TD STYLE="text-align: justify">LICENSEE shall manufacture or have
                                                              manufactured the PRODUCTS at its own responsibility and shall enter
                                                              into or maintain a sufficient product liability insurance, such
                                                              insurance to cover the costs of undertaking a product recall.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">10.2</TD><TD STYLE="text-align: justify">LICENSEE agrees that the manufacture,
                                                              marketing and distribution of the PRODUCTS, and any OTHER PRODUCTS
                                                              (<U>Section 2.7</U> above) distributed or sold with the PRODUCTS
                                                              will be in compliance with all applicable health and safety laws
                                                              or regulations and with any relevant national and international
                                                              cosmetic labelling, packaging, recycling or other relevant regulations
                                                              in the countries of manufacture and distribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">10.3</TD><TD STYLE="text-align: justify">LICENSEE further agrees that it
                                                              will organise and effect, at its own expense, all registrations
                                                              as are necessary for compliance with local product registration
                                                              and health or similar registration requirements. LICENSOR agrees
                                                              to assist LICENSEE with regard to such registrations within its
                                                              best abilities. LICENSEE agrees to reimburse LICENSOR any costs
                                                              and expenses reasonably and properly incurred by LICENSOR in connection
                                                              with such registrations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">10.4</TD><TD STYLE="text-align: justify">LICENSEE agrees to defend, indemnify
                                                              and hold LICENSOR harmless from and against any and all liability,
                                                              damages, reasonable legal fees, reasonable cost and expenses incurred
                                                              by LICENSOR in connection with any claims or legal actions made
                                                              by third parties against LICENSOR arising out of a breach of the
                                                              provisions of <U>Section 10.2 and/or 10.3</U> above, or arising
                                                              out of the use of the TRADENAME by LICENSEE in accordance with <U>Sections
                                                              2.2 to 2.6</U> above or arising out of any damage or injury caused
                                                              by any OTHER PRODUCT<U> (Section 2.7 above)</U> sold with the PRODUCTS,
                                                              the infringement of the intellectual property rights or other similar
                                                              rights of any third party or any applicable national or international
                                                              laws or regulations or any other acts or omissions of LICENSEE or
                                                              any of its agents, employees or sub-contractors in connection with
                                                              the performance of its obligations hereunder. This indemnity shall
                                                              not extend to claims for compensation against LICENSOR which are
                                                              due to LICENSOR&rsquo;S own action or failure to act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">11.</TD><TD>CONFIDENTIALITY</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">11.1</TD><TD STYLE="text-align: justify">The parties agree to keep confidential
                                                              and secret the provisions of this AGREEMENT and all non-public information
                                                              and knowledge each party may acquire about the other including,
                                                              without limitation, information concerning the marketing of their
                                                              products, even if such information and knowledge have not expressly
                                                              been referred to as secret or confidential. Such information and
                                                              knowledge may only be used for the purpose of this AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">11.2</TD><TD STYLE="text-align: justify">Notwithstanding anything to the
                                                              contrary, the information and knowledge as identified hereinabove
                                                              shall not be deemed confidential if:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42.55pt">11.2.1</TD><TD STYLE="text-align: justify">at the time of disclosure
                                                                      such information is in the public domain;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42.55pt">11.2.2</TD><TD STYLE="text-align: justify">after disclosure such information
                                                                      becomes a part of the public domain, except by breach of
                                                                      this AGREEMENT;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42.55pt">11.2.3</TD><TD STYLE="text-align: justify">such information must be
                                                                      disclosed as required by applicable law; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42.55pt">11.2.4</TD><TD STYLE="text-align: justify">such information is known
                                                                      to the other party at the time of disclosure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: justify; text-indent: -70.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">11.3</TD><TD STYLE="text-align: justify">The confidentiality provision will
                                                              remain in force after the termination of the AGREEMENT, and upon
                                                              termination, the parties agree to return to each other, or to destroy,
                                                              as the other may request, all materials containing confidential
                                                              and non-public information and knowledge.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify">The parties agree to impose this obligation
                                                            of confidentiality upon all persons acting on their behalf, including
                                                            but not limited to their employees, agents, consultants, sub-contractors,
                                                            sub-licensees, managers and representatives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.5</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary
                                                            contained in this AGREEMENT,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.85pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">LICENSOR acknowledges that LICENSEE,
has its ordinary shares traded on Euronext, and is subject to various reporting obligations as a public company. LICENSOR further
a acknowledges that Inter Parfums, Inc., the parent company of LICENSEE (the &ldquo;PARENT COMPANY&rdquo;), is a publicly held
company with its Common Stock traded on The Nasdaq Stock Market, National Market System and is subject to reporting requirements
of the United States federal securities laws. Nothing in the AGREEMENT shall prohibit the disclosure as may be required of either
PARENT COMPANY or LICENSEE under such securities laws. LICENSEE agrees to discuss in advance with LICENSOR any such public disclosure
that may be required by of either PARENT COMPANY or LICENSEE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">LICENSOR acknowledges
that, upon satisfaction of the condition precedent to set forth in Section 7.1 of this AGREEMENT, PARENT COMPANY is required by
the United States securities laws to file</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a description
of this AGREEMENT with the United States Securities and Exchange Commission within four (4) business days of the satisfaction
of such condition; accordingly, PARENT COMPANY shall provide LICENSOR the opportunity to review and comment on that description
at least two (2) business days prior to filing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a copy
of this AGREEMENT with the United States Securities and Exchange Commission with the next periodic report due to be filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">In connection
with the filing of this AGREEMENT with the United States Securities and Exchange Commission, PARENT COMPANY shall seek confidential
treatment of financial and commercial terms to the extent permitted by the applicable securities laws. At least five (5) days
prior to filing this AGREEMENT, PARENT COMPANY shall deliver to LICENSOR a copy of the filing that it plans to submit to the Securities
and Exchange Commission, together with any requests for confidential treatment, for LICENSOR&rsquo;s review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">PARENT COMPANY shall provide LICENSOR
with a copy of the final filing within two (2) business days after filing. If the United States Securities and Exchange Commission
indicates it may not grant confidential treatment as requested in the filing, PARENT COMPANY shall promptly notify LICENSOR and
shall consult with LICENSOR through the process of obtaining whatever confidential treatment is available. PARENT COMPANY shall
notify LICENSOR promptly upon notification to PARENT COMPANY that anyone has sought under the Freedom of Information Act to obtain
Confidential Information or the provisions of this AGREEMENT redacted in the confidential treatment filing with the Securities
and Exchange Commission and shall cooperate with LICENSOR in any effort by LICENSOR to contest the disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">12.</TD><TD STYLE="text-align: justify">NOTICES</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">12.1</TD><TD STYLE="text-align: justify">All reports, communications, requests,
                                                              approvals and notices required or permitted by this AGREEMENT to
                                                              be given to a party shall be in writing and shall be deemed to be
                                                              duly given when sent by certified or registered mail, return receipt
                                                              requested, addressed to the party concerned or by facsimile where
                                                              the sender is able to demonstrate successful transmission by producing
                                                              a properly addressed fax transmission report, as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">To LICENSOR:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Van Cleef &amp; Arpels Logistics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">8, route de Chandolan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">CH-1752 VILLARS-SUR-GLANE (Suisse)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Attn: M. J&ouml;rg SCHAUFELBERGER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">To LICENSEE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Inter-Parfums</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">4 rond-point des Champs Elys&eacute;es</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">75008 PARIS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">Attn: M. Philippe BENACIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">or any other address a party may
communicate to the other party in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">13.</TD><TD STYLE="text-align: justify">ASSIGNMENT</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">13.1</TD><TD STYLE="text-align: justify">Except as otherwise provided for
                                                              in accordance with the terms of this AGREEMENT, neither party shall
                                                              be entitled to assign its rights or obligations hereunder without
                                                              the prior written consent of the other. Notwithstanding the foregoing,
                                                              LICENSOR may assign this Agreement and/or any right and obligation
                                                              hereunder to any (current and/or future) entity within the Richemont
                                                              Group without LICENSEE&rsquo;s prior consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">13.2</TD><TD STYLE="text-align: justify">LICENSEE shall have the right to
                                                              assign the rights under the AGREEMENT to any RELATED COMPANY without
                                                              LICENSOR&rsquo;S consent. LICENSEE further will be entitled to grant
                                                              sub-licenses to RELATED COMPANIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">13.3</TD><TD STYLE="text-align: justify">Any such assignment or sub-license
                                                              under <U>Section 13.1 or 13.2</U> does in no way affect any of the
                                                              assignor&rsquo;s obligations under the AGREEMENT. The assignor agrees
                                                              to remain liable for and guaranty the full performance of this AGREEMENT
                                                              by the assignee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">14.</TD><TD STYLE="text-align: justify">ENTIRE AGREEMENT, MODIFICATION AND CONCILIATION OF DISPUTES</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">14.1</TD><TD STYLE="text-align: justify">This AGREEMENT and its Annexes contain
                                                              a complete statement of all arrangements between the parties with
                                                              respect to the subject matter and supersede all existing arrangements
                                                              between them concerning this subject matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">14.2</TD><TD STYLE="text-align: justify">Modifications and/or supplements
                                                              to this AGREEMENT are only valid if made in writing. This shall
                                                              also apply to the modification or cancellation of this in-writing
                                                              cause.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">14.3</TD><TD STYLE="text-align: justify">CONCILIATION OF DISPUTES</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">In the event of a disagreement between
                                                          LICENSOR and LICENSEE as to the validity, construction, performance,
                                                          or rescission of any provision hereof, the parties agree to follow the
                                                          following conciliation procedure before filing any litigation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">First,
                                                                a meeting between operational managers shall be called by the
                                                                promptest party to resolve the disagreement as quickly as possible
                                                                after the disagreement arises. The purpose of this meeting shall
                                                                be to find an out-of-court solution to the disagreement in question.
                                                                Minutes of said meeting shall be drawn up. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second,
                                                                                                     if the meeting between operational
                                                                                                     managers does not result
                                                                                                     in an out-of-court solution,
                                                                                                     the chief executive officers
                                                                                                     of each of the parties shall
                                                                                                     meet and strive to resolve
                                                                                                     said disagreement amicably.
                                                                                                     Said meeting must be held
                                                                                                     in a timely manner and no
                                                                                                     later than <B>[&mdash;&mdash;&mdash;&mdash;&mdash;]
                                                                                                     </B><SUP>38</SUP><B> </B>as
                                                                                                     of the meeting between operational
                                                                                                     managers. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Should
for a further period of <B>[&mdash;&mdash;&mdash;&mdash;&mdash;] </B><SUP>39 </SUP>a dispute subsist as<SUP> </SUP>to the
validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure or should one of the
parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the said dispute shall be
subject to the arbitration procedure as set out below in article 15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><SUP>38</SUP>
Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter
Parfums, Inc. No. 10.128:38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>39</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">15.</TD><TD STYLE="text-align: justify">APPLICABLE LAW, JURISDICTION</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">15.1</TD><TD STYLE="text-align: justify">The parties agree that this Agreement
                                                              shall exclusively be governed by and interpreted in accordance with
                                                              Swiss law, to the exclusion of the United Nations Convention on
                                                              Contracts for the International Sale of Goods (CISG).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">15.2</TD><TD STYLE="text-align: justify">Any dispute, controversy or claim
                                                              arising out of or in relation to this Agreement, including the validity,
                                                              invalidity, breach or termination thereof, shall be resolved by
                                                              arbitration in accordance with the Swiss Rules of International
                                                              Arbitration of the Swiss Chambers of Commerce (&ldquo;the Rules&rdquo;)
                                                              in force on the date when the notice of arbitration is submitted
                                                              in accordance with these Rules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The arbitration
will take place in Geneva, Switzerland and the language of the procedure shall be English. The arbitral tribunal will be composed
of one (1) or three (3) arbitrator who will be designated in accordance with the Rules.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The expenses
and fees of arbitration shall be determined in accordance with the Rules.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The arbitration
award shall be appealable before any competent court.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">The arbitration
award may be enforced by action before any court of competent jurisdiction.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">16.</TD><TD STYLE="text-align: justify">REMEDIES, NO WAIVER</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">The specific remedies to which
either party may resort under the terms hereof are cumulative and are not intended to be exclusive of the remedies to which either
party is entitled. No waiver by either party, whether express or implied, of any provision of this AGREEMENT or any breach or
default of any one or more instances, nor any delay by either party in exercising its rights hereunder, except as provided for
in this AGREEMENT, shall constitute or be deemed a continuing waiver of such provision or of any other provision of this AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">17.</TD><TD STYLE="text-align: justify">SEVERABILITY</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">The provisions of this AGREEMENT
are independent of and severable from each other and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other provision or provisions may be in whole or in part invalid or unenforceable. The parties
hereby agree to substitute any invalid provision by another valid provision in such a way that the purpose of the invalid provision
is reached as far as possible. The same shall apply accordingly in case of an omission or an indefinite provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">18.</TD><TD STYLE="text-align: justify">SECTION HEADINGS</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">Section headings as used herein
are for identification purposes only, and shall not affect the meaning or construction of this AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">19.</TD><TD STYLE="text-align: justify">FORCE MAJEURE</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">The parties hereto shall not be
responsible for any loss, damage, consequential or otherwise, detention or delay caused by fire, law, regulation, civil or military
authority, insurrection or riot, national labour strike or wartime embargoes, tempest, act of God, shortages or by any other cause
whatsoever, which is unavoidable or beyond the relevant party&rsquo;s reasonable control; provided however, that any such force
majeure shall not release LICENSEE from its obligations to make payment of amounts due and owing to LICENSOR in accordance with
the terms of this AGREEMENT. It is agreed that LICENSEE&rsquo;S obligations to make payments of amounts due and owing up to, and
during, an event of such force majeure shall not apply during the continuance of that force majeure in the event that the force
majeure itself renders LICENSEE unable to make such payments. In such circumstances, LICENSEE undertakes to make payment of amounts
owing to and accrued to LICENSOR before and during such force majeure, promptly upon its cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">20.</TD><TD>TRANSITION</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">The parties will separately agree
(the Section 7.1 above, no later than as per September 30, 2006) on the terms and conditions of the transition following the termination
of the licence agreement between YSL Beaut&eacute; and LICENSOR (in particular, then current stock of PRODUCT, after sales service
for the PRODUCTS sold under aforesaid agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS whereof the parties have executed
this AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">Paris 19 June 2006</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">Paris 19 June 2006</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">place and date</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">place and date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">/s/ Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">/s/ Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">/s/ J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>THE TRADEMARKS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>PART 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clause 1.4)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The trademarks</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Van
                                                              Cleef &amp; Arpels</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
                                                              de Van Cleef &amp; Arpels</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tsar
                                                              de Van Cleef &amp; Arpels</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">First</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tsar</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">as represented and set
forth on the attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>THE TRADEMARKS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>PART 2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>trademark list</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">(Clause 1.4)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">A list as at the date of
____________________ of all current registrations and pending applications for registrations of the TRADEMARKS pursuant to Part
1 above in the TERRITORY is attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: center; text-indent: -10pt"><U>QUALITY CRITERIA</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clause 1.10)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The PRODUCTS (including the BOTTLES and the
PRESENTATION) shall be manufactured to high standards of quality, utilising only high quality ingredients and materials, such
that the standard of quality of the finished PRODUCTS and PRESENTATION is commensurate with that to be expected of luxury fragrance
products of similar price and prestige to the PRODUCTS and in any event is of a standard no less than the standard of quality
currently utilised for the EXISTING PRODUCTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNEX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>FORM OF ROYALTY REPORT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clause 3.3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At the end of each quarter LICENSEE will provide the following
reports which have been approved by LICENSOR:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarterly
                                                              sales by zone, country and client (&ldquo;Ventes trimestrielles
                                                              par zone, pays et client&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarterly
                                                              Statement allowing to isolate any sales being excluded from the
                                                              NET SALES definition as per Clause 1.14 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNEX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>MARKETING ACTIVITIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DEFINITION OF &ldquo;ADVERTISING AND MARKETING&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clauses 5.6, 5.7 and 5.8)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Media Advertising </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Print
                                                                 or press</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cinema</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Television</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Co-operative Advertising
                                                                   </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Co-operative
                                                                 advertising (means advertising of the PRODUCTS by the LICENSEE
                                                                 in magazines and store catalogues produced by or on behalf of
                                                                 retailers as such DOUGLAS, MARIONNAUD, SAKS &hellip;.)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Display, Testers, Samples</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Show
                                                                 cards</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Windows
                                                                 and dummies</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Displays,
                                                                 testers, demonstration</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Other Sell-Thru</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Direct
                                                                 mail</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consumer
                                                                 meetings (including cost of independent beauty consultant incurred
                                                                 in respect of selling or presenting the PRODUCTS in shops)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stands
                                                                 in department stores</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 35.25pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Public
                                                                 relations (including trade shows&hellip;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 70.5pt; text-align: justify; text-indent: -35.25pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNEX E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SELECTIVE DISTRIBUTION CRITERIA</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clause 6.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Products may only be sold in outlets which</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">exude an aura of luxury and exclusivity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Such outlets must, at a minimum have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A solid
                                                          reputation for selling luxury perfumes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A reputation
                                                          and image compatible with the high quality and reputation of the TRADEMARK
                                                          Van Cleef &amp; Arpels</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Clean,
                                                          well maintained shop fittings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Appropriate
                                                          space devoted to luxury perfumes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff knowledgeable
                                                          about luxury fragrances.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Based on the above criteria at this time, according to the parties&rsquo;
opinion, there exist the following number of selective distribution outlets (points of sale) in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">Germany</TD>
    <TD STYLE="width: 49%; font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>USA</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>France</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Japan</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Italy</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>UK</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Spain</TD>
    <TD STYLE="font-weight: bold">[&mdash;&mdash;&mdash;&mdash;&mdash;]<B><SUP STYLE="font-style: normal; font-weight: normal">40</SUP></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>40</SUP> Confidential information
omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:40.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNEX F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ANNUAL MARKETING PLAN</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Information to be included in each Annual
Marketing Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clause 5.1 (a))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(draft - list subject to modification &amp;
amendment by VCA)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>[&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;]</B><SUP>41</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>41</SUP> Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:41.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNEX G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>KEY MARKETS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Clause 1.16)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(draft - list subject to amendment by VCA)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;]<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>42</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>42
</SUP></FONT>Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter
Parfums, Inc. No. 10.128:42.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">For and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">LICENSOR</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: Stanislas de QUERCIZE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Philippe BENACIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: J&ouml;rg SCHAUFELBERGER</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title: General Manager</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<TYPE>EX-21
<SEQUENCE>8
<FILENAME>v303460_ex21.htm
<DESCRIPTION>EXHIBIT 21
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exhibit 21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIST OF SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; text-align: justify">Name</TD>
    <TD STYLE="width: 50%; font-weight: bold; text-align: justify">Jurisdiction</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Parfums Holdings, S.A.</TD>
    <TD STYLE="text-align: justify">France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Interparfums SA</TD>
    <TD STYLE="text-align: justify">France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Jean Philippe Fragrances, LLC</TD>
    <TD STYLE="text-align: justify">New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Parfums USA, LLC</TD>
    <TD STYLE="text-align: justify">New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Nickel USA, Inc.</TD>
    <TD STYLE="text-align: justify">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Parfums Limited</TD>
    <TD STYLE="text-align: justify">United Kingdom</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Parfums Gmbh</TD>
    <TD STYLE="text-align: justify">Germany</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Parfums srl</TD>
    <TD STYLE="text-align: justify">Italy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Espa&ntilde;a Parfums et Cosmetiques, SL</TD>
    <TD STYLE="text-align: justify">Spain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Inter Parfums (Suisse) Sarl</TD>
    <TD STYLE="text-align: justify">Switzerland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Interparfums Luxury Brands, Inc.</TD>
    <TD STYLE="text-align: justify">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Interparfums Singapore Pte.</TD>
    <TD STYLE="text-align: justify">Republic of Singapore</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<TYPE>EX-23.1
<SEQUENCE>9
<FILENAME>v303460_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the incorporation by
reference in the Registration Statement on Form S-8 (No. 333-136988) under the Securities Act of 1933 of Inter Parfums, Inc.
and subsidiaries of (i) our report dated March 12, 2012 on the consolidated financial statements and schedule of Inter
Parfums, Inc. and subsidiaries for the years ended December 31, 2011 and December 31, 2010, and (ii) to our report dated
March 12, 2012 on the effectiveness of the Inter Parfums, Inc. maintenance of internal controls over financial reporting as
of December 31, 2011. Each report appears in the December 31, 2011 Annual Report on Form 10-K of Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ WeiserMazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WeiserMazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="margin: 0"></P>

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<TYPE>EX-23.2
<SEQUENCE>10
<FILENAME>v303460_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the incorporation
by reference in the Registration Statement on Form S-8 (No. 333-136988) under the Securities Act of 1933 of Inter Parfums,
Inc. and subsidiaries of our report dated March 10, 2010 on the consolidated financial statements and schedule of Inter
Parfums, Inc. and subsidiaries for the year ended December 31, 2009. Such report appears in the December 31, 2011 Annual
Report on Form 10-K of Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/Mazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mazars LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 8, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-31.1
<SEQUENCE>11
<FILENAME>v303460_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Jean Madar, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1. I have reviewed this annual report on Form 10-K of Inter Parfums,
Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3. Based on my knowledge, the financial statements, and other financial
information included in this annual 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">a) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b) Designed such internal control over financial reporting,
or caused such 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">c) Evaluated the effectiveness of the registrant'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 upon such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">d) Disclosed in this report any change in the registrant&rsquo;s
internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s
fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">a) all significant deficiencies and material weaknesses
in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: March 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; font-size: 10pt">/s/ Jean Madar</TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Jean Madar, Chief Executive Officer</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
</TABLE>
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>12
<FILENAME>v303460_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Russell Greenberg, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1. I have reviewed this annual report on Form 10-K of Inter Parfums,
Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3. Based on my knowledge, the financial statements, and other financial
information included in this annual 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">a) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b) Designed such internal control over financial reporting,
or caused such 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">c) Evaluated the effectiveness of the registrant'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 upon such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">d) Disclosed in this report any change in the registrant&rsquo;s
internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s
fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">a) all significant deficiencies and material weaknesses
in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: March 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Russell Greenberg</TD>
    <TD STYLE="width: 58%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Russell Greenberg</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Financial Officer and</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Principal Accounting Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
</TABLE>
<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>13
<FILENAME>v303460_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned hereby certifies, in accordance
with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter
Parfums, Inc., that the Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended December 31, 2011, fully complies
with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report
fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%">Date: March 12, 2012</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 36%; border-bottom: windowtext 1pt solid">/s/ Jean Madar</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jean Madar,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A signed original of this written statement
required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the
Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>14
<FILENAME>v303460_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><B>Exhibit 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned hereby certifies, in accordance
with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter
Parfums, Inc., that the Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended December 31, 2011, fully complies
with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report
fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%">Date: March 12, 2012</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 41%; border-bottom: windowtext 1pt solid">/s/ Russell Greenberg</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Russell Greenberg,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Principal Accounting Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A signed original of this written statement
required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to
the Securities and Exchange Commission or its staff upon request.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>15
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<DESCRIPTION>XBRL INSTANCE DOCUMENT
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&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(12)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Share-Based
Payments:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company maintains a stock option
program for key employees, executives and directors. The plans, all
of which have been approved by shareholder vote, provide for the
granting of both nonqualified and incentive options. Options
granted under the plans typically have a six-year term and vest
over a four to five-year period. The fair value of shares vested in
2011 and 2010 aggregated $0.6 million and $0.5 million,
respectively. &lt;font style="font-family: Times New Roman, Times, Serif"&gt;Compensation cost is
recognized on a straight-line basis over the requisite service
period for the entire award.&lt;/font&gt; It is generally the
Company&amp;#x2019;s policy to issue new shares upon exercise of stock
options.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The following table sets forth
information with respect to nonvested options for 2011:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="text-align: justify"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="color: Black"&gt;Number&amp;#xA0;of&amp;#xA0;Shares&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="color: Black"&gt;Weighted&amp;#xA0;Average&amp;#xA0;Grant&lt;br /&gt;
Date&amp;#xA0;Fair&amp;#xA0;Value&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: left"&gt;&lt;font style="color: Black"&gt;Nonvested options &amp;#x2013; beginning of
year&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;480,843&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;4.32&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Nonvested
options granted&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;118,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;4.59&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Nonvested options vested or forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(142,820&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;4.29&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;Nonvested options &amp;#x2013; end of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;456,923&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;4.40&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Share-based payment expenses decreased
income before income taxes by $1.1 million in 2011 and $0.9 million
in both 2010 and 2009, decreased net income attributable to Inter
Parfums, Inc. by $0.60 million, $0.55 million and $0.54 million in
2011, 2010 and 2009, respectively, and reduced diluted earnings per
share by $0.02 in 2011, 2010 and 2009.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The following table summarizes stock
option activity and related information for the years ended
December 31, 2011, 2010 and 2009 and does not include information
relating to options of IPSA granted by IPSA, our majority-owned
subsidiary:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="22" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year&amp;#xA0;ended&amp;#xA0;December&amp;#xA0;31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Options&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
exercise&lt;br /&gt;
price&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Options&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
exercise&lt;br /&gt;
price&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Options&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
exercise&lt;br /&gt;
price&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 22%; text-align: left; text-indent: -0.1in; padding-left: 0.1in"&gt;
&lt;font style="color: Black"&gt;Shares under option - beginning of
year&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;807,620&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;12.78&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;920,825&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;11.32&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;1,138,375&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;11.23&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Options
granted&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;118,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;15.66&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;120,200&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;18.64&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;100,550&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;11.90&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Options
exercised&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(95,625&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;12.66&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(226,455&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;10.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(243,600&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;10.24&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Options cancelled&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(7,620&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;14.37&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(6,950&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;11.27&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(74,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;14.20&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"&gt;
&lt;font style="color: Black"&gt;Shares under options - end of
year&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;823,275&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;13.20&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;807,620&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;12.78&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;920,825&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;11.32&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;At December 31, 2011, options for
771,795 shares were available for future grant under the plans. The
aggregate intrinsic value of options outstanding is $2.3 million as
of December 31, 2011 and unrecognized compensation cost related to
stock options outstanding on Inter Parfums, Inc. common stock
aggregated $1.4 million, which will be recognized over the next
five years. The amount of unrecognized compensation cost related to
stock options outstanding of our majority-owned subsidiary, IPSA,
was &amp;#x20AC;0.7 million (approximately $0.9 million). Options under
IPSA plans vest four years after grant.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The weighted average fair values of
options granted by Inter Parfums, Inc. during 2011, 2010 and 2009
were $4.59, $5.59 and $4.40 per share, respectively, on the date of
grant using the Black-Scholes option pricing model to calculate the
fair value.&amp;#xA0;The assumptions used in the Black-Scholes pricing
model for the years ended December 31, 2011, 2010 and 2009 are set
forth in the following table:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year&amp;#xA0;Ended&amp;#xA0;December&amp;#xA0;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; text-align: left"&gt;&lt;font style="color: Black"&gt;Weighted-average expected stock-price
volatility&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;40&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;39&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;49&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Weighted-average expected option life&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;4.5
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;4.5
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;4.5
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Weighted-average risk-free interest rate&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Weighted-average dividend yield&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Expected volatility is estimated based
on historic volatility of the Company&amp;#x2019;s common stock. In
2011, the expected term of the option is estimated based on
historic data. In 2010 and 2009, the Company used the simplified
method as historic data regarding employee exercise behavior was
incomplete. The risk-free rate is based on the U.S. Treasury yield
curve in effect at the time of the grant of the option and the
dividend yield reflects the assumption that the dividend payout as
authorized by the Board of Directors would increase as the earnings
of the Company and its stock price continue to increase.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Stock-based employee compensation
determined under the fair value based method, net of related tax
effects, includes compensation incurred by IPSA, our majority-owned
subsidiary whose stock is publicly traded in France. No options
were granted by IPSA in 2011. The weighted average fair values of
the options granted by IPSA during 2010 and 2009 were &amp;#x20AC;6.55
per share and &amp;#x20AC;4.27 per share, respectively, on the date of
grant using the Black-Scholes option pricing model.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;Cash proceeds, tax benefits and
intrinsic value related to stock options exercised were as
follows:&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year&amp;#xA0;Ended&amp;#xA0;December&amp;#xA0;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; text-align: left"&gt;&lt;font style="color: Black"&gt;Cash proceeds from stock options
exercised&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;1,210&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;771&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;956&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Tax
benefits&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;520&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;692&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Intrinsic
value of stock options exercised&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;720&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,195&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;407&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The following table summarizes
additional stock option information as of December&amp;#xA0;31,
2010:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Options outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Number&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;weighted average remaining&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Options&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Exercise prices&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;contractual life&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;exercisable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 46%; text-align: center"&gt;&lt;font style="color: Black"&gt;$ 6.15 &amp;#x2013; $ 6.93&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15%; text-align: right"&gt;&lt;font style="color: Black"&gt;75,220&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15%; text-align: center"&gt;&lt;font style="color: Black"&gt;2.96 years&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15%; text-align: right"&gt;&lt;font style="color: Black"&gt;42,860&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;$ 11.30
&amp;#x2013; $ 11.41&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;154,650&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;2.09
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;20,588&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;$ 12.14
&amp;#x2013; $ 12.64&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;194,380&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;2.94
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;116,635&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;$ 13.10
&amp;#x2013; $ 13.45&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;164,775&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;0.98
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;161,399&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;$ 15.59 -
$ 15.62&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;121,400&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;5.91
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,200&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;$17.94&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;3,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;4.09
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;$18.01&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;3,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;1.41
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2,400&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;$19.03&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;106,350&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;5.00
years&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;21,270&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: center; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;Totals&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;823,275&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;3.09
Years&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;366,352&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;As of December 31, 2011, the weighted
average exercise price of options exercisable was $12.45 and the
weighted average remaining contractual life of options exercisable
is 2.27 years. The aggregate intrinsic value of options exercisable
at December 31, 2011 is $1.2 million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Chief Executive Officer and the
President each exercised 75,000 outstanding stock options of the
Company&amp;#x2019;s common stock in both 2010 and 2009. The aggregate
exercise prices of $1.5 million in both 2010 and 2009 were paid by
them tendering to the Company in 2010 and 2009 an aggregate of
95,744 and 129,984 shares, respectively, of the Company&amp;#x2019;s
common stock, previously owned by them, valued at fair market value
on the dates of exercise. All shares issued pursuant to these
option exercises were issued from treasury stock of the Company. In
addition, the Chief Executive Officer tendered in 2010 and 2009 an
additional 6,782 and 2,503 shares, respectively, for payment of
certain withholding taxes resulting from his option
exercises.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Treasury Stock&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;As of December 31, 2008, the Board of
Directors of the Company authorized the repurchase of up to
1,031,863 shares of the Company&amp;#x2019;s common stock. During 2009,
the Company repurchased 108,100 shares of its common stock at an
average price of $5.84 per common share.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Dividends&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The quarterly dividend of $2.4 million
($0.08 per share) declared in December&amp;#xA0;2011 was paid in
January&amp;#xA0;2012. Furthermore, in December 2011 the Board of
Directors of the Company authorized the continuation of the annual
dividend of $0.32 per share. The next quarterly dividend of $0.08
per share will be paid on April 16, 2012 to shareholders of record
on March 30, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:CommitmentsDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(11)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Commitments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Leases&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company leases its office and
warehouse facilities under operating leases which are subject to
various step rent provisions, rent concessions and escalation
clauses expiring at various dates through 2020. Escalation clauses
are not material and have been excluded from minimum future annual
rental payments. Rental expense, which is calculated on a
straight-line basis, amounted to $12.7 million, $10.6 million and
$9.9 million in 2011, 2010 and 2009, respectively. Minimum future
annual rental payments are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 77%; text-align: left"&gt;&lt;font style="color: Black"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 20%; text-align: right"&gt;&lt;font style="color: Black"&gt;4,623&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;3,574&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2,977&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2,526&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2,559&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,672&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;22,931&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;License
Agreements&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company is party to a number of
license and other agreements for the use of trademarks and rights
in connection with the manufacture and sale of its products
expiring at various dates through 2025. In connection with certain
of these license agreements, the Company is subject to minimum
annual advertising commitments, minimum annual royalties and other
commitments as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" align="center" style="width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 77%; text-align: left"&gt;&lt;font style="color: Black"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 20%; text-align: right"&gt;&lt;font style="color: Black"&gt;155,815&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;170,566&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;173,234&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;165,803&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;178,354&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;424,939&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,268,711&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="font-size: 10pt; color: Black"&gt;Future advertising
commitments are estimated based on planned future sales for the
license terms that were in effect at December 31, 2011, without
consideration for potential renewal periods. The above figures do
not reflect the fact that our distributors share our advertising
obligations.&lt;/font&gt; &lt;font style="font-size: 10pt"&gt;Royalty expense
included in selling, general, and administrative expenses,
aggregated $51.3 million, $40.2 million and $35.5 million, in 2011,
2010 and 2009, respectively and represented 8.3%, 8.8% and 8.7% of
net sales for the years ended December 31, 2011, 2010 and
2009.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsDisclosureTextBlock>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">10646000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <us-gaap:MinorityInterestDecreaseFromRedemptions contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">750000</us-gaap:MinorityInterestDecreaseFromRedemptions>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">36737000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">7994000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">88915000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:CostOfGoodsSold contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">228446000</us-gaap:CostOfGoodsSold>
  <us-gaap:ProceedsFromSaleOfShortTermInvestments contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">62111000</us-gaap:ProceedsFromSaleOfShortTermInvestments>
  <us-gaap:InvestmentIncomeInterestAndDividend contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1105000</us-gaap:InvestmentIncomeInterestAndDividend>
  <us-gaap:IncomeTaxesPaid contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">32716000</us-gaap:IncomeTaxesPaid>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-9680000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:MinorityInterestDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(17)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Net Income Attributable to Inter
Parfums, Inc. and Transfers from the Noncontrolling
Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="10" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Year ended December 31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2009&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; color: Black; text-align: left"&gt;Net income
attributable to Inter Parfums, Inc.&lt;/td&gt;
&lt;td style="width: 1%; color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; color: Black; text-align: right"&gt;32,303&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; color: Black; text-align: right"&gt;26,593&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; color: Black; text-align: right"&gt;22,367&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"&gt;
Increase (decrease) in Inter Parfums, Inc.&apos;s additional paid-in
capital for subsidiary share transactions&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
209&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
(848&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
(45&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in"&gt;
Change from net income attributable to Inter Parfums, Inc. and
transfers from noncontrolling interest&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"&gt;
32,512&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"&gt;
25,745&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"&gt;
22,322&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:MinorityInterestDisclosureTextBlock>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(14)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Segments and Geographic Areas&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company &lt;font style="font-family: Times New Roman, Times, Serif"&gt;manufactures and
distributes one product line, fragrances and fragrance related
products. The Company&lt;/font&gt; manages its business in two segments,
European based operations and United States based operations. The
European assets are located, and operations are primarily
conducted, in France. European operations primarily represent the
sales of the prestige brand name fragrances and United States
operations primarily represent the sale of specialty retail and
mass market fragrances.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;Information on the Company&amp;#x2019;s
operations by segments is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Net
sales:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 61%; text-align: left; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;62,976&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;55,535&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;47,810&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;552,415&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;404,876&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;361,662&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;Eliminations of intercompany
sales&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(171&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(8&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;615,220&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;460,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;409,464&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Net income
attributable to Inter Parfums, Inc.:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2,108&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;769&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(178&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;30,217&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;25,803&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;22,482&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Eliminations&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(22&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;21&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;63&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;32,303&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;26,593&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;22,367&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Depreciation and amortization expense:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;507&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;582&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,116&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;12,566&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;8,606&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;9,847&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;13,073&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;9,188&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;10,963&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Interest
and dividend income:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;10&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,095&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,650&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;982&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,105&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,652&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;982&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Interest
expense:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;11&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;71&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;177&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,186&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,045&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,470&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,197&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,116&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,647&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Income tax
expense (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,405&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;596&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;148&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;23,053&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;17,554&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;15,996&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Eliminations&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(14&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;15&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;46&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;24,444&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;18,165&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;16,190&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Total
assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 61%; text-align: left; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;59,841&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;40,896&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;45,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;465,747&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;398,547&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;382,628&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;Eliminations of investment in
subsidiary&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(9,554&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(1,338&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(9,120&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;516,034&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;438,105&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;419,088&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Additions
to long-lived assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;305&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;190&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;13,979&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;27,990&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,111&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;14,551&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;28,295&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,301&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Total
long-lived assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;5,400&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;5,335&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;5,612&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;117,638&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;120,929&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;109,305&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;123,038&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;126,264&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;114,917&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Deferred
tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,505&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,399&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;5,748&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;5,650&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2,689&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Eliminations&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;17&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;7,270&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;7,230&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;4,088&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;United States export sales were
approximately $24.9 million, $25.7 million and $14.0 million in
2011, 2010 and 2009, respectively. Consolidated net sales to
customers by region are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; text-align: left"&gt;&lt;font style="color: Black"&gt;North America&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;150,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;91,200&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;96,800&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Europe&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;246,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;211,800&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;184,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Central and
South America&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;61,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;41,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;29,300&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Middle
East&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;57,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;45,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;42,300&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Asia&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;95,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;66,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;53,600&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,200&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;3,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,600&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;615,200&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;460,400&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;409,500&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;Consolidated net sales to customers in
major countries are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year Ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; text-align: left"&gt;&lt;font style="color: Black"&gt;United States&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;138,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;86,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;88,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;United
Kingdom&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;45,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;35,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;31,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;France&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;48,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;37,000&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:LongTermDebtTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;font style="COLOR: black"&gt;&lt;b&gt;(10)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&lt;b&gt;Long-Term Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;Long-term debt consists of the
following:&lt;/font&gt;&lt;/p&gt;
&lt;table style="WIDTH: 92%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;&lt;font style="COLOR: black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;&lt;font style="COLOR: black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;&lt;font style="COLOR: black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 74%"&gt;
&lt;font style="COLOR: black"&gt;18 million euro fixed rate facility at
4.1%, payable in 20 quarterly installments&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="COLOR: black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="COLOR: black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="COLOR: black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&lt;font style="COLOR: black"&gt;5,211&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
&lt;font style="COLOR: black"&gt;22 million euro variable rate facility
at three month EURIBOR plus 0.40%, payable in 20 equal quarterly
installments&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;4,339&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;10,621&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="COLOR: black"&gt;141&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="COLOR: black"&gt;297&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;4,480&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;16,129&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in"&gt;
&lt;font style="COLOR: black"&gt;Less current maturities&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="COLOR: black"&gt;4,480&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&lt;font style="COLOR: black"&gt;11,090&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 27pt"&gt;&lt;font style="COLOR: black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="COLOR: black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="COLOR: black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&lt;font style="COLOR: black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
&lt;font style="COLOR: black"&gt;5,039&lt;/font&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;In connection with the 22 million euro
variable rate facility, the Company entered into a swap transaction
effectively exchanging the variable interest rate to a fixed rate
of 4.42%. This derivative instrument is recorded at fair value and
changes in fair value which resulted in gains of $0.3 million in
2011 and $0.4 million in 2010 are reflected in interest expense on
the consolidated statements of income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;Some of the Company&amp;#x2019;s long-term
debt facilities require the maintenance of certain financial
covenants including a debt to equity ratio of less than one and a
debt to adjusted net income ratio of less than three. One facility
contains cross default provisions by permitting acceleration of the
debt if any affiliated company of the debtor defaults in any other
debt facility, and the creditor of such other debt facility
accelerates such debt and such affiliated debtor does not in good
faith contest such default and acceleration. The Company is in
compliance with all of the covenants and other restrictions of its
debt agreements.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
  <us-gaap:DebtDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;font style="COLOR: black"&gt;&lt;b&gt;(9)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;&lt;b&gt;Loans Payable &amp;#x2013;
Banks&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;Loans payable &amp;#x2013; banks consist of
the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;The Company&amp;#x2019;s foreign subsidiaries
have available credit lines, including several bank overdraft
facilities totaling approximately $25 million. These credit lines
bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was
1.024% at December&amp;#xA0;31, 2011). Outstanding amounts totaled
$11.8 million and $5.2 million at December&amp;#xA0;31, 2011 and 2010,
respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;The Company and its domestic
subsidiaries have available a $15 million unsecured revolving line
of credit due on demand, which bears interest at the prime rate
minus 0.5% (the prime rate was 3.25% as of December 31, 2011). The
line of credit which has a maturity date of March 31, 2012 is
expected to be renewed on an annual basis. There were no borrowings
outstanding pursuant to this line of credit as of December 31, 2011
and 2010.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;The weighted average interest rate on
short-term borrowings was 1.7% and 1.8% as of December&amp;#xA0;31,
2011 and 2010, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-23721000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">25293000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:EarningsPerShareTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(13)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Net
Income Attributable to Inter Parfums, Inc. Common
Shareholders&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Net income attributable to Inter
Parfums, Inc. per common share (&amp;#x201C;basic EPS&amp;#x201D;) is
computed by dividing net income attributable to Inter Parfums, Inc.
by the weighted-average number of shares outstanding.&amp;#xA0;Net
income attributable to Inter Parfums, Inc. per share assuming
dilution (&amp;#x201C;diluted EPS&amp;#x201D;), is computed using the
weighted average number of shares outstanding, plus the incremental
shares outstanding assuming the exercise of dilutive stock options
and warrants using the treasury stock method. The reconciliation
between the numerators and denominators of the basic and diluted
EPS computations is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Numerator:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 61%; text-align: left; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;Net income attributable to Inter
Parfums, Inc.&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;32,303&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;26,593&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;22,367&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.24in; text-indent: -0.12in"&gt;
&lt;font style="color: Black"&gt;Effect of dilutive securities of&lt;/font&gt;
&lt;font style="color: Black"&gt;consolidated subsidiary&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(82&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(86&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(18&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt"&gt;
&lt;font style="color: Black"&gt;Numerator for diluted earnings per
share&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;32,221&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;26,507&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;22,349&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Denominator:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Weighted
average shares&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;30,514,529&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;30,360,602&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;30,099,998&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Effect of dilutive securities:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Stock options and warrants&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;163,296&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;121,389&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;21,079&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt"&gt;
&lt;font style="color: Black"&gt;Denominator for diluted earnings per
share&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;30,677,825&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;30,481,991&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;30,121,077&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Earnings per share:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Net income attributable to Inter Parfums,
Inc.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 0.25in"&gt;&lt;font style="color: Black"&gt;common shareholders:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 0.36in"&gt;&lt;font style="color: Black"&gt;Basic&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1.06&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.88&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.74&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-left: 0.36in"&gt;&lt;font style="color: Black"&gt;Diluted&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1.05&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.87&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.74&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Not included in the above computations
is the effect of anti-dilutive potential common shares which
consist of outstanding options to purchase 118,000, 154,000, and
889,000 shares of common stock for 2011, 2010, and 2009,
respectively, and outstanding warrants to purchase 81,000 and
300,000 shares of common stock for 2010 and 2009,
respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">67393000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-2659000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1060000</us-gaap:ShareBasedCompensation>
  <us-gaap:EarningsPerShareDiluted contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">1.05</us-gaap:EarningsPerShareDiluted>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-9662000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:PaymentsToMinorityShareholders contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">750000</us-gaap:PaymentsToMinorityShareholders>
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">72664000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <us-gaap:MinorityInterestIncreaseFromStockIssuance contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2756000</us-gaap:MinorityInterestIncreaseFromStockIssuance>
  <us-gaap:InterestExpense contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2197000</us-gaap:InterestExpense>
  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-1009000</us-gaap:DeferredIncomeTaxExpenseBenefit>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">18000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:PaymentsOfDividendsMinorityInterest contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">3149000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <us-gaap:RepaymentsOfLongTermDebt contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">11673000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:ComprehensiveIncomeNoteTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(16)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Accumulated Other Comprehensive
Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;The components of accumulated other
comprehensive income consists of the following:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="10" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
Year ended December 31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2011&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2010&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; font-weight: bold; padding-bottom: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
2009&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; font-weight: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="2" style="color: Black; text-align: center"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; color: Black; text-align: left"&gt;Net
derivative instruments, beginning of year&lt;/td&gt;
&lt;td style="width: 1%; color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; color: Black; text-align: right"&gt;213&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; color: Black; text-align: right"&gt;130&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;$&lt;/td&gt;
&lt;td style="width: 10%; color: Black; text-align: right"&gt;4,412&lt;/td&gt;
&lt;td style="width: 1%; color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="color: Black; text-align: left"&gt;Reclassification
adjustment for gains included in net income&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;(4,423&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 1pt"&gt;
Gain on derivative instruments&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
11&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
83&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
141&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 1pt"&gt;Net
derivative instruments, end of year&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
224&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
213&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
130&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="color: Black; text-align: left"&gt;Cumulative translation
adjustments, beginning of year&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;14,544&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;27,892&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;21,103&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 1pt"&gt;
Translation adjustments&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
(7,021&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
(13,348&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
)&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
6,789&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 1pt"&gt;
Cumulative translation adjustments, end of year&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
7,523&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
14,544&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; color: Black; text-align: right"&gt;
27,892&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="color: Black; text-align: left; padding-bottom: 2.5pt"&gt;
Accumulated other comprehensive income&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"&gt;
7,747&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"&gt;
14,757&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; color: Black; text-align: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="color: Black; padding-bottom: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: left"&gt;
$&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; color: Black; text-align: right"&gt;
28,022&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:ComprehensiveIncomeNoteTextBlock>
  <us-gaap:NetIncomeLoss contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">32303000</us-gaap:NetIncomeLoss>
  <us-gaap:NonoperatingIncomeExpense contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">454000</us-gaap:NonoperatingIncomeExpense>
  <us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">110000</us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities>
  <us-gaap:GoodwillImpairmentLoss contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">837000</us-gaap:GoodwillImpairmentLoss>
  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-7335000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
  <us-gaap:DividendsCash contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">12917000</us-gaap:DividendsCash>
  <us-gaap:AssetImpairmentCharges contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">837000</us-gaap:AssetImpairmentCharges>
  <us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-ALIGN: right; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;b&gt;Schedule II&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&lt;b&gt;INTER PARFUMS, INC. AND
SUBSIDIARIES&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;Valuation and Qualifying
Accounts&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;(In thousands)&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;Column A&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Column B&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap"&gt;Column C&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Column D&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Column E&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap"&gt;Additions&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;(1)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;(2)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Charged to&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Balance at&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Charged to&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;other&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;beginning of&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;costs and&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;accounts &amp;#x2013;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Deductions &amp;#x2013;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Balance at&lt;/td&gt;
&lt;td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;Description&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;period&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;expenses&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;describe&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;describe&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;end of period&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;Allowance for doubtful
accounts:&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; WIDTH: 35%; COLOR: black"&gt;Year
ended December 31, 2011&lt;/td&gt;
&lt;td style="WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"&gt;4,367&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"&gt;2,838&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"&gt;(211&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black" nowrap="nowrap"&gt;)(d)&lt;/td&gt;
&lt;td style="WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"&gt;1,674&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black" nowrap="nowrap"&gt;(a)&lt;/td&gt;
&lt;td style="WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"&gt;5,320&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2010&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;2,096&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;3,147&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;(106&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
)(d)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;770&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(a)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;4,367&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2009&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,185&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,295&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;57&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(d)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;441&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(a)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;2,096&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;Sales return
accrual:&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2011&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,560&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;4,129&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,517&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(b)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;4,172&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2010&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;296&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,496&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;232&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(b)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,560&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2009&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;118&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;385&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;207&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(b)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;296&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;Inventory Reserve:&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2011&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;6,242&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;3,880&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;(272&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
)(d)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;2,390&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(c)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;7,460&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2010&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;7,150&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;1,766&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;(405&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;
)(d)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;2,269&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(c)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;6,242&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 0.25in; COLOR: black"&gt;Year ended December
31, 2009&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;7,394&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;2,237&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;195&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(d)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;2,676&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap"&gt;(c)&lt;/td&gt;
&lt;td style="COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; COLOR: black"&gt;7,150&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; COLOR: black"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.35in"&gt;&lt;font style="COLOR: black"&gt;(a)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;Write-off of bad debts.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.35in"&gt;&lt;font style="COLOR: black"&gt;(b)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;Write-off of sales
returns.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.35in"&gt;&lt;font style="COLOR: black"&gt;(c)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;Disposal of inventory&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0px"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.35in"&gt;&lt;font style="COLOR: black"&gt;(d)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black"&gt;Foreign currency translation
adjustment&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;See accompanying reports of independent
registered public accounting firms&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock>
  <us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">110000</us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities>
  <us-gaap:CommonStockDividendsPerShareDeclared contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">0.32</us-gaap:CommonStockDividendsPerShareDeclared>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">9946000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(5)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Derivative Financial
Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company enters into foreign currency
forward exchange contracts to hedge exposure related to receivables
denominated in a foreign currency. Before entering into a
derivative transaction for hedging purposes, it is determined that
a high degree of initial effectiveness exists between the change in
value of the hedged item and the change in the value of the
derivative instrument from movement in exchange rates. High
effectiveness means that the change in the cash flows of the
derivative instrument will effectively offset the change in the
cash flows of the hedged item. The effectiveness of each hedged
item is measured throughout the hedged period and is based on the
dollar offset methodology and excludes the portion of the fair
value of the foreign currency forward exchange contract
attributable to the change in spot-forward difference which is
reported in current period earnings. Any hedge ineffectiveness is
also recognized as a gain or loss on foreign currency in the income
statement. For hedge contracts that are no longer deemed highly
effective, hedge accounting is discontinued and gains and losses
accumulated in other comprehensive income are reclassified to
earnings.&amp;#xA0;If it is probable that the forecasted transaction
will no longer occur, then any gains or losses accumulated in other
comprehensive income are reclassified to current-period
earnings.&amp;#xA0;Cash-flow hedges were highly effective, in all
material respects.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;The following table presents gains and
losses in derivatives designated as hedges and the location of
those gains and losses in the financial statements (in
thousands):&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Location of Gain&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;(Loss)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Amount of Gain&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Amount of Gain&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Location of Gain&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Amount of Gain&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Recognized in&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(Loss) Recognized&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Derivatives in&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(Loss) Recognized&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;(Loss) Reclassified&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(Loss) Reclassified&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Income on&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;in Income on&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Cash Flow&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;in OCI on&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;from Accumulated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;from Accumulated&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Derivative&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Derivative&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Hedging&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Derivative&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;OCI into Income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;OCI into Income&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;(Effective&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(Effective Portion)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Relationships&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(Effective Portion)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;(Effective Portion)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(Effective Portion)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Portion)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;(A)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;Year ended&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;Year ended&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;Year ended&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="5" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td nowrap="nowrap" style="width: 19%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 5%; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 5%; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 18%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 18%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="width: 1%; text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(204,255,204)"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;Foreign
exchange&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Gain (loss) on&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Gain (loss) on&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;foreign currency&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;foreign currency&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;(2,638&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;(A) The amount of gain (loss) recognized
in income represents the amount excluded from the assessment of
hedge effectiveness.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The following table presents gains and
losses in derivatives not designated as hedges and the location of
those gains and losses in the financial statements (in
thousands):&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 34%; font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Derivatives not&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 33%; text-align: center"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Location of Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="font-weight: bold; text-align: center"&gt;&lt;font style="color: Black"&gt;Designated as Hedging&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;recognized in Income on&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;December
31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;December
31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;Derivative&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Interest
rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Interest
expense&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;272&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;362&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Foreign
exchange contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Gain (loss)
on foreign currency&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(108&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(86&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;All derivative instruments are reported
as either assets or liabilities on the balance sheet measured at
fair value. The valuation of interest rate swaps resulted in a
liability which is included in long-term debt on the accompanying
balance sheets. The valuation of foreign currency forward exchange
contracts not accounted for using hedge accounting in 2011 resulted
in a liability and is included in accrued expenses and in 2010 such
valuation resulted in an asset and is included in other current
assets on the accompanying balance sheets. Generally, increases or
decreases in the fair value of derivative instruments will be
recognized as gains or losses in earnings in the period of change.
If the derivative instrument is designated and qualifies as a cash
flow hedge, the changes in fair value of the derivative instrument
will be recorded as a separate component of shareholders&amp;#x2019;
equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;At December&amp;#xA0;31, 2011, the Company
had foreign currency contracts in the form of forward exchange
contracts in the amount of approximately U.S. $67.3&amp;#xA0;million
and GB &amp;#xA3;10.0&amp;#xA0;million which all have maturities of less
than one year.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
  <us-gaap:EarningsPerShareBasic contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">1.06</us-gaap:EarningsPerShareBasic>
  <us-gaap:DepreciationAndAmortization contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">13073000</us-gaap:DepreciationAndAmortization>
  <us-gaap:SalesRevenueNet contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">615220000</us-gaap:SalesRevenueNet>
  <us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;b&gt;(8)&lt;/b&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Goodwill and Other Intangible Assets&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;
&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The
following tables present our assets and liabilities that are
measured at fair value on a nonrecurring basis, and are categorized
using the fair value hierarchy.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Fair Value Measurements at December 31,
2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Quoted Prices in&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Significant Other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Significant&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Active Markets for&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Observable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Unobservable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Identical Assets&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;(Level 1)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;(Level 2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;(Level 3)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;Trademark - Nickel&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,263&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,263&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,763&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,763&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Fair Value Measurements at December 31,
2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Quoted Prices in&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Significant Other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Significant&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Active Markets for&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Observable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Unobservable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Identical Assets&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;(Level 1)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;(Level 2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;(Level 3)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;Trademark - Nickel&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,337&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,337&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;3,654&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;3,654&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The goodwill and trademarks referred to
above, relates to the Company&amp;#x2019;s Nickel skin care business
which is primarily a component of our European operations. The
Company has determined that it may be inclined to sell the Nickel
business within the next few years and therefore, the Company
engages a third party valuation specialist to advise us and assist
in a potential transaction. As a result, the Company has determined
that as of December 31, 2011, the carrying amount of the goodwill
exceeded fair value resulting in an impairment loss of $0.8
million. A similar evaluation is performed every year and in 2009,
the Company recorded an impairment loss of $1.7 million.
Accumulated impairment losses relating to goodwill aggregated $4.3
million as of December 31, 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;To determine fair value of
indefinite-lived intangible assets, the Company uses an income
approach, including the relief-from-royalty method. This method
assumes that, in lieu of ownership, a third party would be willing
to pay a royalty in order to obtain the rights to use the
comparable asset. The relief-from-royalty calculations require us
to make a number of assumptions and estimates concerning future
sales levels, market royalty rates, future tax rates and discount
rates. The Company uses this method to determine if an impairment
charge is required relating to our Nickel brand trademarks. In
2009, an impairment charge relating to the Nickel trademark in the
amount of $0.54 million was recorded. No impairment charge was
required in 2011 or 2010. The Company assumed a market royalty rate
of 6% and a discount rate of 7.7%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The fair values used in our evaluations
are also estimated based upon discounted future cash flow
projections using a weighted average cost of capital of 7.7%. The
cash flow projections are based upon a number of assumptions,
including, future sales levels and future cost of goods and
operating expense levels, as well as economic conditions, changes
to our business model or changes in consumer acceptance of our
products which are more subjective in nature. The Company believes
that the assumptions the Company has made in projecting future cash
flows for the evaluations described above are reasonable and
currently no impairment indicators exist for our indefinite-lived
assets other than the Nickel trademarks referred to above. However,
if future actual results do not meet our expectations, the Company
may be required to record an impairment charge, the amount of which
could be material to our results of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The cost of trademarks, licenses and
other intangible assets with finite lives is being amortized by the
straight-line method over the term of the respective license or the
intangible assets estimated useful life which range from three to
seventeen years. If the residual value of a finite life intangible
asset exceeds its carrying value, then the asset is not amortized.
The Company reviews intangible assets with finite lives for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Activity relating to the goodwill is as
follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 74%; text-align: left"&gt;&lt;font style="color: Black"&gt;Balance - beginning of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;3,654&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;3,927&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 0.12in"&gt;&lt;font style="color: Black"&gt;Effect of changes in foreign currency translation
rates&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(54&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(273&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in"&gt;
&lt;font style="color: Black"&gt;Impairment loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(837&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;Balance - end of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,763&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;3,654&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock>
  <us-gaap:PaymentsToAcquireIntangibleAssets contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">4605000</us-gaap:PaymentsToAcquireIntangibleAssets>
  <us-gaap:OperatingIncomeLoss contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">66939000</us-gaap:OperatingIncomeLoss>
  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">33287000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:PaymentsToAcquireShortTermInvestments contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">10823000</us-gaap:PaymentsToAcquireShortTermInvestments>
  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1546000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>
  <us-gaap:InventoryDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(3)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Inventories&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 70%; text-align: left"&gt;&lt;font style="color: Black"&gt;Raw materials and component parts&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;&lt;font style="color: Black"&gt;64,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;&lt;font style="color: Black"&gt;40,809&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;99,666&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;69,031&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;164,077&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;109,840&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2756000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:SellingGeneralAndAdministrativeExpense contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">318998000</us-gaap:SellingGeneralAndAdministrativeExpense>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">24444000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-1692000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="shares" decimals="0">30514529</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-911000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(4)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Fair Value of Financial
Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The following tables present our
financial assets and liabilities that are measured at fair value on
a recurring basis and are categorized using the fair value
hierarchy. The fair value hierarchy has three levels based on the
reliability of the inputs used to determine fair value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Fair Value Measurements at December 31,
2011&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Quoted Prices in&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Significant Other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Significant&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Active Markets for&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Observable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Unobservable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Identical Assets&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;(Level 1)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;(Level 2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;
&lt;font style="color: Black"&gt;(Level 3)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Short-term investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 48%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt"&gt;
&lt;font style="color: Black"&gt;Foreign currency forward exchange
contracts not accounted for using hedge accounting&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;3,532&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;3,532&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;Interest rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;69&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;69&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;3,601&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;3,601&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Fair Value Measurements at December
31,2010&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Quoted Prices in&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Significant Other&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Significant&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Active Markets for&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Observable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Unobservable&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Identical Assets&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"&gt;&lt;font style="color: Black"&gt;Inputs&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;(Level 1)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;(Level 2)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;(Level 3)&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 48%; padding-left: 0.12in"&gt;&lt;font style="color: Black"&gt;Short-term investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;49,391&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;49,391&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -0.12in; padding-left: 0.24in; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;Foreign currency forward&lt;/font&gt;
&lt;font style="color: Black"&gt;exchange contracts&lt;/font&gt; &lt;font style="color: Black"&gt;not accounted for using&lt;/font&gt; &lt;font style="color: Black"&gt;hedge accounting&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;1,024&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;1,024&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;50,415&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;50,415&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 0.12in; padding-bottom: 2.5pt"&gt;
&lt;font style="color: Black"&gt;Interest rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;333&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;333&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The carrying amount of cash and cash
equivalents, short-term investments, accounts receivable, other
receivables, accounts payable and accrued expenses approximates
fair value due to the short terms to maturity of these instruments.
The carrying amount of loans payable approximates fair value as the
interest rates on the Company&amp;#x2019;s indebtedness approximate
current market rates. The fair value of the Company&amp;#x2019;s
long-term debt was estimated based on the current rates offered to
companies for debts with the same remaining maturities and is
approximately equal to its carrying value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Foreign currency forward exchange
contracts are valued based on quotations from financial
institutions and the value of interest rate swaps are the
discounted net present value of the swaps using third party quotes
obtained from financial institutions.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(15)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Income Taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company or its subsidiaries file
income tax returns in the U.S. federal, and various states and
foreign jurisdictions. With few exceptions, the Company is no
longer subject to U.S. federal, state, and local or non-U.S. income
tax examinations by tax authorities for years before 2007. In 2010,
the French Tax Authorities commenced an examination of the French
subsidiary&amp;#x2019;s income tax returns for 2006 through 2008. In
October 2011, the Company agreed in principle with the French tax
authority on the consequences of the audit, which covered income
tax and non-income tax items. As a result, the Company increased
income tax expense by $1.7 million and reduces its reserve for
contingency related to non-income tax items recorded in 2010 by
$1.3 million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Company follows the provisions of
uncertain tax positions as addressed in FASB Accounting Standards
Codification 740-10-65-1. The Company did not recognize any
increase in the liability for unrecognized tax benefits and has no
uncertain tax position at December 31, 2011. The Company recognizes
interest accrued related to unrecognized tax benefits in interest
expense and penalties as a component of the provision for income
taxes. No interest or penalties were recognized during the periods
presented and there is no accrual for interest and penalties at
December&amp;#xA0;31, 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The components of income before income
taxes consist of the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; text-align: left"&gt;&lt;font style="color: Black"&gt;U.S. operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;3,478&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;1,364&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;(30&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Foreign operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;63,915&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;52,476&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;46,378&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;67,393&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;53,840&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;46,348&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The provision for current and deferred
income tax expense (benefit) consists of the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Current:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 61%; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Federal&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;1,269&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;515&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;280&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;State and local&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;286&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;112&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;119&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Foreign&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;23,898&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;22,096&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;18,870&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;25,453&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;22,723&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;19,269&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;Deferred:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Federal&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(170&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;22&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(260&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;State and local&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(53&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Foreign&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(842&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(4,527&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(2,828&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(1,009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(4,558&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(3,079&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Total income tax expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;24,444&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;18,165&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;16,190&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The tax effects of temporary differences
that give rise to significant portions of the deferred tax assets
and deferred tax liabilities are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Deferred
tax assets:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="width: 74%; text-align: left; padding-left: 9pt"&gt;
&lt;font style="color: Black"&gt;State net operating loss carry
forwards&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;433&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Foreign net operating loss carry
forwards&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;629&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,725&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Alternative minimum tax credit carry
forwards&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;514&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;514&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Inventory and accounts receivable&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;392&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;372&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Profit sharing&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,806&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;1,575&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Stock option compensation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;682&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;610&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Effect of inventory profit elimination&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;3,424&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;3,605&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;452&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;514&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 0.25in"&gt;&lt;font style="color: Black"&gt;Total gross deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;7,899&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;9,348&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(629&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(2,118&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Net deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;7,270&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;7,230&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Deferred
tax liabilities (long-term):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Property, plant, and equipment&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(8&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Trademarks and licenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(5,975&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;(6,473&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(93&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(308&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Total deferred tax
liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(6,068&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;(6,789&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Net deferred tax assets
(liabilities)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,202&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;441&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In 2011, all remaining state net
operating loss carry-forwards were written off against the
valuation allowance, as they are no longer available for
utilization. Valuation allowances had been provided on the
potential benefit of state net operating loss carry-forwards as it
was determined that future tax benefits from option compensation
deductions might prevent the net operating loss carry-forwards from
being fully utilized. In 2010 and 2009, $0.2 million and $0.6
million, respectively, of such valuation allowances were realized
which was equal to the benefits realized from the utilization of
net operating loss carry-forwards. The amounts realized were
credited to additional paid-in capital in the respective
periods.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In addition, valuation allowances of
$0.9 million and $0.8 million had been provided in 2010 and 2009,
respectively, against certain foreign net operating loss
carry-forwards, as it was determined that future profitable
operations from certain foreign subsidiaries might not be
sufficient to realize the full amount of net operating loss
carry-forwards. In 2011, approximately $1.1 million of such
valuation allowances was realized as the Company was able to
utilize certain foreign net operating loss carry-forwards for which
a valuation allowance had been established.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;No further valuation allowances have
been provided as management believes that it is more likely than
not that the asset will be realized in the reduction of future
taxable income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The&amp;#xA0;Company has not provided for
U.S. deferred income taxes on $202 million of undistributed
earnings of its non-U.S. subsidiaries as of December&amp;#xA0;31, 2011
since the&amp;#xA0;Company intends to reinvest most of these earnings
in its foreign operations indefinitely and the Company believes it
has sufficient foreign tax credits available to offset any
potential tax on amounts that have been and are planned to be
repatriated.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Differences between the United States
Federal statutory income tax rate and the effective income tax rate
were as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 61%; text-align: left"&gt;&lt;font style="color: Black"&gt;Statutory rates&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;34.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;34.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10%; text-align: right"&gt;&lt;font style="color: Black"&gt;34.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;State and
local taxes, net of Federal benefit&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in"&gt;
&lt;font style="color: Black"&gt;Effect of foreign taxes greater than
(less than) U.S. statutory rates&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;2.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: red"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: red; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: red; text-align: right"&gt;&lt;font style="color: Black"&gt;(0.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: red; text-align: left"&gt;&lt;font style="color: Black"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;0.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;0.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;0.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Effective rates&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;36.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;33.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;34.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:InterestPaid contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1972000</us-gaap:InterestPaid>
  <us-gaap:IncreaseDecreaseInInventories contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">60494000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;
&lt;b&gt;(1)&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;The
Company and its Significant Accounting Policies&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Business of the Company&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Inter Parfums, Inc. and its subsidiaries (the
&amp;#x201C;Company&amp;#x201D;) are in the fragrance business, and
manufacture and distribute a wide array of fragrances and fragrance
related products.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Substantially all of our prestige fragrance brands are licensed
from unaffiliated third parties and our business is dependent upon
the continuation and renewal of such licenses. Revenues generated
from one such license represented 50%, 53% and 57% of net sales in
2011, 2010 and 2009, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Basis of Preparation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The consolidated financial statements include the accounts of the
Company, including 74% owned Interparfums, S.A.
(&amp;#x201C;IPSA&amp;#x201D;), a subsidiary whose stock is publicly traded
in France. In 2010, IPSA formed two wholly-owned subsidiaries,
Interparfums Singapore Pte. Ltd., and Interparfums Luxury Brands,
Inc., an Asian sales and marketing office and a U.S. distribution
company, respectively. All material intercompany balances and
transactions have been eliminated.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;b&gt;&lt;i&gt;Management Estimates&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Management makes assumptions and estimates to prepare financial
statements in conformity with accounting principles generally
accepted in the United States of America. Those assumptions and
estimates directly affect the amounts reported and disclosures
included in the consolidated financial statements. Actual results
could differ from those assumptions and estimates. Significant
estimates for which changes in the near term are considered
reasonably possible and that may have a material impact on the
financial statements are disclosed in these notes to the
consolidated financial statements.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Foreign Currency Translation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
For foreign subsidiaries with operations denominated in a foreign
currency, assets and liabilities are translated to U.S. dollars at
year-end exchange rates. Income and expense items are translated at
average rates of exchange prevailing during the year. Gains and
losses from translation adjustments are accumulated in a separate
component of shareholders&amp;#x2019; equity.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Cash and Cash Equivalents&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
All highly liquid investments purchased with a maturity of three
months or less are considered to be cash equivalents.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Short-Term Investments&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
From time to time, the Company has short-term investments which
consist of certificates of deposit with maturities greater than
three months. The Company monitors concentrations of credit risk
associated with financial institutions with which the Company
conducts significant business. The Company believes our credit risk
is minimal, as the Company primarily conducts business with large,
well-established financial institutions.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Accounts Receivable&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Accounts receivable represent payments due to the Company for
previously recognized net sales, reduced by allowances for sales
returns and doubtful accounts or balances which are estimated to be
uncollectible which aggregated $9.5 million and $5.9 million as of
December 31, 2011 and 2010, respectively. Accounts receivable
balances are written-off against the allowance for doubtful
accounts when they become uncollectible. Recoveries of accounts
receivable previously recorded against the allowance are recorded
in the consolidated statement of income when received. We generally
grant credit based upon our analysis of the customer&amp;#x2019;s
financial position as well as previously established buying
patterns.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Inventories&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Inventories, including promotional merchandise, only include
inventory considered saleable or usable in future periods, and is
stated at the lower of cost or market, with cost being determined
on the first-in, first-out method.&amp;#xA0;Cost components include raw
materials, components, direct labor and overhead (e.g., indirect
labor, utilities, depreciation, purchasing, receiving, inspection
and warehousing) as well as inbound freight.&amp;#xA0;Promotional
merchandise is charged to cost of sales at the time the merchandise
is shipped to the Company&amp;#x2019;s customers. Overhead included in
inventory aggregated, $4.4 million, $3.0 million and $2.3 million
as of December 31, 2011, 2010 and 2009, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;b&gt;&lt;i&gt;Derivatives&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;All
derivative instruments are recorded as either assets or liabilities
and measured at fair value. The Company uses derivative instruments
to principally manage a variety of market risks. For derivatives
designated as hedges of the exposure to changes in fair value of
the recognized asset or liability or a firm commitment (referred to
as fair value hedges), the gain or loss is recognized in earnings
in the period of change together with the offsetting loss or gain
on the hedged item attributable to the risk being hedged. The
effect of that accounting is to include in earnings the extent to
which the hedge is not effective in achieving offsetting changes in
fair value. For our cash flow hedges, the effective portion of the
derivative&amp;#x2019;s gain or loss is initially reported in equity (as
a component of accumulated other comprehensive income) and is
subsequently reclassified into earnings in the same period or
periods during which the hedged forecasted transaction affects
earnings. The ineffective portion of the gain or loss of a cash
flow hedge is reported in earnings immediately. The Company also
holds certain instruments for economic purposes that are not
designated for hedge accounting treatment. For these derivative
instruments, the changes in their fair value are recorded in
earnings immediately.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Equipment and Leasehold Improvements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Equipment and leasehold improvements are stated at cost less
accumulated depreciation and amortization. Depreciation and
amortization are provided using the straight-line method over the
estimated useful lives for equipment, which range between three and
ten&amp;#xA0;years and the shorter of the lease term or estimated
useful asset lives for leasehold improvements.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Goodwill and Other Long-Lived Assets&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Goodwill is calculated as the excess of the cost of purchased
businesses over the fair value of their underlying net
assets.&amp;#xA0; Other indefinite-lived intangible assets principally
consist of trademarks.&amp;#xA0;Goodwill and other indefinite-lived
intangible assets are not amortized.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company evaluates goodwill and indefinite-lived intangible
assets for impairment at least annually during the fourth quarter,
or more frequently when events occur or circumstances change, such
as an unexpected decline in sales, that would more likely than not
(i) reduce the fair value of the reporting unit below its fair
value or (ii) indicate that the carrying value of an
indefinite-lived intangible asset may not be recoverable.
Impairment of goodwill is evaluated using a two step process. The
first step involves a comparison of the estimated fair value of the
reporting unit to the carrying value of that unit. If the carrying
value of the reporting unit exceeds the fair value of the reporting
unit, the second step of the process involves comparison of the
implied fair value of goodwill (based on industry purchase and sale
transaction data) with its carrying value. If the carrying value of
the reporting unit&amp;#x2019;s goodwill exceeds the implied fair value
of that goodwill, an impairment loss is recognized as an amount
equal to the excess.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Testing goodwill for impairment requires us to estimate the fair
value of the reporting unit using significant estimates and
assumptions. The assumptions the Company makes will impact the
outcome and ultimate results of the testing. In making our
assumptions and estimates, the Company uses industry accepted
valuation models and set criteria that are reviewed and approved by
management and, in certain instances, the Company engages third
party valuation specialists to advise us.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
For indefinite-lived intangible assets, the evaluation requires a
comparison of the estimated fair value of the asset to the carrying
value of the asset. To determine fair value of indefinite-lived
intangible assets, the Company uses an income approach, including
the relief-from-royalty method. This method assumes that, in lieu
of ownership, a third party would be willing to pay a royalty in
order to obtain the rights to use the comparable asset. The
relief-from-royalty calculations require us to make a number of
assumptions and estimates concerning future sales levels, market
royalty rates, future tax rates and discount rates. If the carrying
value of an indefinite-lived intangible asset exceeds its fair
value, impairment is recorded.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Intangible assets subject to amortization are evaluated for
impairment testing whenever events or changes in circumstances
indicate that the carrying amount of an amortizable intangible
asset may not be recoverable. If impairment indicators exist for an
amortizable intangible asset, the undiscounted future cash flows
associated with the expected service potential of the asset are
compared to the carrying value of the asset. If our projection of
undiscounted future cash flows is in excess of the carrying value
of the intangible asset, no impairment charge is recorded. If our
projection of undiscounted future cash flows is less than the
carrying value of the intangible asset, an impairment charge would
be recorded to reduce the intangible asset to its fair value.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Concentration of Credit Risk&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company is a worldwide manufacturer, marketer and distributor
of fragrance and fragrance related products, and sells its products
to department stores, perfumeries, specialty retailers, mass-market
retailers, supermarkets and domestic and international wholesalers
and distributors. The Company grants credit to all qualified
customers and does not believe it is exposed significantly to any
undue concentration of credit risk.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company&amp;#x2019;s largest customer was its former U.S. prestige
fragrance distributor which accounted for 8% and 11% of
consolidated net sales in 2010 and 2009, respectively. In 2010, the
Company formed a U.S. subsidiary which took over U.S. prestige
fragrance distribution on January&amp;#xA0;1, 2011. No one customer
represented 10% or more of net sales in 2011.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Revenue Recognition&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company sells its products to department stores, perfumeries,
specialty retailers, mass-market retailers, supermarkets and
domestic and international wholesalers and distributors. Sales of
such products by our domestic subsidiaries are denominated in U.S.
dollars and sales of such products by our foreign subsidiaries are
primarily denominated in either euro or U.S. dollars. The Company
recognizes revenues when merchandise is shipped and the risk of
loss passes to the customer. Net sales are comprised of gross
revenues less returns, trade discounts and allowances. The Company
does not bill its customer&amp;#x2019;s freight and handling charges.
All shipping and handling costs, which aggregated $8.8 million,
$5.3 million and $5.0 million in 2011, 2010 and 2009, respectively,
are included in selling, general and administrative expenses in the
consolidated statements of income.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;b&gt;&lt;i&gt;Sales Returns&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Generally, the Company does not permit customers to return their
unsold products. However, commencing in January 2011 we took over
U.S. distribution of our European based prestige products and for
U.S. based customers we allow customer returns if properly
requested, authorized and approved. The Company regularly reviews
and revises, as deemed necessary, its estimate of reserves for
future sales returns based primarily upon historic trends and
relevant current data including information provided by retailers
regarding their inventory levels. In addition, as necessary,
specific accruals may be established for significant future known
or anticipated events. The types of known or anticipated events
that we have considered, and will continue to consider, include,
but are not limited to, the financial condition of our customers,
store closings by retailers, changes in the retail environment and
our decision to continue to support new and existing products. The
Company records estimated reserves for sales returns as a reduction
of sales, cost of sales and accounts receivable. Returned products
are recorded as inventories and are valued based upon estimated
realizable value. The physical condition and marketability of
returned products are the major factors we consider in estimating
realizable value. Actual returns, as well as estimated realizable
values of returned products, may differ significantly, either
favorably or unfavorably, from our estimates, if factors such as
economic conditions, inventory levels or competitive conditions
differ from our expectations.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Payments to Customers&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company records revenues generated from purchase with purchase
and gift with purchase promotions as sales and the costs of its
purchase with purchase and gift with purchase promotions as cost of
sales. Certain other incentive arrangements require the payment of
a fee to customers based on their attainment of pre-established
sales levels.&amp;#xA0;These fees have been recorded as a reduction of
net sales.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Advertising and Promotion&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Advertising and promotional costs are expensed as incurred and
recorded as a component of cost of goods sold (in the case of free
goods given to customers) or selling, general and administrative
expenses. Advertising and promotional costs included in selling,
general and administrative expenses were $127.8 million, $69.2
million and $55.8 million for 2011, 2010 and 2009, respectively.
Costs relating to purchase with purchase and gift with purchase
promotions that are reflected in cost of sales aggregated $48.4
million, $30.2 million and $29.8 million in 2011, 2010 and 2009,
respectively. Accrued expenses include approximately $16.4 million
and $14.7 million in advertising liabilities as of December 31,
2011 and 2010, respectively.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Package Development Costs&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Package development costs associated with new products and
redesigns of existing product packaging are expensed as
incurred.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Operating Leases&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company recognizes rent expense from operating leases with
various step rent provisions, rent concessions and escalation
clauses on a straight-line basis over the applicable lease
term.&amp;#xA0;The Company considers lease renewals in the useful life
of its leasehold improvements when such renewals are reasonably
assured.&amp;#xA0;In the event the Company receives capital improvement
funding from its landlord, these amounts are recorded as deferred
liabilities and amortized over the remaining lease term as a
reduction of rent expense.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;License Agreements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company&amp;#x2019;s license agreements provide the Company with
worldwide rights to manufacture, market and sell fragrance and
fragrance related products using the licensors&amp;#x2019;
trademarks.&amp;#xA0;The licenses typically have an initial term of
approximately 5 years to 15 years, and are potentially renewable
subject to the Company&amp;#x2019;s compliance with the license
agreement provisions.&amp;#xA0;The remaining terms, including the
potential renewal periods, range from approximately 2 years to 15
years.&amp;#xA0; Under each license, the Company is required to pay
royalties in the range of 5% to 10% to the licensor, at least
annually, based on net sales to third parties.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Most of the Company&amp;#x2019;s licenses were entered into to create
additional sales.&amp;#xA0; In some cases, the Company may pay an entry
fee to acquire, or enter into, a license where the licensor or
another licensee was operating a pre-existing fragrance
business.&amp;#xA0; In those cases, the entry fee is capitalized as an
intangible asset and amortized over its useful life.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
Certain license agreements may require minimum royalty payments,
incremental royalties based on net sales levels and minimum
spending on advertising and promotional activities.&amp;#xA0; Royalty
expenses are accrued in the period in which net sales are
recognized while advertising and promotional expenses are accrued
at the time these costs are incurred.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;In
addition, the Company is exposed to certain concentration risk.
Substantially all of our prestige fragrance brands are licensed
from unaffiliated third parties and our business is dependent upon
the continuation and renewal of such licenses.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Income Taxes&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The Company accounts for income taxes using an asset and liability
approach that requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that
have been recognized in its financial statements or tax
returns.&amp;#xA0;The net deferred tax assets assume sufficient future
earnings for their realization, as well as the continued
application of currently anticipated tax rates.&amp;#xA0;Included in
net deferred tax assets is a valuation allowance for deferred tax
assets, where management believes it is more-likely-than-not that
the deferred tax assets will not be realized in the relevant
jurisdiction.&amp;#xA0;If the Company determines that a deferred tax
asset will not be realizable, an adjustment to the deferred tax
asset will result in a reduction of net earnings at that time.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;b&gt;&lt;i&gt;Issuance of Common Stock by Consolidated
Subsidiary&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
The difference between the Company&amp;#x2019;s share of the proceeds
received by the subsidiary and the carrying amount of the portion
of the Company&amp;#x2019;s investment deemed sold, is reflected as an
equity adjustment in the consolidated balance sheets.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Treasury Stock&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;The Board of Directors may authorize
share repurchases of the Company&amp;#x2019;s common stock (Share
Repurchase Authorizations). Share repurchases under Share
Repurchase Authorizations may be made through open market
transactions, negotiated purchase or otherwise, at times and in
such amounts within the parameters authorized by the Board. Shares
repurchased under Share Repurchase Authorizations are held in
treasury for general corporate purposes, including issuances under
various employee stock option plans. Treasury shares are accounted
for under the cost method and reported as a reduction of equity.
Share Repurchase Authorizations may be suspended, limited or
terminated at any time without notice.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Recent Accounting
Pronouncements&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In May 2011, new accounting guidance on
fair value measurements was issued, which requires updates to fair
value measurement disclosures to conform US GAAP to International
Financial Reporting Standards. This guidance includes additional
disclosure requirements about Level 3 fair value measurements and
is effective for interim and annual periods beginning after
December&amp;#xA0;15, 2011. The adoption of the new guidance will not
affect the Company&amp;#x2019;s financial position, results of
operations and cash flows, but will require additional
disclosure.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In June&amp;#xA0;and December 2011, new
accounting guidance on comprehensive income was issued, which
revises the presentation of comprehensive income in financial
statements. The Company has adopted the new guidance which has no
affect the Company&amp;#x2019;s financial position, results of
operations or cash flows, but requires the Company to disclose the
total of comprehensive income, the components of net income and the
components of other comprehensive income in either (i) a continuous
statement of comprehensive income or (ii) as two separate but
consecutive statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In September 2011, new accounting
guidance on testing goodwill for impairment was issued, which
allows an entity to first assess qualitative factors to determine
whether it is more likely than not that the fair value of a
reporting unit is less than its carrying amount, as a basis for
determining whether it is necessary to perform the two-step
goodwill impairment test described in ASC Topic 350. This guidance
is effective for interim and annual goodwill impairment tests for
interim and annual periods beginning after December&amp;#xA0;15, 2011.
The adoption of the new guidance will not affect the
Company&amp;#x2019;s financial position, results of operations and cash
flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;There are no other new accounting
pronouncements issued but not yet adopted that would have a
material effect on our consolidated financial
statements.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock>
  <us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">935000</us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation>
  <us-gaap:PaymentsOfDividends contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">9304000</us-gaap:PaymentsOfDividends>
  <us-gaap:UnrealizedGainLossOnDerivatives contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">272000</us-gaap:UnrealizedGainLossOnDerivatives>
  <us-gaap:ProceedsFromRepaymentsOfDebt contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">7230000</us-gaap:ProceedsFromRepaymentsOfDebt>
  <us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(7)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Trademarks, Licenses and Other
Intangible Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Gross&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Accumulated&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Net Book&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Value&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 55%; text-align: left; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;Trademarks (indefinite
lives)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,590&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,590&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Trademarks
(finite lives)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;50,127&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;151&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;49,976&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Licenses
(finite lives)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;70,109&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;23,289&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;46,820&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Other intangible assets (finite lives)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;13,953&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;11,589&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,364&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;134,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;35,029&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;99,160&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;140,779&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;35,029&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;105,750&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Gross&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Accumulated&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center"&gt;
&lt;font style="color: Black"&gt;Net Book&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;Value&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 55%; text-align: left; padding-bottom: 1pt"&gt;
&lt;font style="color: Black"&gt;Trademarks (indefinite
lives)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,671&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;&amp;#x2014;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;6,671&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Trademarks
(finite lives)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;51,680&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;134&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;51,546&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;Licenses
(finite lives)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;70,250&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;18,881&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;51,369&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Other intangible assets (finite lives)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;13,220&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;11,404&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;1,816&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 9pt"&gt;&lt;font style="color: Black"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;135,150&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;30,419&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;104,731&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.25in"&gt;
&lt;font style="color: Black"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;141,821&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;30,419&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;111,402&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In 2009, an impairment charge relating
to the Nickel trademark in the amount of $0.54 million was
recorded. No other impairment charges for trademarks with
indefinite useful lives were required in 2011, 2010 and 2009.
Amortization expense was $7.9 million, $5.7 million and $6.7
million for 2011, 2010 and 2009, respectively. Amortization expense
is expected to approximate $6.8 million in 2012 and 2013, $6.4
million in 2014 and $5.9 million in 2015 and 2016. The weighted
average amortization period for trademarks, licenses and other
intangible assets with finite lives are 18 years, 12 years and 2
years, respectively, and 13 years in the aggregate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="font-size: 10pt; color: Black"&gt;Trademarks (finite
lives) primarily represents Lanvin brand names and trademarks and
in connection with their purchase, Lanvin was granted the right to
repurchase the brand names and trademarks in 2025 for the greater
of&lt;/font&gt; &amp;#x20AC;&lt;font style="font-size: 10pt"&gt;70 million
(approximately $91 million) or one times the average of the annual
sales for the years ending December 31, 2023 and 2024 (residual
value). Because the residual value of the intangible asset exceeds
its carrying value, the asset is not amortized.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
  <us-gaap:OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">7000</us-gaap:OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest>
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="shares" decimals="0">30677825</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-13797000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:IncreaseDecreaseInOtherOperatingAssets contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-993000</us-gaap:IncreaseDecreaseInOtherOperatingAssets>
  <us-gaap:ProfitLoss contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">42949000</us-gaap:ProfitLoss>
  <ipar:StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">110000</ipar:StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax>
  <ipar:StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1093000</ipar:StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised>
  <ipar:ProceedsFromStockOptionAndWarrantExcercises contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">983000</ipar:ProceedsFromStockOptionAndWarrantExcercises>
  <ipar:SignificantAgreementsDisclosureTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(2)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Recent Agreements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Burberry&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In December 2011, the Company and
Burberry began to explore ways in which we can work more closely
together to realize the brand&amp;#x2019;s potential and are currently
in discussion regarding the potential establishment of a new
operating structure for the Burberry fragrance and beauty business.
As there can be no assurance that an agreement will be reached,
Burberry exercised its right to evaluate the purchase price for the
unexpired term of the existing license. In this process, Burberry
has until July 31, 2012 to determine whether it wishes to buy out
the unexpired portion of the license as of December 31, 2012 or
continue the existing contract which runs through December 31,
2017. As previously disclosed, if Burberry were to buy back the
license, then the purchase price will be the greater of the fair
market value of the unexpired term of the license or 70% of 2010
net wholesale sales of Burberry products.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Repetto&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In December 2011, we entered into a
thirteen-year exclusive worldwide license agreement to create,
produce and distribute perfumes and ancillary products under the
Repetto brand. Our rights under the agreement commenced on January
1, 2012. The agreement is subject to certain minimum advertising
expenditures and royalty payments as are customary in our
industry.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;The Gap Inc.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In July 2011, we renewed our exclusive
agreement with The Gap, Inc. to develop, produce, manufacture and
distribute fragrances for Gap and Banana Republic brand names to be
sold in Gap and Banana Republic retail stores in the United States
and Canada. In July 2011, we also renewed our license agreement
with The Gap Inc. for international distribution of fragrances
through Gap and Banana Republic stores as well as select specialty
and department stores outside the United States, including
duty-free and other travel related retailers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;These renewal agreements, which took
effect on January 1, 2012 and run through December 31, 2014,
contain terms and conditions similar to those of the original
agreements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Pierre Balmain&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In July 2011, we entered into a
twelve-year exclusive worldwide license agreement to create,
produce and distribute perfumes and ancillary products under the
Balmain brand. Our rights under the agreement commenced on January
1, 2012 when we took over the production and distribution of
existing Balmain fragrances. The agreement is subject to certain
minimum sales, advertising expenditures and royalty payments as are
customary in our industry. The Company paid an up front entry fee
of &amp;#x20AC;2.1 million (approximately $2.7 million) for this
license.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Anna Sui&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In June 2011, we entered into a ten-year
exclusive worldwide fragrance license agreement, with two five-year
renewal options, to create, produce and distribute perfumes and
fragrance-related products under the Anna Sui brand. Our rights
under the agreement commenced on January 1, 2012 when we took over
production and distribution of the existing Anna Sui fragrance
collections. The agreement is subject to certain minimum sales,
advertising expenditures and royalty payments as are customary in
our industry. The Company agreed to pay an upfront entry fee of
$2.0 million for this license which was recorded and paid for in
2012 and agreed to purchase current inventory and certain other
assets of the existing licensee. As of December 31, 2011,
approximately $2.8 million of current inventory was
purchased.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;S. T. Dupont&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In April 2011, we renewed our license
agreement with S.T. Dupont for the creation, development and
distribution of fragrance products through December 31, 2016. Our
initial eleven-year license agreement with S.T. Dupont was signed
in June 1997, and had previously been extended in 2006 for an
additional three years until June 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Lane Bryant&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In March 2011, we entered into an
exclusive agreement with a unit of Charming Shoppes, Inc. for its
flagship brand, Lane Bryant.&amp;#xA0;Under the agreement, Inter
Parfums designs and manufactures personal care products for the
Lane Bryant brand, while Lane Bryant is responsible for marketing,
promoting and selling these products. The initial term of the
contract, which may be extended by mutual consent, runs through
December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Boucheron&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In December 2010, the Company entered
into an exclusive worldwide license agreement with Boucheron
Parfums SAS to create, produce and distribute perfumes and
ancillary products under the Boucheron brand. Our rights under such
license agreement, which took effect on January 1, 2011 and runs
through December 31, 2025, are subject to certain minimum sales,
advertising expenditures and royalty payments as are customary in
our industry. The Company paid an upfront entry fee of &amp;#x20AC;15
million (approximately $20 million) for this license, and purchased
the inventory of the former licensee for &amp;#x20AC;1.7 million
(approximately $2.3 million).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Nine West&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In July 2010, the Company entered into
an exclusive worldwide license agreement with Nine West Development
Corporation for the creation, production, marketing and global
distribution of women&amp;#x2019;s fragrances under the Nine West brand.
The agreement, which runs through December&amp;#xA0;31, 2016, contains
a provision for further renewal if certain conditions are met. The
agreement also provides for direct sales to Nine West retail stores
in the United States, as well as a licensing component, enabling us
to sell women&apos;s fragrances to better department stores and
specialty retailers worldwide. Our rights under such license
agreement are subject to certain minimum sales, advertising
expenditures and royalty payments as are customary in our
industry.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Betsey Johnson&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In July 2010, the Company entered into
an exclusive worldwide agreement with Betsey Johnson LLC under
which the Company will design, manufacture and sell fragrance,
color cosmetics as well as other personal care products across a
broad retail spectrum. The agreement, which runs through December
31, 2015 with a five year optional term if certain conditions are
met, encompasses both direct sales to global Betsey Johnson stores
and e-commerce site, as well as a licensing component, enabling us
to sell these fragrance and beauty products to specialty and
department stores as well as other retail outlets worldwide. Our
rights under such license agreement are subject to certain minimum
sales, advertising expenditures and royalty payments as are
customary in our industry.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Montblanc&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In January 2010, the Company entered
into an exclusive worldwide license agreement with Montblanc
International GmbH to create, produce and distribute perfumes and
ancillary products under the Montblanc brand. Our rights under this
license agreement, which took effect on July 1, 2010 and runs
through December 31, 2020, are subject to certain minimum sales,
advertising expenditures and royalty payments as are customary in
our industry. The Company paid an upfront entry fee of &amp;#x20AC;1
million (approximately $1.4 million) for this license and purchased
inventory of the former licensee for &amp;#x20AC;4 million
(approximately $5.7 million).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;&amp;#xA0;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Jimmy Choo&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;In October 2009, the Company entered
into an exclusive worldwide license agreement with J Choo Limited,
which commenced on January 1, 2010, for the creation, development
and distribution of fragrances under the Jimmy Choo brand. Our
rights under such license agreement, which runs through 2022, are
subject to certain minimum sales, advertising expenditures and
royalty payments as are customary in our industry. A member of the
Company&amp;#x2019;s Board of Directors is also a member of the Board of
Directors of J Choo Limited.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ipar:SignificantAgreementsDisclosureTextBlock>
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  <ipar:InvestmentInEquipmentAndLeasesTextBlock contextRef="eol_PE9596----1110-K0010_STD_365_20111231_0">&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"&gt;&lt;/td&gt;
&lt;td style="width: 0.5in"&gt;&lt;font style="color: Black"&gt;&lt;b&gt;(6)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&lt;b&gt;Equipment and Leasehold
Improvements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"&gt;
&lt;font style="color: Black"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;
&lt;font style="color: Black"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: center"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="width: 70%"&gt;&lt;font style="color: Black"&gt;Equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;&lt;font style="color: Black"&gt;35,160&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 12%; text-align: right"&gt;&lt;font style="color: Black"&gt;26,778&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,265&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;2,107&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;37,425&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right"&gt;&lt;font style="color: Black"&gt;28,885&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;Less accumulated depreciation and
amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;22,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;
&lt;font style="color: Black"&gt;17,678&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,255,204)"&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;14,525&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;
&lt;font style="color: Black"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;
&lt;font style="color: Black"&gt;11,207&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;
&lt;font style="color: Black"&gt;Depreciation and amortization expense
was $6.0 million, $3.5 million and $4.3 million for 2011, 2010 and
2009, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ipar:InvestmentInEquipmentAndLeasesTextBlock>
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      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock" id="Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock">
        <link:definition>113 - Disclosure - Fair Value of Financial Instruments</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" id="Role_NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock">
        <link:definition>114 - Disclosure - Derivative Financial Instruments</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentInEquipmentAndLeasesTextBlock" id="Role_NotesToFinancialStatementsInvestmentInEquipmentAndLeasesTextBlock">
        <link:definition>115 - Disclosure - Equipment and Leasehold Improvements</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock" id="Role_NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock">
        <link:definition>116 - Disclosure - Trademarks, Licenses and Other Intangible Assets</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock" id="Role_NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock">
        <link:definition>117 - Disclosure - Goodwill and Other Intangible Assets</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock" id="Role_NotesToFinancialStatementsDebtDisclosureTextBlock">
        <link:definition>118 - Disclosure - Loans Payable - Banks</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock" id="Role_NotesToFinancialStatementsLongTermDebtTextBlock">
        <link:definition>119 - Disclosure - Long-Term Debt</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsCommitmentsDisclosureTextBlock" id="Role_NotesToFinancialStatementsCommitmentsDisclosureTextBlock">
        <link:definition>120 - Disclosure - Commitments</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" id="Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock">
        <link:definition>121 - Disclosure - Equity</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock" id="Role_NotesToFinancialStatementsEarningsPerShareTextBlock">
        <link:definition>122 - Disclosure - Net Income Attributable to Inter Parfums, Inc. Common Shareholders</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock" id="Role_NotesToFinancialStatementsSegmentReportingDisclosureTextBlock">
        <link:definition>123 - Disclosure - Segments and Geographic Areas</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" id="Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock">
        <link:definition>124 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock" id="Role_NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock">
        <link:definition>125 - Disclosure - Accumulated Other Comprehensive Income</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsMinorityInterestDisclosureTextBlock" id="Role_NotesToFinancialStatementsMinorityInterestDisclosureTextBlock">
        <link:definition>126 - Disclosure - Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" id="Role_NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
        <link:definition>127 - Disclosure - Valuation and Qualifying Accounts</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:href="ipar-20111231_cal.xml" xlink:title="Calculation Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:href="ipar-20111231_def.xml" xlink:title="Definition Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:href="ipar-20111231_lab.xml" xlink:title="Label Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:href="ipar-20111231_pre.xml" xlink:title="Presentation Links, all"/>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/country/2011-01-31" schemaLocation="http://xbrl.sec.gov/country/2011/country-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/invest/2011-01-31" schemaLocation="http://xbrl.sec.gov/invest/2011/invest-2011-01-31.xsd"/>
  <element name="CashPaidDuringPeriodForAbstract" id="ipar_CashPaidDuringPeriodForAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DocumentDocumentandEntityInformationAbstract" id="ipar_DocumentDocumentandEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="InvestmentInEquipmentAndLeasesTextBlock" id="ipar_InvestmentInEquipmentAndLeasesTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="NotesToFinancialStatementsAbstract" id="ipar_NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest" id="ipar_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="ProceedsFromStockOptionAndWarrantExcercises" id="ipar_ProceedsFromStockOptionAndWarrantExcercises" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="ProvisionForReductionOfDoubtfulAccounts" id="ipar_ProvisionForReductionOfDoubtfulAccounts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="SignificantAgreementsDisclosureTextBlock" id="ipar_SignificantAgreementsDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" id="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax" id="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" id="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>17
<FILENAME>ipar-20111231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Calculation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: 3 -->
<!-- Creation date: 2012-03-10T18:21:39Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.interparfumsinc.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfFinancialPositionClassified" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfFinancialPositionClassified"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfFinancialPositionClassifiedParen" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfIncome" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfIncome"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_ci-StatementOfShareholdersEquityAndOtherComprehensiveIncome" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_ci-StatementOfShareholdersEquityAndOtherComprehensiveIncomeParen" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncomeParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfOtherComprehensiveIncome" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsOrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsSignificantAgreementsDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAgreementsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsInventoryDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsInvestmentInEquipmentAndLeasesTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentInEquipmentAndLeasesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsIntangibleAssetsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsDebtDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsLongTermDebtTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsCommitmentsDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsCommitmentsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsEarningsPerShareTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsSegmentReportingDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsMinorityInterestDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsMinorityInterestDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.interparfumsinc.com/taxonomy/role/DocumentDocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.interparfumsinc.com/taxonomy/role/StatementOfFinancialPositionClassified">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="us-gaap_AccruedIncomeTaxesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="us-gaap_DividendsPayableCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxesReceivable" xlink:label="us-gaap_IncomeTaxesReceivable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet"/>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>18
<FILENAME>ipar-20111231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
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<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Definition Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
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<!-- Round: 3 -->
<!-- Creation date: 2012-03-10T18:21:39Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain" order="1.0000" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="100.0000" xbrldt:closed="true" xbrldt:contextElement="segment" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock" order="1.0200" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="dei_LegalEntityAxis" order="1.0000" priority="2" use="optional"/>
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  <definitionLink xlink:type="extended" xlink:role="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:label="us-gaap_ComprehensiveIncomeNoteTextBlock"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="dei_LegalEntityAxis" xlink:to="dei_EntityDomain" order="1.0000" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="100.0000" xbrldt:closed="true" xbrldt:contextElement="segment" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ComprehensiveIncomeNoteTextBlock" order="1.0200" priority="2" use="optional"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="dei_LegalEntityAxis" order="1.0000" priority="2" use="optional"/>
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  <definitionLink xlink:type="extended" xlink:role="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsMinorityInterestDisclosureTextBlock">
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_MinorityInterestDisclosureTextBlock" order="1.0200" priority="2" use="optional"/>
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</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>19
<FILENAME>ipar-20111231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Labels Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: 3 -->
<!-- Creation date: 2012-03-10T18:21:39Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" roleURI="http://xbrl.us/us-gaap/role/label/negated"/>
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negatedTotal" roleURI="http://xbrl.us/us-gaap/role/label/negatedTotal"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts Payable Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable - trade</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts Receivable Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="us-gaap_AccruedIncomeTaxesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US">Accrued Income Taxes Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US">Income taxes payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedIncomeTaxesCurrent" xlink:to="us-gaap_AccruedIncomeTaxesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued Liabilities Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income Loss Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated other comprehensive income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid In Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid In Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="us-gaap_AssetImpairmentCharges"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetImpairmentCharges_lbl" xml:lang="en-US">Asset Impairment Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetImpairmentCharges_lbl" xml:lang="en-US">Impairment of goodwill and trademark</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetImpairmentCharges" xlink:to="us-gaap_AssetImpairmentCharges_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Assets Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Assets Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash And Cash Equivalents At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents - end of year</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, Authorized</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock Shares Outstanding</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock Value</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive income</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNoteTextBlock_lbl" xml:lang="en-US">Comprehensive Income Note [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsSold" xlink:label="us-gaap_CostOfGoodsSold"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSold_lbl" xml:lang="en-US">Cost Of Goods Sold</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetCurrent" xlink:to="us-gaap_DeferredTaxAssetsNetCurrent_lbl"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation And Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xml:lang="en-US">Derivative Instruments And Hedging Activities Disclosure [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="us-gaap_IncomeTaxesPaid"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Income Taxes Paid</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaid" xlink:to="us-gaap_IncomeTaxesPaid_lbl"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesReceivable" xlink:to="us-gaap_IncomeTaxesReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Increase Decrease In Accounts Payable And Accrued Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Increase Decrease In Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl" xml:lang="en-US">Increase Decrease In Accrued Income Taxes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl" xml:lang="en-US">Income taxes, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Increase Decrease In Inventories</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Increase Decrease In Operating Capital [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xml:lang="en-US">Increase Decrease In Other Operating Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xml:lang="en-US">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Trademarks, Licenses and Other Intangible Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Trademarks, licenses and other intangible assets, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">Inventory Disclosure [Text Block]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventory Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterestAndDividend" xlink:label="us-gaap_InvestmentIncomeInterestAndDividend"/>
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    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_InvestmentIncomeInterestAndDividend_lbl" xml:lang="en-US">Interest and dividend income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterestAndDividend" xlink:to="us-gaap_InvestmentIncomeInterestAndDividend_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_InvestmentInEquipmentAndLeasesTextBlock" xlink:label="ipar_InvestmentInEquipmentAndLeasesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_InvestmentInEquipmentAndLeasesTextBlock_lbl" xml:lang="en-US">Investment in Equipment and Leases [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_InvestmentInEquipmentAndLeasesTextBlock_lbl" xml:lang="en-US">Investment In Equipment And Leases [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_InvestmentInEquipmentAndLeasesTextBlock_lbl" xml:lang="en-US">Equipment and Leasehold Improvements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_InvestmentInEquipmentAndLeasesTextBlock" xlink:to="ipar_InvestmentInEquipmentAndLeasesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities And Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities And Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Liabilities Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Liabilities Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansPayableToBankCurrent" xlink:label="us-gaap_LoansPayableToBankCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansPayableToBankCurrent_lbl" xml:lang="en-US">Loans Payable To Bank Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LoansPayableToBankCurrent_lbl" xml:lang="en-US">Loans payable - banks</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableToBankCurrent" xlink:to="us-gaap_LoansPayableToBankCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Long Term Debt Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion of long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long Term Debt Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt, less current portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US">Long Term Debt [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US">Long-Term Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Minority Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Noncontrolling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xml:lang="en-US">Minority Interest Decrease From Redemptions</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xml:lang="en-US">Purchase of subsidiary shares from noncontrolling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:to="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xml:lang="en-US">Minority Interest Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xml:lang="en-US">Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDisclosureTextBlock" xlink:to="us-gaap_MinorityInterestDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestIncreaseFromStockIssuance" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" xml:lang="en-US">Minority Interest Increase From Stock Issuance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" xml:lang="en-US">Sale of subsidiary shares to noncontrolling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestIncreaseFromStockIssuance" xlink:to="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash used in financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income attributable to Inter Parfums, Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net Income Loss Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Less: Net income attributable to the noncontrolling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling Interest [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Nonoperating Income Expense</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Nonoperating Income (Expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Nonoperating Income Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other expenses (income):</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_NotesToFinancialStatementsAbstract" xlink:label="ipar_NotesToFinancialStatementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes To Financial Statements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_NotesToFinancialStatementsAbstract" xlink:to="ipar_NotesToFinancialStatementsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating Income Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Income from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" xlink:label="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_lbl" xml:lang="en-US">The Company and its Significant Accounting Policies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" xlink:to="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other Assets Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other Assets Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl"/>
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    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:label="ipar_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Other Comprehensive Income Reclassification Adjustment On Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="ipar_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Reclassification from OCI into earnings, net</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfShortTermInvestments_lbl" xml:lang="en-US">Proceeds From Sale Of Short Term Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfShortTermInvestments_lbl" xml:lang="en-US">Proceeds from sale of short-term investments</label>
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    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_ProceedsFromStockOptionAndWarrantExcercises" xlink:label="ipar_ProceedsFromStockOptionAndWarrantExcercises"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_ProceedsFromStockOptionAndWarrantExcercises_lbl" xml:lang="en-US">The cash inflow associated with the amount received from holders exercising their stock options and warrants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_ProceedsFromStockOptionAndWarrantExcercises_lbl" xml:lang="en-US">Proceeds From Stock Option And Warrant Excercises</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_ProceedsFromStockOptionAndWarrantExcercises_lbl" xml:lang="en-US">Proceeds from exercise of options and warrants including tax benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_ProceedsFromStockOptionAndWarrantExcercises" xlink:to="ipar_ProceedsFromStockOptionAndWarrantExcercises_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Profit Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property Plant And Equipment Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Equipment and leasehold improvements, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_ProvisionForReductionOfDoubtfulAccounts" xlink:label="ipar_ProvisionForReductionOfDoubtfulAccounts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_ProvisionForReductionOfDoubtfulAccounts_lbl" xml:lang="en-US">Provision For Reduction Of Doubtful Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_ProvisionForReductionOfDoubtfulAccounts_lbl" xml:lang="en-US">Provision For Reduction Of Doubtful Accounts</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="ipar_ProvisionForReductionOfDoubtfulAccounts_lbl" xml:lang="en-US">Provision for doubtful accounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_ProvisionForReductionOfDoubtfulAccounts" xlink:to="ipar_ProvisionForReductionOfDoubtfulAccounts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments Of Long Term Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayment of long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings Accumulated Deficit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="us-gaap_SalesRevenueNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Sales Revenue Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Net sales</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">Valuation and Qualifying Accounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segments and Geographic Areas</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling General And Administrative Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, general, and administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share Based Compensation</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Ending Balance (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Beginning Balance (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShortTermInvestments" xlink:label="us-gaap_ShortTermInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShortTermInvestments_lbl" xml:lang="en-US">Short Term Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShortTermInvestments_lbl" xml:lang="en-US">Short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermInvestments" xlink:to="us-gaap_ShortTermInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_SignificantAgreementsDisclosureTextBlock" xlink:label="ipar_SignificantAgreementsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_SignificantAgreementsDisclosureTextBlock_lbl" xml:lang="en-US">Significant Agreements Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_SignificantAgreementsDisclosureTextBlock_lbl" xml:lang="en-US">Significant Agreements Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_SignificantAgreementsDisclosureTextBlock_lbl" xml:lang="en-US">Recent Agreements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_SignificantAgreementsDisclosureTextBlock" xlink:to="ipar_SignificantAgreementsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement Equity Components [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement Of Income And Comprehensive Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement of Income and Comprehensive Income [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Inter Parfums, Inc. shareholders' equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Inter Parfums, Inc. shareholders' equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders Equity Note Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="us-gaap_StockholdersEquityOther"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US">Stockholders Equity Other</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US">Shares received as proceeds of option exercises</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityOther" xlink:to="us-gaap_StockholdersEquityOther_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityOtherShares" xlink:label="us-gaap_StockholdersEquityOtherShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityOtherShares_lbl" xml:lang="en-US">Stockholders Equity Other Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityOtherShares_lbl" xml:lang="en-US">Shares received as proceeds of option exercises (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityOtherShares" xlink:to="us-gaap_StockholdersEquityOtherShares_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:label="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised_lbl" xml:lang="en-US">Stock Issued During Period, Shares, Stock Options and Warrants Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised_lbl" xml:lang="en-US">Stock Issued During Period Shares Stock Options And Warrants Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised_lbl" xml:lang="en-US">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised" xlink:to="ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax" xlink:label="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax_lbl" xml:lang="en-US">The tax expense (benefit) of stock issued during the period related to benefit plans and the exercise of stock options and warrants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax_lbl" xml:lang="en-US">Stock Issued During Period Value Benefit Plans And Exercise Of Stock Options And Warrants Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax_lbl" xml:lang="en-US">Shares issued upon exercise of stock options and warrants, income tax benefit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax" xlink:to="ipar_StockIssuedDuringPeriodValueBenefitPlansAndExerciseOfStockOptionsAndWarrantsTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock Issued During Period Value Share Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="ipar-20111231.xsd#ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" xlink:label="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised_lbl" xml:lang="en-US">Total value of stock issued as a result of the exercise of stock options or warrants, including income tax benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised_lbl" xml:lang="en-US">Stock Issued During Period Value Stock Options And Warrants Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised_lbl" xml:lang="en-US">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised" xlink:to="ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosures of cash flow information:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury stock, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="us-gaap_TreasuryStockSharesAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl" xml:lang="en-US">Treasury Stock Shares Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl" xml:lang="en-US">Purchased treasury shares (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockSharesAcquired" xlink:to="us-gaap_TreasuryStockSharesAcquired_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock Value</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock, at cost, 10,009,492 common shares at December 31, 2011 and 2010</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl" xml:lang="en-US">Treasury Stock Value Acquired Cost Method</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl" xml:lang="en-US">Purchased treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Unrealized Gain Loss On Derivatives</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Change in fair value of derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted Average Number Of Diluted Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Diluted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US">Weighted Average Number Of Shares Outstanding [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US">Weighted average number of shares outstanding:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted Average Number Of Shares Outstanding Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Basic</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>20
<FILENAME>ipar-20111231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Presentation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
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<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
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  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfOtherComprehensiveIncome" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://www.interparfumsinc.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
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  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsSignificantAgreementsDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAgreementsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ipar-20111231.xsd#Role_NotesToFinancialStatementsInventoryDisclosureTextBlock" roleURI="http://www.interparfumsinc.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock"/>
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          <div style="width: 200px;"><strong>Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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<td style="width: 0.5in"><font style="color: Black"><b>(17)</b></font></td>
<td><font style="color: Black"><b>Net Income Attributable to Inter
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Year ended December 31,</td>
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2011</td>
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2010</td>
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2009</td>
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&#xA0;</td>
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209</td>
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(848</td>
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&#xA0;</td>
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(45</td>
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Change from net income attributable to Inter Parfums, Inc. and
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$</td>
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32,512</td>
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$</td>
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25,745</td>
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$</td>
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22,322</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestDisclosureTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>The Company and its Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock', window );">The Company and its Significant Accounting Policies</a></td>
        <td class="text"><div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">
<b>(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Company and its Significant Accounting Policies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Business of the Company</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Inter Parfums, Inc. and its subsidiaries (the
&#x201C;Company&#x201D;) are in the fragrance business, and
manufacture and distribute a wide array of fragrances and fragrance
related products.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Substantially all of our prestige fragrance brands are licensed
from unaffiliated third parties and our business is dependent upon
the continuation and renewal of such licenses. Revenues generated
from one such license represented 50%, 53% and 57% of net sales in
2011, 2010 and 2009, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Basis of Preparation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The consolidated financial statements include the accounts of the
Company, including 74% owned Interparfums, S.A.
(&#x201C;IPSA&#x201D;), a subsidiary whose stock is publicly traded
in France. In 2010, IPSA formed two wholly-owned subsidiaries,
Interparfums Singapore Pte. Ltd., and Interparfums Luxury Brands,
Inc., an Asian sales and marketing office and a U.S. distribution
company, respectively. All material intercompany balances and
transactions have been eliminated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<b><i>Management Estimates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Management makes assumptions and estimates to prepare financial
statements in conformity with accounting principles generally
accepted in the United States of America. Those assumptions and
estimates directly affect the amounts reported and disclosures
included in the consolidated financial statements. Actual results
could differ from those assumptions and estimates. Significant
estimates for which changes in the near term are considered
reasonably possible and that may have a material impact on the
financial statements are disclosed in these notes to the
consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Foreign Currency Translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
For foreign subsidiaries with operations denominated in a foreign
currency, assets and liabilities are translated to U.S. dollars at
year-end exchange rates. Income and expense items are translated at
average rates of exchange prevailing during the year. Gains and
losses from translation adjustments are accumulated in a separate
component of shareholders&#x2019; equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Cash and Cash Equivalents</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
All highly liquid investments purchased with a maturity of three
months or less are considered to be cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Short-Term Investments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
From time to time, the Company has short-term investments which
consist of certificates of deposit with maturities greater than
three months. The Company monitors concentrations of credit risk
associated with financial institutions with which the Company
conducts significant business. The Company believes our credit risk
is minimal, as the Company primarily conducts business with large,
well-established financial institutions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Accounts Receivable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Accounts receivable represent payments due to the Company for
previously recognized net sales, reduced by allowances for sales
returns and doubtful accounts or balances which are estimated to be
uncollectible which aggregated $9.5 million and $5.9 million as of
December 31, 2011 and 2010, respectively. Accounts receivable
balances are written-off against the allowance for doubtful
accounts when they become uncollectible. Recoveries of accounts
receivable previously recorded against the allowance are recorded
in the consolidated statement of income when received. We generally
grant credit based upon our analysis of the customer&#x2019;s
financial position as well as previously established buying
patterns.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Inventories</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Inventories, including promotional merchandise, only include
inventory considered saleable or usable in future periods, and is
stated at the lower of cost or market, with cost being determined
on the first-in, first-out method.&#xA0;Cost components include raw
materials, components, direct labor and overhead (e.g., indirect
labor, utilities, depreciation, purchasing, receiving, inspection
and warehousing) as well as inbound freight.&#xA0;Promotional
merchandise is charged to cost of sales at the time the merchandise
is shipped to the Company&#x2019;s customers. Overhead included in
inventory aggregated, $4.4 million, $3.0 million and $2.3 million
as of December 31, 2011, 2010 and 2009, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<b><i>Derivatives</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">All
derivative instruments are recorded as either assets or liabilities
and measured at fair value. The Company uses derivative instruments
to principally manage a variety of market risks. For derivatives
designated as hedges of the exposure to changes in fair value of
the recognized asset or liability or a firm commitment (referred to
as fair value hedges), the gain or loss is recognized in earnings
in the period of change together with the offsetting loss or gain
on the hedged item attributable to the risk being hedged. The
effect of that accounting is to include in earnings the extent to
which the hedge is not effective in achieving offsetting changes in
fair value. For our cash flow hedges, the effective portion of the
derivative&#x2019;s gain or loss is initially reported in equity (as
a component of accumulated other comprehensive income) and is
subsequently reclassified into earnings in the same period or
periods during which the hedged forecasted transaction affects
earnings. The ineffective portion of the gain or loss of a cash
flow hedge is reported in earnings immediately. The Company also
holds certain instruments for economic purposes that are not
designated for hedge accounting treatment. For these derivative
instruments, the changes in their fair value are recorded in
earnings immediately.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Equipment and Leasehold Improvements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Equipment and leasehold improvements are stated at cost less
accumulated depreciation and amortization. Depreciation and
amortization are provided using the straight-line method over the
estimated useful lives for equipment, which range between three and
ten&#xA0;years and the shorter of the lease term or estimated
useful asset lives for leasehold improvements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Goodwill and Other Long-Lived Assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Goodwill is calculated as the excess of the cost of purchased
businesses over the fair value of their underlying net
assets.&#xA0; Other indefinite-lived intangible assets principally
consist of trademarks.&#xA0;Goodwill and other indefinite-lived
intangible assets are not amortized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company evaluates goodwill and indefinite-lived intangible
assets for impairment at least annually during the fourth quarter,
or more frequently when events occur or circumstances change, such
as an unexpected decline in sales, that would more likely than not
(i) reduce the fair value of the reporting unit below its fair
value or (ii) indicate that the carrying value of an
indefinite-lived intangible asset may not be recoverable.
Impairment of goodwill is evaluated using a two step process. The
first step involves a comparison of the estimated fair value of the
reporting unit to the carrying value of that unit. If the carrying
value of the reporting unit exceeds the fair value of the reporting
unit, the second step of the process involves comparison of the
implied fair value of goodwill (based on industry purchase and sale
transaction data) with its carrying value. If the carrying value of
the reporting unit&#x2019;s goodwill exceeds the implied fair value
of that goodwill, an impairment loss is recognized as an amount
equal to the excess.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Testing goodwill for impairment requires us to estimate the fair
value of the reporting unit using significant estimates and
assumptions. The assumptions the Company makes will impact the
outcome and ultimate results of the testing. In making our
assumptions and estimates, the Company uses industry accepted
valuation models and set criteria that are reviewed and approved by
management and, in certain instances, the Company engages third
party valuation specialists to advise us.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
For indefinite-lived intangible assets, the evaluation requires a
comparison of the estimated fair value of the asset to the carrying
value of the asset. To determine fair value of indefinite-lived
intangible assets, the Company uses an income approach, including
the relief-from-royalty method. This method assumes that, in lieu
of ownership, a third party would be willing to pay a royalty in
order to obtain the rights to use the comparable asset. The
relief-from-royalty calculations require us to make a number of
assumptions and estimates concerning future sales levels, market
royalty rates, future tax rates and discount rates. If the carrying
value of an indefinite-lived intangible asset exceeds its fair
value, impairment is recorded.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Intangible assets subject to amortization are evaluated for
impairment testing whenever events or changes in circumstances
indicate that the carrying amount of an amortizable intangible
asset may not be recoverable. If impairment indicators exist for an
amortizable intangible asset, the undiscounted future cash flows
associated with the expected service potential of the asset are
compared to the carrying value of the asset. If our projection of
undiscounted future cash flows is in excess of the carrying value
of the intangible asset, no impairment charge is recorded. If our
projection of undiscounted future cash flows is less than the
carrying value of the intangible asset, an impairment charge would
be recorded to reduce the intangible asset to its fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Concentration of Credit Risk</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company is a worldwide manufacturer, marketer and distributor
of fragrance and fragrance related products, and sells its products
to department stores, perfumeries, specialty retailers, mass-market
retailers, supermarkets and domestic and international wholesalers
and distributors. The Company grants credit to all qualified
customers and does not believe it is exposed significantly to any
undue concentration of credit risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company&#x2019;s largest customer was its former U.S. prestige
fragrance distributor which accounted for 8% and 11% of
consolidated net sales in 2010 and 2009, respectively. In 2010, the
Company formed a U.S. subsidiary which took over U.S. prestige
fragrance distribution on January&#xA0;1, 2011. No one customer
represented 10% or more of net sales in 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Revenue Recognition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company sells its products to department stores, perfumeries,
specialty retailers, mass-market retailers, supermarkets and
domestic and international wholesalers and distributors. Sales of
such products by our domestic subsidiaries are denominated in U.S.
dollars and sales of such products by our foreign subsidiaries are
primarily denominated in either euro or U.S. dollars. The Company
recognizes revenues when merchandise is shipped and the risk of
loss passes to the customer. Net sales are comprised of gross
revenues less returns, trade discounts and allowances. The Company
does not bill its customer&#x2019;s freight and handling charges.
All shipping and handling costs, which aggregated $8.8 million,
$5.3 million and $5.0 million in 2011, 2010 and 2009, respectively,
are included in selling, general and administrative expenses in the
consolidated statements of income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<b><i>Sales Returns</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Generally, the Company does not permit customers to return their
unsold products. However, commencing in January 2011 we took over
U.S. distribution of our European based prestige products and for
U.S. based customers we allow customer returns if properly
requested, authorized and approved. The Company regularly reviews
and revises, as deemed necessary, its estimate of reserves for
future sales returns based primarily upon historic trends and
relevant current data including information provided by retailers
regarding their inventory levels. In addition, as necessary,
specific accruals may be established for significant future known
or anticipated events. The types of known or anticipated events
that we have considered, and will continue to consider, include,
but are not limited to, the financial condition of our customers,
store closings by retailers, changes in the retail environment and
our decision to continue to support new and existing products. The
Company records estimated reserves for sales returns as a reduction
of sales, cost of sales and accounts receivable. Returned products
are recorded as inventories and are valued based upon estimated
realizable value. The physical condition and marketability of
returned products are the major factors we consider in estimating
realizable value. Actual returns, as well as estimated realizable
values of returned products, may differ significantly, either
favorably or unfavorably, from our estimates, if factors such as
economic conditions, inventory levels or competitive conditions
differ from our expectations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Payments to Customers</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company records revenues generated from purchase with purchase
and gift with purchase promotions as sales and the costs of its
purchase with purchase and gift with purchase promotions as cost of
sales. Certain other incentive arrangements require the payment of
a fee to customers based on their attainment of pre-established
sales levels.&#xA0;These fees have been recorded as a reduction of
net sales.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Advertising and Promotion</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Advertising and promotional costs are expensed as incurred and
recorded as a component of cost of goods sold (in the case of free
goods given to customers) or selling, general and administrative
expenses. Advertising and promotional costs included in selling,
general and administrative expenses were $127.8 million, $69.2
million and $55.8 million for 2011, 2010 and 2009, respectively.
Costs relating to purchase with purchase and gift with purchase
promotions that are reflected in cost of sales aggregated $48.4
million, $30.2 million and $29.8 million in 2011, 2010 and 2009,
respectively. Accrued expenses include approximately $16.4 million
and $14.7 million in advertising liabilities as of December 31,
2011 and 2010, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Package Development Costs</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Package development costs associated with new products and
redesigns of existing product packaging are expensed as
incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Operating Leases</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company recognizes rent expense from operating leases with
various step rent provisions, rent concessions and escalation
clauses on a straight-line basis over the applicable lease
term.&#xA0;The Company considers lease renewals in the useful life
of its leasehold improvements when such renewals are reasonably
assured.&#xA0;In the event the Company receives capital improvement
funding from its landlord, these amounts are recorded as deferred
liabilities and amortized over the remaining lease term as a
reduction of rent expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>License Agreements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company&#x2019;s license agreements provide the Company with
worldwide rights to manufacture, market and sell fragrance and
fragrance related products using the licensors&#x2019;
trademarks.&#xA0;The licenses typically have an initial term of
approximately 5 years to 15 years, and are potentially renewable
subject to the Company&#x2019;s compliance with the license
agreement provisions.&#xA0;The remaining terms, including the
potential renewal periods, range from approximately 2 years to 15
years.&#xA0; Under each license, the Company is required to pay
royalties in the range of 5% to 10% to the licensor, at least
annually, based on net sales to third parties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Most of the Company&#x2019;s licenses were entered into to create
additional sales.&#xA0; In some cases, the Company may pay an entry
fee to acquire, or enter into, a license where the licensor or
another licensee was operating a pre-existing fragrance
business.&#xA0; In those cases, the entry fee is capitalized as an
intangible asset and amortized over its useful life.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
Certain license agreements may require minimum royalty payments,
incremental royalties based on net sales levels and minimum
spending on advertising and promotional activities.&#xA0; Royalty
expenses are accrued in the period in which net sales are
recognized while advertising and promotional expenses are accrued
at the time these costs are incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In
addition, the Company is exposed to certain concentration risk.
Substantially all of our prestige fragrance brands are licensed
from unaffiliated third parties and our business is dependent upon
the continuation and renewal of such licenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Income Taxes</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The Company accounts for income taxes using an asset and liability
approach that requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that
have been recognized in its financial statements or tax
returns.&#xA0;The net deferred tax assets assume sufficient future
earnings for their realization, as well as the continued
application of currently anticipated tax rates.&#xA0;Included in
net deferred tax assets is a valuation allowance for deferred tax
assets, where management believes it is more-likely-than-not that
the deferred tax assets will not be realized in the relevant
jurisdiction.&#xA0;If the Company determines that a deferred tax
asset will not be realizable, an adjustment to the deferred tax
asset will result in a reduction of net earnings at that time.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>&#xA0;</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<b><i>Issuance of Common Stock by Consolidated
Subsidiary</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
The difference between the Company&#x2019;s share of the proceeds
received by the subsidiary and the carrying amount of the portion
of the Company&#x2019;s investment deemed sold, is reflected as an
equity adjustment in the consolidated balance sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Treasury Stock</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Board of Directors may authorize
share repurchases of the Company&#x2019;s common stock (Share
Repurchase Authorizations). Share repurchases under Share
Repurchase Authorizations may be made through open market
transactions, negotiated purchase or otherwise, at times and in
such amounts within the parameters authorized by the Board. Shares
repurchased under Share Repurchase Authorizations are held in
treasury for general corporate purposes, including issuances under
various employee stock option plans. Treasury shares are accounted
for under the cost method and reported as a reduction of equity.
Share Repurchase Authorizations may be suspended, limited or
terminated at any time without notice.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Recent Accounting
Pronouncements</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In May 2011, new accounting guidance on
fair value measurements was issued, which requires updates to fair
value measurement disclosures to conform US GAAP to International
Financial Reporting Standards. This guidance includes additional
disclosure requirements about Level 3 fair value measurements and
is effective for interim and annual periods beginning after
December&#xA0;15, 2011. The adoption of the new guidance will not
affect the Company&#x2019;s financial position, results of
operations and cash flows, but will require additional
disclosure.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In June&#xA0;and December 2011, new
accounting guidance on comprehensive income was issued, which
revises the presentation of comprehensive income in financial
statements. The Company has adopted the new guidance which has no
affect the Company&#x2019;s financial position, results of
operations or cash flows, but requires the Company to disclose the
total of comprehensive income, the components of net income and the
components of other comprehensive income in either (i) a continuous
statement of comprehensive income or (ii) as two separate but
consecutive statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In September 2011, new accounting
guidance on testing goodwill for impairment was issued, which
allows an entity to first assess qualitative factors to determine
whether it is more likely than not that the fair value of a
reporting unit is less than its carrying amount, as a basis for
determining whether it is necessary to perform the two-step
goodwill impairment test described in ASC Topic 350. This guidance
is effective for interim and annual goodwill impairment tests for
interim and annual periods beginning after December&#xA0;15, 2011.
The adoption of the new guidance will not affect the
Company&#x2019;s financial position, results of operations and cash
flows.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">There are no other new accounting
pronouncements issued but not yet adopted that would have a
material effect on our consolidated financial
statements.</font></p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock</nobr></td>
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<html>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHUBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 42,949<span></span></td>
        <td class="nump">$ 35,675<span></span></td>
        <td class="nump">$ 30,158<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by (used in) operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">13,073<span></span></td>
        <td class="nump">9,188<span></span></td>
        <td class="nump">10,963<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Impairment of goodwill and trademark</a></td>
        <td class="nump">837<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,213<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_ProvisionForReductionOfDoubtfulAccounts', window );">Provision for doubtful accounts</a></td>
        <td class="nump">2,838<span></span></td>
        <td class="nump">3,127<span></span></td>
        <td class="nump">1,394<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Noncash stock compensation</a></td>
        <td class="nump">1,060<span></span></td>
        <td class="nump">895<span></span></td>
        <td class="nump">947<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities', window );">Excess tax benefits from stock-based compensation arrangements</a></td>
        <td class="num">(110)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred tax (benefit)</a></td>
        <td class="num">(1,009)<span></span></td>
        <td class="num">(4,558)<span></span></td>
        <td class="num">(3,079)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Change in fair value of derivatives</a></td>
        <td class="num">(272)<span></span></td>
        <td class="num">(362)<span></span></td>
        <td class="num">(861)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="num">(88,915)<span></span></td>
        <td class="num">(5,915)<span></span></td>
        <td class="nump">20,912<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
        <td class="num">(60,494)<span></span></td>
        <td class="num">(29,110)<span></span></td>
        <td class="nump">40,628<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Other assets</a></td>
        <td class="nump">993<span></span></td>
        <td class="nump">2,127<span></span></td>
        <td class="num">(4,841)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">72,664<span></span></td>
        <td class="nump">20,804<span></span></td>
        <td class="num">(18,900)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Income taxes, net</a></td>
        <td class="num">(7,335)<span></span></td>
        <td class="nump">5,974<span></span></td>
        <td class="nump">5,106<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by (used in) operating activities</a></td>
        <td class="num">(23,721)<span></span></td>
        <td class="nump">37,845<span></span></td>
        <td class="nump">84,640<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireShortTermInvestments', window );">Purchases of short-term investments</a></td>
        <td class="num">(10,823)<span></span></td>
        <td class="num">(112,495)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfShortTermInvestments', window );">Proceeds from sale of short-term investments</a></td>
        <td class="nump">62,111<span></span></td>
        <td class="nump">63,510<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of equipment and leasehold improvements</a></td>
        <td class="num">(9,946)<span></span></td>
        <td class="num">(6,085)<span></span></td>
        <td class="num">(5,526)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireIntangibleAssets', window );">Payment for intangible assets acquired</a></td>
        <td class="num">(4,605)<span></span></td>
        <td class="num">(22,209)<span></span></td>
        <td class="num">(775)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by (used in) investing activities</a></td>
        <td class="nump">36,737<span></span></td>
        <td class="num">(77,279)<span></span></td>
        <td class="num">(6,301)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfDebt', window );">Proceeds from (repayment of) loans payable - banks</a></td>
        <td class="nump">7,230<span></span></td>
        <td class="nump">254<span></span></td>
        <td class="num">(9,005)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of long-term debt</a></td>
        <td class="num">(11,673)<span></span></td>
        <td class="num">(10,865)<span></span></td>
        <td class="num">(12,408)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Purchase of treasury stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(106)<span></span></td>
        <td class="num">(660)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_ProceedsFromStockOptionAndWarrantExcercises', window );">Proceeds from exercise of options and warrants including tax benefits</a></td>
        <td class="nump">983<span></span></td>
        <td class="nump">3,009<span></span></td>
        <td class="nump">1,648<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities', window );">Excess tax benefits from stock-based compensation arrangements</a></td>
        <td class="nump">110<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from sale of stock of subsidiary</a></td>
        <td class="nump">2,756<span></span></td>
        <td class="nump">5,326<span></span></td>
        <td class="nump">2,658<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToMinorityShareholders', window );">Payment for acquisition of noncontrolling interests</a></td>
        <td class="num">(750)<span></span></td>
        <td class="num">(4,595)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Dividends paid</a></td>
        <td class="num">(9,304)<span></span></td>
        <td class="num">(6,918)<span></span></td>
        <td class="num">(3,974)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsMinorityInterest', window );">Dividends paid to noncontrolling interests</a></td>
        <td class="num">(3,149)<span></span></td>
        <td class="num">(2,048)<span></span></td>
        <td class="num">(1,716)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
        <td class="num">(13,797)<span></span></td>
        <td class="num">(15,943)<span></span></td>
        <td class="num">(23,457)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents', window );">Effect of exchange rate changes on cash</a></td>
        <td class="num">(911)<span></span></td>
        <td class="num">(7,542)<span></span></td>
        <td class="nump">3,181<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
        <td class="num">(1,692)<span></span></td>
        <td class="num">(62,919)<span></span></td>
        <td class="nump">58,063<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - beginning of year</a></td>
        <td class="nump">37,548<span></span></td>
        <td class="nump">100,467<span></span></td>
        <td class="nump">42,404<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - end of year</a></td>
        <td class="nump">35,856<span></span></td>
        <td class="nump">37,548<span></span></td>
        <td class="nump">100,467<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_CashPaidDuringPeriodForAbstract', window );"><strong>Cash paid for:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Interest</a></td>
        <td class="nump">1,972<span></span></td>
        <td class="nump">2,297<span></span></td>
        <td class="nump">2,633<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Income taxes</a></td>
        <td class="nump">$ 32,716<span></span></td>
        <td class="nump">$ 14,944<span></span></td>
        <td class="nump">$ 13,085<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ipar_CashPaidDuringPeriodForAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>ipar_CashPaidDuringPeriodForAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>ipar_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
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                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ipar_ProceedsFromStockOptionAndWarrantExcercises">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options and warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>ipar_ProceedsFromStockOptionAndWarrantExcercises</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>ipar_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ipar_ProvisionForReductionOfDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Provision For Reduction Of Doubtful Accounts</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>ipar_ProvisionForReductionOfDoubtfulAccounts</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>ipar_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6390789&amp;loc=d3e2420-110228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetImpairmentCharges</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effect of exchange rate changes on cash balances held in foreign currencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 00-15<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11374-113907<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reductions in the entity's income taxes that arise when compensation cost (from non-qualified equity-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element reduces net cash provided by operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A96<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11374-113907<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph f<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxesPaid</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInventories</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the entity's earnings to the shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividends</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsMinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for the return on capital for noncontrolled interest in the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsMinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireIntangibleAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireShortTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Section Appendix C<br><br> -Paragraph 5<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireShortTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToMinorityShareholders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToMinorityShareholders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow in aggregate debt due to repayments and proceeds from additional borrowings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfShortTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Section Appendix C<br><br> -Paragraph 5<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleOfShortTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnDerivatives</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQWAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 35,856<span></span></td>
        <td class="nump">$ 37,548<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term investments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">49,391<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
        <td class="nump">175,223<span></span></td>
        <td class="nump">97,593<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
        <td class="nump">164,077<span></span></td>
        <td class="nump">109,840<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherReceivablesNetCurrent', window );">Receivables, other</a></td>
        <td class="nump">3,258<span></span></td>
        <td class="nump">3,688<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">4,258<span></span></td>
        <td class="nump">4,635<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesReceivable', window );">Income taxes receivable</a></td>
        <td class="nump">1,404<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax assets</a></td>
        <td class="nump">7,270<span></span></td>
        <td class="nump">7,230<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">391,346<span></span></td>
        <td class="nump">309,925<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Equipment and leasehold improvements, net</a></td>
        <td class="nump">14,525<span></span></td>
        <td class="nump">11,207<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Trademarks, licenses and other intangible assets, net</a></td>
        <td class="nump">105,750<span></span></td>
        <td class="nump">111,402<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">2,763<span></span></td>
        <td class="nump">3,654<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">1,650<span></span></td>
        <td class="nump">1,917<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">516,034<span></span></td>
        <td class="nump">438,105<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableToBankCurrent', window );">Loans payable - banks</a></td>
        <td class="nump">11,826<span></span></td>
        <td class="nump">5,250<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt</a></td>
        <td class="nump">4,480<span></span></td>
        <td class="nump">11,090<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable - trade</a></td>
        <td class="nump">112,726<span></span></td>
        <td class="nump">52,694<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
        <td class="nump">52,042<span></span></td>
        <td class="nump">47,413<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
        <td class="nump">2,099<span></span></td>
        <td class="nump">7,905<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Dividends payable</a></td>
        <td class="nump">2,443<span></span></td>
        <td class="nump">1,979<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">185,616<span></span></td>
        <td class="nump">126,331<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liability</a></td>
        <td class="nump">6,068<span></span></td>
        <td class="nump">6,789<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, less current portion</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,039<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Inter Parfums, Inc. shareholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 30,541,506 and 30,445,881 shares at December 31, 2011 and 2010, respectively</a></td>
        <td class="nump">31<span></span></td>
        <td class="nump">30<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">50,883<span></span></td>
        <td class="nump">48,887<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump">228,164<span></span></td>
        <td class="nump">205,453<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
        <td class="nump">7,747<span></span></td>
        <td class="nump">14,757<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, at cost, 10,009,492 common shares at December 31, 2011 and 2010</a></td>
        <td class="num">(34,151)<span></span></td>
        <td class="num">(34,151)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Inter Parfums, Inc. shareholders' equity</a></td>
        <td class="nump">252,674<span></span></td>
        <td class="nump">234,976<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Noncontrolling interest</a></td>
        <td class="nump">71,676<span></span></td>
        <td class="nump">64,970<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">324,350<span></span></td>
        <td class="nump">299,946<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and equity</a></td>
        <td class="nump">$ 516,034<span></span></td>
        <td class="nump">$ 438,105<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph b(1)<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 9<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Section Appendix E<br><br><br><br> -Paragraph 289<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Interpretation (FIN)<br><br><br><br> -Number 48<br><br><br><br> -Paragraph 15, 21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedIncomeTaxesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 14, 17, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31928-109318<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 41, 42, 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsNetCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 41, 42<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -Clause 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 68<br><br><br><br> -Subparagraph l<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 34<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 72<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph c<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Section Appendix E<br><br><br><br> -Paragraph 289<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.5(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxesReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansPayableToBankCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of current portion of long-term loans payable to bank due within one year or the operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LoansPayableToBankCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivablesNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of other receivables, net, due within one year of the balance sheet date (or one operating cycle, if longer) from third parties or arising from transactions not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherReceivablesNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph g<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShortTermInvestments</nobr></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-6<br><br><br><br> -Paragraph 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockValue</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EIH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
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        <td class="nump">$ 110<span></span></td>
        <td class="nump">$ 520<span></span></td>
        <td class="nump">$ 692<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The tax expense (benefit) of stock issued during the period related to benefit plans and the exercise of stock options and warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Segments and Geographic Areas<br></strong></div>
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<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(14)</b></font></td>
<td style="text-align: justify"><font style="color: Black"><b>Segments and Geographic Areas</b></font></td>
</tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company <font style="font-family: Times New Roman, Times, Serif">manufactures and
distributes one product line, fragrances and fragrance related
products. The Company</font> manages its business in two segments,
European based operations and United States based operations. The
European assets are located, and operations are primarily
conducted, in France. European operations primarily represent the
sales of the prestige brand name fragrances and United States
operations primarily represent the sale of specialty retail and
mass market fragrances.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;Information on the Company&#x2019;s
operations by segments is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Net
sales:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 61%; text-align: left; padding-left: 9pt">
<font style="color: Black">United States</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">62,976</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">55,535</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">47,810</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">552,415</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">404,876</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">361,662</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">
<font style="color: Black">Eliminations of intercompany
sales</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(171</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(8</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">615,220</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">460,411</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">409,464</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Net income
attributable to Inter Parfums, Inc.:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">2,108</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">769</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">(178</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">30,217</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">25,803</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">22,482</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Eliminations</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(22</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">21</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">63</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">32,303</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">26,593</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">22,367</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Depreciation and amortization expense:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">507</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">582</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1,116</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">12,566</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">8,606</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">9,847</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">13,073</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">9,188</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">10,963</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Interest
and dividend income:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">10</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">2</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">1,095</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">1,650</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">982</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">1,105</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">1,652</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">982</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Interest
expense:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">11</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">71</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">177</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,186</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,045</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,470</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,197</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,116</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,647</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Income tax
expense (benefit):</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1,405</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">596</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">148</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">23,053</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">17,554</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">15,996</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Eliminations</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(14</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">15</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">46</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">24,444</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">18,165</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">16,190</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Total
assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 61%; text-align: left; padding-left: 9pt">
<font style="color: Black">United States</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">59,841</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">40,896</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">45,580</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">465,747</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">398,547</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">382,628</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">
<font style="color: Black">Eliminations of investment in
subsidiary</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(9,554</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(1,338</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(9,120</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">516,034</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">438,105</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">419,088</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Additions
to long-lived assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">572</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">305</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">190</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">13,979</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">27,990</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,111</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">14,551</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">28,295</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">6,301</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Total
long-lived assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">5,400</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">5,335</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">5,612</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">117,638</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">120,929</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">109,305</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">123,038</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">126,264</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">114,917</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Deferred
tax assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">United States</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1,505</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1,580</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1,399</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 9pt"><font style="color: Black">Europe</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">5,748</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">5,650</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2,689</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Eliminations</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">17</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">7,270</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">7,230</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">4,088</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">United States export sales were
approximately $24.9 million, $25.7 million and $14.0 million in
2011, 2010 and 2009, respectively. Consolidated net sales to
customers by region are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; text-align: left"><font style="color: Black">North America</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">150,000</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">91,200</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">96,800</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">Europe</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">246,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">211,800</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">184,900</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Central and
South America</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">61,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">41,900</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">29,300</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Middle
East</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">57,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">45,500</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">42,300</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Asia</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">95,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">66,500</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">53,600</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="color: Black">Other</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,200</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">3,500</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,600</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">615,200</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">460,400</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">409,500</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black">Consolidated net sales to customers in
major countries are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year Ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; text-align: left"><font style="color: Black">United States</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">138,000</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">86,000</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">88,000</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">United
Kingdom</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">45,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">35,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">31,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">France</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">48,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">37,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">37,000</font></td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8595-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8538-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 33<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8971-108599<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8981-108599<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 29<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8864-108599<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8380-108599<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8984-108599<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 41<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9038-108599<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8933-108599<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8844-108599<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 40<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9031-108599<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 42<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9054-108599<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Accumulated Other Comprehensive Income<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNoteTextBlock', window );">Accumulated Other Comprehensive Income</a></td>
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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(16)</b></font></td>
<td><font style="color: Black"><b>Accumulated Other Comprehensive
Income</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"></td>
<td><font style="color: Black">The components of accumulated other
comprehensive income consists of the following:</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td style="color: Black">&#xA0;</td>
<td style="color: Black; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="10" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Year ended December 31,</td>
<td style="padding-bottom: 1pt; color: Black; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="color: Black">&#xA0;</td>
<td style="color: Black; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; color: Black; font-weight: bold">
&#xA0;</td>
<td style="color: Black; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; color: Black; font-weight: bold">
&#xA0;</td>
<td style="color: Black; font-weight: bold; padding-bottom: 1pt">
&#xA0;</td>
<td colspan="2" style="color: Black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; color: Black; font-weight: bold">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom">
<td style="color: Black">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td colspan="2" style="color: Black; text-align: center">
&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td colspan="2" style="color: Black; text-align: center">
&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td colspan="2" style="color: Black; text-align: center">
&#xA0;</td>
<td style="color: Black">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; color: Black; text-align: left">Net
derivative instruments, beginning of year</td>
<td style="width: 1%; color: Black">&#xA0;</td>
<td style="width: 1%; color: Black; text-align: left">$</td>
<td style="width: 10%; color: Black; text-align: right">213</td>
<td style="width: 1%; color: Black; text-align: left">&#xA0;</td>
<td style="width: 1%; color: Black">&#xA0;</td>
<td style="width: 1%; color: Black; text-align: left">$</td>
<td style="width: 10%; color: Black; text-align: right">130</td>
<td style="width: 1%; color: Black; text-align: left">&#xA0;</td>
<td style="width: 1%; color: Black">&#xA0;</td>
<td style="width: 1%; color: Black; text-align: left">$</td>
<td style="width: 10%; color: Black; text-align: right">4,412</td>
<td style="width: 1%; color: Black; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="color: Black; text-align: left">Reclassification
adjustment for gains included in net income</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#x2014;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#x2014;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">(4,423</td>
<td style="color: Black; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="color: Black; text-align: left; padding-bottom: 1pt">
Gain on derivative instruments</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
11</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
83</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
141</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="color: Black; text-align: left; padding-bottom: 1pt">Net
derivative instruments, end of year</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
224</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
213</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
130</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="color: Black">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="color: Black">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="color: Black; text-align: left">Cumulative translation
adjustments, beginning of year</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">14,544</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">27,892</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">21,103</td>
<td style="color: Black; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="color: Black; text-align: left; padding-bottom: 1pt">
Translation adjustments</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
(7,021</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
)</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
(13,348</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
)</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
6,789</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="color: Black; text-align: left; padding-bottom: 1pt">
Cumulative translation adjustments, end of year</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
7,523</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
14,544</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 1pt">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: left">
&#xA0;</td>
<td style="border-bottom: Black 1pt solid; color: Black; text-align: right">
27,892</td>
<td style="padding-bottom: 1pt; color: Black; text-align: left">
&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="color: Black">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
<td style="color: Black; text-align: right">&#xA0;</td>
<td style="color: Black; text-align: left">&#xA0;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="color: Black; text-align: left; padding-bottom: 2.5pt">
Accumulated other comprehensive income</td>
<td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; color: Black; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; color: Black; text-align: right">
7,747</td>
<td style="padding-bottom: 2.5pt; color: Black; text-align: left">
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14,757</td>
<td style="padding-bottom: 2.5pt; color: Black; text-align: left">
&#xA0;</td>
<td style="color: Black; padding-bottom: 2.5pt">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; color: Black; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; color: Black; text-align: right">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for comprehensive income.  Includes, but is not limited to,  the following:  1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7)  the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e689-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 17<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e716-108580<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Reclassification Adjustments<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6522872<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 14-26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e640-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e709-108580<br><br><br><br></p>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EDQAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 42,949<span></span></td>
        <td class="nump">$ 35,675<span></span></td>
        <td class="nump">$ 30,158<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Net derivative instrument gain, net of tax</a></td>
        <td class="nump">18<span></span></td>
        <td class="nump">157<span></span></td>
        <td class="nump">173<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax', window );">Reclassification from OCI into earnings, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,922)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Translation adjustments, net of tax</a></td>
        <td class="num">(9,680)<span></span></td>
        <td class="num">(17,784)<span></span></td>
        <td class="nump">8,767<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease', window );">Other Comprehensive Income (Loss), Net of Tax, Total</a></td>
        <td class="num">(9,662)<span></span></td>
        <td class="num">(17,627)<span></span></td>
        <td class="nump">3,018<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive income</a></td>
        <td class="nump">33,287<span></span></td>
        <td class="nump">18,048<span></span></td>
        <td class="nump">33,176<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract', window );"><strong>Comprehensive income attributable to noncontrolling interests:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income</a></td>
        <td class="nump">10,646<span></span></td>
        <td class="nump">9,082<span></span></td>
        <td class="nump">7,791<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest', window );">Net derivative instrument gain, net of tax</a></td>
        <td class="nump">7<span></span></td>
        <td class="nump">74<span></span></td>
        <td class="nump">32<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest', window );">Reclassification from OCI into earnings, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,499)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest', window );">Translation adjustments, net of tax</a></td>
        <td class="num">(2,659)<span></span></td>
        <td class="num">(4,436)<span></span></td>
        <td class="nump">1,978<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest, Total</a></td>
        <td class="nump">7,994<span></span></td>
        <td class="nump">4,720<span></span></td>
        <td class="nump">8,302<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to Inter Parfums Inc.:</a></td>
        <td class="nump">$ 25,293<span></span></td>
        <td class="nump">$ 13,328<span></span></td>
        <td class="nump">$ 24,874<span></span></td>
      </tr>
    </table>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other Comprehensive Income, Reclassification Adjustment on Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e540-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 8, 9, 10, 11, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508144<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e557-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTax</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4613674-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569643-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net of tax effect change in accumulated gains (losses) from derivative instruments designated and qualifying as the effective portion of cash flow hedges, attributable to noncontrolling interest. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569643-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease">
        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 20<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 14, 17, 19, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 13, 20, 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569643-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents Other Comprehensive Income or Loss, Net of Tax, for the period.  Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 22, 23, 24, 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e599-108580<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 31<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract</nobr></td>
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                    <td>xbrli:stringItemType</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e689-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 31, 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 18, 19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624171-113959<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Reclassification Adjustments<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6522872<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 17, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624171-113959<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 121<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECKAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, Authorized</a></td>
        <td class="nump">1,000,000<span></span></td>
        <td class="nump">1,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, issued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, Authorized</a></td>
        <td class="nump">100,000,000<span></span></td>
        <td class="nump">100,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding</a></td>
        <td class="nump">30,541,506<span></span></td>
        <td class="nump">30,445,881<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares</a></td>
        <td class="nump">10,009,492<span></span></td>
        <td class="nump">10,009,492<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockShares</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Loans Payable - Banks<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Loans Payable - Banks</a></td>
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<td style="WIDTH: 0.5in"><font style="COLOR: black"><b>(9)</b></font></td>
<td><font style="COLOR: black"><b>Loans Payable &#x2013;
Banks</b></font></td>
</tr>
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<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">Loans payable &#x2013; banks consist of
the following:</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">The Company&#x2019;s foreign subsidiaries
have available credit lines, including several bank overdraft
facilities totaling approximately $25 million. These credit lines
bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was
1.024% at December&#xA0;31, 2011). Outstanding amounts totaled
$11.8 million and $5.2 million at December&#xA0;31, 2011 and 2010,
respectively.</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">The Company and its domestic
subsidiaries have available a $15 million unsecured revolving line
of credit due on demand, which bears interest at the prime rate
minus 0.5% (the prime rate was 3.25% as of December 31, 2011). The
line of credit which has a maturity date of March 31, 2012 is
expected to be renewed on an annual basis. There were no borrowings
outstanding pursuant to this line of credit as of December 31, 2011
and 2010.</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">The weighted average interest rate on
short-term borrowings was 1.7% and 1.8% as of December&#xA0;31,
2011 and 2010, respectively.</font></p>
</div><span></span></td>
      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtDisclosureTextBlock</nobr></td>
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                    <td>us-gaap_</td>
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                    <td>nonnum:textBlockItemType</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EGSAE">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
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          <div>Dec. 31, 2011</div>
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          <div>Mar. 09, 2012</div>
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          <div>Jun. 30, 2011</div>
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        <td class="text">Dec. 31,
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        <td class="text">2011<span></span></td>
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        <td class="text">FY<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
        <td class="text">IPAR<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">INTER PARFUMS INC<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000822663<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">Yes<span></span></td>
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        <td class="text">No<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,554,711<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 375,824,083<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_TradingSymbol</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long-Term Debt<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">Long-Term Debt</a></td>
        <td class="text"><div>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0px"></td>
<td style="WIDTH: 0.5in"><font style="COLOR: black"><b>(10)</b></font></td>
<td><font style="COLOR: black"><b>Long-Term Debt</b></font></td>
</tr>
</table>
<p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
&#xA0;</p>
<p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">Long-term debt consists of the
following:</font></p>
<table style="WIDTH: 92%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"><font style="COLOR: black">December 31,</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><font style="COLOR: black">2011</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><font style="COLOR: black">2010</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 74%">
<font style="COLOR: black">18 million euro fixed rate facility at
4.1%, payable in 20 quarterly installments</font></td>
<td style="WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">$</font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="COLOR: black">&#x2014;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td>
<td style="WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">$</font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="COLOR: black">5,211</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in">
<font style="COLOR: black">22 million euro variable rate facility
at three month EURIBOR plus 0.40%, payable in 20 equal quarterly
installments</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">4,339</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">10,621</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">Other</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="COLOR: black">141</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="COLOR: black">297</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">4,480</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">16,129</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0.25in">
<font style="COLOR: black">Less current maturities</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="COLOR: black">4,480</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="COLOR: black">11,090</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: right"><font style="COLOR: black">&#xA0;</font></td>
<td style="TEXT-ALIGN: left"><font style="COLOR: black">&#xA0;</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 27pt"><font style="COLOR: black">Total</font></td>
<td style="PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<font style="COLOR: black">$</font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="COLOR: black">&#x2014;</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<font style="COLOR: black">$</font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="COLOR: black">5,039</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="COLOR: black">&#xA0;</font></td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">In connection with the 22 million euro
variable rate facility, the Company entered into a swap transaction
effectively exchanging the variable interest rate to a fixed rate
of 4.42%. This derivative instrument is recorded at fair value and
changes in fair value which resulted in gains of $0.3 million in
2011 and $0.4 million in 2010 are reflected in interest expense on
the consolidated statements of income.</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">Some of the Company&#x2019;s long-term
debt facilities require the maintenance of certain financial
covenants including a debt to equity ratio of less than one and a
debt to adjusted net income ratio of less than three. One facility
contains cross default provisions by permitting acceleration of the
debt if any affiliated company of the debtor defaults in any other
debt facility, and the creditor of such other debt facility
accelerates such debt and such affiliated debtor does not in good
faith contest such default and acceleration. The Company is in
compliance with all of the covenants and other restrictions of its
debt agreements.</font></p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EJJAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Income (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Net sales</a></td>
        <td class="nump">$ 615,220<span></span></td>
        <td class="nump">$ 460,411<span></span></td>
        <td class="nump">$ 409,464<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSold', window );">Cost of sales</a></td>
        <td class="nump">228,446<span></span></td>
        <td class="nump">186,401<span></span></td>
        <td class="nump">175,296<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross margin</a></td>
        <td class="nump">386,774<span></span></td>
        <td class="nump">274,010<span></span></td>
        <td class="nump">234,168<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingGeneralAndAdministrativeExpense', window );">Selling, general, and administrative expenses</a></td>
        <td class="nump">318,998<span></span></td>
        <td class="nump">217,574<span></span></td>
        <td class="nump">187,690<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment of goodwill</a></td>
        <td class="nump">837<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,677<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
        <td class="nump">66,939<span></span></td>
        <td class="nump">56,436<span></span></td>
        <td class="nump">44,801<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other expenses (income):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="nump">2,197<span></span></td>
        <td class="nump">2,116<span></span></td>
        <td class="nump">2,647<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">(Gain) loss on foreign currency</a></td>
        <td class="num">(1,546)<span></span></td>
        <td class="nump">2,132<span></span></td>
        <td class="num">(3,212)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterestAndDividend', window );">Interest and dividend income</a></td>
        <td class="num">(1,105)<span></span></td>
        <td class="num">(1,652)<span></span></td>
        <td class="num">(982)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Nonoperating Income (Expense)</a></td>
        <td class="num">(454)<span></span></td>
        <td class="nump">2,596<span></span></td>
        <td class="num">(1,547)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income taxes</a></td>
        <td class="nump">67,393<span></span></td>
        <td class="nump">53,840<span></span></td>
        <td class="nump">46,348<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income taxes</a></td>
        <td class="nump">24,444<span></span></td>
        <td class="nump">18,165<span></span></td>
        <td class="nump">16,190<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">42,949<span></span></td>
        <td class="nump">35,675<span></span></td>
        <td class="nump">30,158<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Net income attributable to the noncontrolling interest</a></td>
        <td class="nump">10,646<span></span></td>
        <td class="nump">9,082<span></span></td>
        <td class="nump">7,791<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to Inter Parfums, Inc.</a></td>
        <td class="nump">$ 32,303<span></span></td>
        <td class="nump">$ 26,593<span></span></td>
        <td class="nump">$ 22,367<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net income attributable to Inter Parfums, Inc. common shareholders':</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
        <td class="nump">$ 1.06<span></span></td>
        <td class="nump">$ 0.88<span></span></td>
        <td class="nump">$ 0.74<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
        <td class="nump">$ 1.05<span></span></td>
        <td class="nump">$ 0.87<span></span></td>
        <td class="nump">$ 0.74<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average number of shares outstanding:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic</a></td>
        <td class="nump">30,514,529<span></span></td>
        <td class="nump">30,360,602<span></span></td>
        <td class="nump">30,099,998<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted</a></td>
        <td class="nump">30,677,825<span></span></td>
        <td class="nump">30,481,991<span></span></td>
        <td class="nump">30,121,077<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividends declared per share</a></td>
        <td class="nump">$ 0.32<span></span></td>
        <td class="nump">$ 0.26<span></span></td>
        <td class="nump">$ 0.13<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockDividendsPerShareDeclared</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12, 36<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph e<br><br> -Clause 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 72<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 47<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13854-109267<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GoodwillImpairmentLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1(i)<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterestAndDividend">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt and equity securities and on cash and cash equivalents. Interest income represents earnings which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Dividend income represents a distribution of earnings to shareholders by investee companies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Subparagraph a, b<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(a),(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterestAndDividend</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpenseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingGeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 4<br><br> -Paragraph 5A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 30<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386349&amp;loc=d3e3636-108311<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SellingGeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Fair Value of Financial Instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value of Financial Instruments</a></td>
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<td style="width: 0.5in"><font style="color: Black"><b>(4)</b></font></td>
<td><font style="color: Black"><b>Fair Value of Financial
Instruments</b></font></td>
</tr>
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<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The following tables present our
financial assets and liabilities that are measured at fair value on
a recurring basis and are categorized using the fair value
hierarchy. The fair value hierarchy has three levels based on the
reliability of the inputs used to determine fair value.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
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<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
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<td colspan="2" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Fair Value Measurements at December 31,
2011</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Quoted Prices in</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant Other</font></td>
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<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant</font></td>
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<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Active Markets for</font></td>
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<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Observable</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Unobservable</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
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<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Identical Assets</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">(Level 1)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
<font style="color: Black">(Level 2)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
<font style="color: Black">(Level 3)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
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<td><font style="color: Black">Assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
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<td style="padding-bottom: 2.5pt; padding-left: 9pt"><font style="color: Black">Short-term investments</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Liabilities:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 48%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt">
<font style="color: Black">Foreign currency forward exchange
contracts not accounted for using hedge accounting</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">3,532</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">3,532</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">
<font style="color: Black">Interest rate swaps</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">69</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">69</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">3,601</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">3,601</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Fair Value Measurements at December
31,2010</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Quoted Prices in</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant Other</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Active Markets for</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Observable</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Unobservable</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Identical Assets</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">Total</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">(Level 1)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">(Level 2)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">(Level 3)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 48%; padding-left: 0.12in"><font style="color: Black">Short-term investments</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">49,391</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">49,391</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -0.12in; padding-left: 0.24in; padding-bottom: 1pt">
<font style="color: Black">Foreign currency forward</font>
<font style="color: Black">exchange contracts</font> <font style="color: Black">not accounted for using</font> <font style="color: Black">hedge accounting</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">1,024</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">&#x2014;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">1,024</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">&#x2014;</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">50,415</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">&#x2014;</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">50,415</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">&#x2014;</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
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<td><font style="color: Black">Liabilities:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 0.12in; padding-bottom: 2.5pt">
<font style="color: Black">Interest rate swaps</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">333</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">&#x2014;</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">333</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; border-bottom: Black 2.5pt double">
<font style="color: Black">$</font></td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
<font style="color: Black">&#x2014;</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The carrying amount of cash and cash
equivalents, short-term investments, accounts receivable, other
receivables, accounts payable and accrued expenses approximates
fair value due to the short terms to maturity of these instruments.
The carrying amount of loans payable approximates fair value as the
interest rates on the Company&#x2019;s indebtedness approximate
current market rates. The fair value of the Company&#x2019;s
long-term debt was estimated based on the current rates offered to
companies for debts with the same remaining maturities and is
approximately equal to its carrying value.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Foreign currency forward exchange
contracts are valued based on quotations from financial
institutions and the value of interest rate swaps are the
discounted net present value of the swaps using third party quotes
obtained from financial institutions.</font></p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19296-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13433-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13504-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19207-110258<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Inventories<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureTextBlock', window );">Inventories</a></td>
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<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(3)</b></font></td>
<td><font style="color: Black"><b>Inventories</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 70%; text-align: left"><font style="color: Black">Raw materials and component parts</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 12%; text-align: right"><font style="color: Black">64,411</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 12%; text-align: right"><font style="color: Black">40,809</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
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<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Finished goods</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">99,666</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">69,031</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">164,077</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">109,840</font></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 3<br><br> -Section A<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a, b, c<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income Taxes</a></td>
        <td class="text"><div>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(15)</b></font></td>
<td><font style="color: Black"><b>Income Taxes</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company or its subsidiaries file
income tax returns in the U.S. federal, and various states and
foreign jurisdictions. With few exceptions, the Company is no
longer subject to U.S. federal, state, and local or non-U.S. income
tax examinations by tax authorities for years before 2007. In 2010,
the French Tax Authorities commenced an examination of the French
subsidiary&#x2019;s income tax returns for 2006 through 2008. In
October 2011, the Company agreed in principle with the French tax
authority on the consequences of the audit, which covered income
tax and non-income tax items. As a result, the Company increased
income tax expense by $1.7 million and reduces its reserve for
contingency related to non-income tax items recorded in 2010 by
$1.3 million.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company follows the provisions of
uncertain tax positions as addressed in FASB Accounting Standards
Codification 740-10-65-1. The Company did not recognize any
increase in the liability for unrecognized tax benefits and has no
uncertain tax position at December 31, 2011. The Company recognizes
interest accrued related to unrecognized tax benefits in interest
expense and penalties as a component of the provision for income
taxes. No interest or penalties were recognized during the periods
presented and there is no accrual for interest and penalties at
December&#xA0;31, 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The components of income before income
taxes consist of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; text-align: left"><font style="color: Black">U.S. operations</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">3,478</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">1,364</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">(30</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Foreign operations</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">63,915</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">52,476</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">46,378</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">67,393</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">53,840</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">46,348</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The provision for current and deferred
income tax expense (benefit) consists of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Current:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 61%; padding-left: 9pt"><font style="color: Black">Federal</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">1,269</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">515</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">280</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">State and local</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">286</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">112</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">119</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Foreign</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">23,898</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">22,096</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">18,870</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">25,453</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">22,723</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">19,269</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">Deferred:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">Federal</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(170</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">22</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(260</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">State and local</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">3</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(53</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">9</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Foreign</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(842</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(4,527</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(2,828</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(1,009</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(4,558</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(3,079</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">
<font style="color: Black">Total income tax expense</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">24,444</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">18,165</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">16,190</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The tax effects of temporary differences
that give rise to significant portions of the deferred tax assets
and deferred tax liabilities are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="6" style="font-weight: bold; text-align: center">
<font style="color: Black">December 31,</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Deferred
tax assets:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: left; padding-left: 9pt">
<font style="color: Black">State net operating loss carry
forwards</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">433</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Foreign net operating loss carry
forwards</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">629</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1,725</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Alternative minimum tax credit carry
forwards</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">514</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">514</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Inventory and accounts receivable</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">392</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">372</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Profit sharing</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1,806</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1,575</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Stock option compensation</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">682</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">610</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Effect of inventory profit elimination</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">3,424</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">3,605</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Other</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">452</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">514</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0.25in"><font style="color: Black">Total gross deferred tax assets</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">7,899</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">9,348</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">
<font style="color: Black">Valuation allowance</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(629</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(2,118</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">
<font style="color: Black">Net deferred tax assets</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">7,270</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">7,230</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Deferred
tax liabilities (long-term):</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Property, plant, and equipment</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(8</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Trademarks and licenses</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(5,975</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(6,473</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Other</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(93</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(308</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">
<font style="color: Black">Total deferred tax
liabilities</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(6,068</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(6,789</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">
<font style="color: Black">Net deferred tax assets
(liabilities)</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">1,202</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">441</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In 2011, all remaining state net
operating loss carry-forwards were written off against the
valuation allowance, as they are no longer available for
utilization. Valuation allowances had been provided on the
potential benefit of state net operating loss carry-forwards as it
was determined that future tax benefits from option compensation
deductions might prevent the net operating loss carry-forwards from
being fully utilized. In 2010 and 2009, $0.2 million and $0.6
million, respectively, of such valuation allowances were realized
which was equal to the benefits realized from the utilization of
net operating loss carry-forwards. The amounts realized were
credited to additional paid-in capital in the respective
periods.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In addition, valuation allowances of
$0.9 million and $0.8 million had been provided in 2010 and 2009,
respectively, against certain foreign net operating loss
carry-forwards, as it was determined that future profitable
operations from certain foreign subsidiaries might not be
sufficient to realize the full amount of net operating loss
carry-forwards. In 2011, approximately $1.1 million of such
valuation allowances was realized as the Company was able to
utilize certain foreign net operating loss carry-forwards for which
a valuation allowance had been established.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">No further valuation allowances have
been provided as management believes that it is more likely than
not that the asset will be realized in the reduction of future
taxable income.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The&#xA0;Company has not provided for
U.S. deferred income taxes on $202 million of undistributed
earnings of its non-U.S. subsidiaries as of December&#xA0;31, 2011
since the&#xA0;Company intends to reinvest most of these earnings
in its foreign operations indefinitely and the Company believes it
has sufficient foreign tax credits available to offset any
potential tax on amounts that have been and are planned to be
repatriated.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Differences between the United States
Federal statutory income tax rate and the effective income tax rate
were as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; text-align: left"><font style="color: Black">Statutory rates</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">34.0</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">%</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">34.0</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">%</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">34.0</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">State and
local taxes, net of Federal benefit</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.3</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.1</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.2</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">
<font style="color: Black">Effect of foreign taxes greater than
(less than) U.S. statutory rates</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2.0</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="color: red"><font style="color: Black">&#xA0;</font></td>
<td style="color: red; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="color: red; text-align: right"><font style="color: Black">(0.5</font></td>
<td style="color: red; text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.6</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="color: Black">Other</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">0.1</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">0.1</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">
<font style="color: Black">Effective rates</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">36.3</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">%</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">33.7</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">%</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">34.9</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">%</font></td>
</tr>
</table>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(11)</b></font></td>
<td><font style="color: Black"><b>Commitments</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Leases</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company leases its office and
warehouse facilities under operating leases which are subject to
various step rent provisions, rent concessions and escalation
clauses expiring at various dates through 2020. Escalation clauses
are not material and have been excluded from minimum future annual
rental payments. Rental expense, which is calculated on a
straight-line basis, amounted to $12.7 million, $10.6 million and
$9.9 million in 2011, 2010 and 2009, respectively. Minimum future
annual rental payments are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 60%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 77%; text-align: left"><font style="color: Black">2012</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 20%; text-align: right"><font style="color: Black">4,623</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">2013</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">3,574</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">2014</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2,977</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">2015</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2,526</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">2016</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2,559</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="color: Black">Thereafter</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,672</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">22,931</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center">
&#xA0;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>License
Agreements</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company is party to a number of
license and other agreements for the use of trademarks and rights
in connection with the manufacture and sale of its products
expiring at various dates through 2025. In connection with certain
of these license agreements, the Company is subject to minimum
annual advertising commitments, minimum annual royalties and other
commitments as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" align="center" style="width: 60%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 77%; text-align: left"><font style="color: Black">2012</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 20%; text-align: right"><font style="color: Black">155,815</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">2013</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">170,566</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">2014</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">173,234</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">2015</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">165,803</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">2016</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">178,354</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt"><font style="color: Black">Thereafter</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">424,939</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">1,268,711</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="font-size: 10pt; color: Black">Future advertising
commitments are estimated based on planned future sales for the
license terms that were in effect at December 31, 2011, without
consideration for potential renewal periods. The above figures do
not reflect the fact that our distributors share our advertising
obligations.</font> <font style="font-size: 10pt">Royalty expense
included in selling, general, and administrative expenses,
aggregated $51.3 million, $40.2 million and $35.5 million, in 2011,
2010 and 2009, respectively and represented 8.3%, 8.8% and 8.7% of
net sales for the years ended December 31, 2011, 2010 and
2009.</font></p>
</div><span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsDisclosureTextBlock">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 25<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a)(19))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsDisclosureTextBlock</nobr></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Trademarks, Licenses and Other Intangible Assets<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(7)</b></font></td>
<td><font style="color: Black"><b>Trademarks, Licenses and Other
Intangible Assets</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">
<font style="color: Black"><b>&#xA0;</b></font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"><font style="color: Black">2011</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="color: Black">Gross</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="color: Black">Accumulated</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="color: Black">Net Book</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Amount</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Amortization</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Value</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 55%; text-align: left; padding-bottom: 1pt">
<font style="color: Black">Trademarks (indefinite
lives)</font></td>
<td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,590</font></td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,590</font></td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Trademarks
(finite lives)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">50,127</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">151</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">49,976</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Licenses
(finite lives)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">70,109</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">23,289</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">46,820</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Other intangible assets (finite lives)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">13,953</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">11,589</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,364</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Subtotal</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">134,189</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">35,029</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">99,160</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 0.25in">
<font style="color: Black">Total</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">140,779</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">35,029</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">105,750</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0"><font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"><font style="color: Black">2010</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="color: Black">Gross</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="color: Black">Accumulated</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="color: Black">Net Book</font></td>
<td style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Amount</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Amortization</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Value</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 55%; text-align: left; padding-bottom: 1pt">
<font style="color: Black">Trademarks (indefinite
lives)</font></td>
<td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,671</font></td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">6,671</font></td>
<td style="width: 1%; padding-bottom: 1pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Trademarks
(finite lives)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">51,680</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">134</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">51,546</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Licenses
(finite lives)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">70,250</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">18,881</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">51,369</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Other intangible assets (finite lives)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">13,220</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">11,404</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">1,816</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-bottom: 1pt; padding-left: 9pt"><font style="color: Black">Subtotal</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">135,150</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">30,419</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">104,731</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 0.25in">
<font style="color: Black">Total</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">141,821</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">30,419</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">111,402</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In 2009, an impairment charge relating
to the Nickel trademark in the amount of $0.54 million was
recorded. No other impairment charges for trademarks with
indefinite useful lives were required in 2011, 2010 and 2009.
Amortization expense was $7.9 million, $5.7 million and $6.7
million for 2011, 2010 and 2009, respectively. Amortization expense
is expected to approximate $6.8 million in 2012 and 2013, $6.4
million in 2014 and $5.9 million in 2015 and 2016. The weighted
average amortization period for trademarks, licenses and other
intangible assets with finite lives are 18 years, 12 years and 2
years, respectively, and 13 years in the aggregate.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="font-size: 10pt; color: Black">Trademarks (finite
lives) primarily represents Lanvin brand names and trademarks and
in connection with their purchase, Lanvin was granted the right to
repurchase the brand names and trademarks in 2025 for the greater
of</font> &#x20AC;<font style="font-size: 10pt">70 million
(approximately $91 million) or one times the average of the annual
sales for the years ending December 31, 2023 and 2024 (residual
value). Because the residual value of the intangible asset exceeds
its carrying value, the asset is not amortized.</font></p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all or part of the information related to intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16373-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 44, 45, 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16265-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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<DOCUMENT>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Derivative Financial Instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">Derivative Financial Instruments</a></td>
        <td class="text"><div>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(5)</b></font></td>
<td><font style="color: Black"><b>Derivative Financial
Instruments</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company enters into foreign currency
forward exchange contracts to hedge exposure related to receivables
denominated in a foreign currency. Before entering into a
derivative transaction for hedging purposes, it is determined that
a high degree of initial effectiveness exists between the change in
value of the hedged item and the change in the value of the
derivative instrument from movement in exchange rates. High
effectiveness means that the change in the cash flows of the
derivative instrument will effectively offset the change in the
cash flows of the hedged item. The effectiveness of each hedged
item is measured throughout the hedged period and is based on the
dollar offset methodology and excludes the portion of the fair
value of the foreign currency forward exchange contract
attributable to the change in spot-forward difference which is
reported in current period earnings. Any hedge ineffectiveness is
also recognized as a gain or loss on foreign currency in the income
statement. For hedge contracts that are no longer deemed highly
effective, hedge accounting is discontinued and gains and losses
accumulated in other comprehensive income are reclassified to
earnings.&#xA0;If it is probable that the forecasted transaction
will no longer occur, then any gains or losses accumulated in other
comprehensive income are reclassified to current-period
earnings.&#xA0;Cash-flow hedges were highly effective, in all
material respects.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black">The following table presents gains and
losses in derivatives designated as hedges and the location of
those gains and losses in the financial statements (in
thousands):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black">&#xA0;</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<tr style="vertical-align: top">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Location of Gain</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">(Loss)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Amount of Gain</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Amount of Gain</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Location of Gain</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Amount of Gain</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Recognized in</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Loss) Recognized</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Derivatives in</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Loss) Recognized</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">(Loss) Reclassified</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Loss) Reclassified</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Income on</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">in Income on</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Cash Flow</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">in OCI on</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">from Accumulated</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">from Accumulated</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Derivative</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Derivative</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Hedging</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Derivative</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">OCI into Income</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">OCI into Income</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">(Effective</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Effective Portion)</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Relationships</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Effective Portion)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">(Effective Portion)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(Effective Portion)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">Portion)</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">(A)</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">Year ended</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">Year ended</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center">
<font style="color: Black">Year ended</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">December 31,</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="5" nowrap="nowrap" style="text-align: center">
<font style="color: Black">December 31,</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center">
<font style="color: Black">December 31,</font></td>
</tr>
<tr style="vertical-align: top">
<td nowrap="nowrap" style="width: 19%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 5%; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 5%; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 18%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%">
<font style="color: Black">2011</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%">
<font style="color: Black">2010</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 18%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%">
<font style="color: Black">2011</font></td>
<td nowrap="nowrap" style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 1%">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center; width: 5%">
<font style="color: Black">2010</font></td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: top; background-color: rgb(204,255,204)">
<td nowrap="nowrap"><font style="color: Black">Foreign
exchange</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">Gain (loss) on</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">Gain (loss) on</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: top; background-color: rgb(204,255,204)">
<td><font style="color: Black">contracts</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; vertical-align: bottom"><font style="color: Black">$</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">foreign currency</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; vertical-align: bottom"><font style="color: Black">$</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#x2014;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">foreign currency</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left; vertical-align: bottom"><font style="color: Black">$</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="color: Black">&#xA0;&#x2014;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="color: Black">(2,638</font></td>
<td style="text-align: left; vertical-align: bottom"><font style="color: Black">)</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">(A) The amount of gain (loss) recognized
in income represents the amount excluded from the assessment of
hedge effectiveness.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The following table presents gains and
losses in derivatives not designated as hedges and the location of
those gains and losses in the financial statements (in
thousands):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 34%; font-weight: bold; text-align: center">
<font style="color: Black">Derivatives not</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 33%; text-align: center"><font style="color: Black"><b>Location of Gain (Loss)</b></font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 13%; text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 13%; text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: center"><font style="color: Black">Designated as Hedging</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black"><b>recognized in Income on</b></font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">December
31,</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">December
31,</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black"><b>Instruments</b></font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black"><b>Derivative</b></font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Interest
rate swaps</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">Interest
expense</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">272</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">362</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Foreign
exchange contracts</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">Gain (loss)
on foreign currency</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">(108</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">(86</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">All derivative instruments are reported
as either assets or liabilities on the balance sheet measured at
fair value. The valuation of interest rate swaps resulted in a
liability which is included in long-term debt on the accompanying
balance sheets. The valuation of foreign currency forward exchange
contracts not accounted for using hedge accounting in 2011 resulted
in a liability and is included in accrued expenses and in 2010 such
valuation resulted in an asset and is included in other current
assets on the accompanying balance sheets. Generally, increases or
decreases in the fair value of derivative instruments will be
recognized as gains or losses in earnings in the period of change.
If the derivative instrument is designated and qualifies as a cash
flow hedge, the changes in fair value of the derivative instrument
will be recorded as a separate component of shareholders&#x2019;
equity.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">At December&#xA0;31, 2011, the Company
had foreign currency contracts in the form of forward exchange
contracts in the amount of approximately U.S. $67.3&#xA0;million
and GB &#xA3;10.0&#xA0;million which all have maturities of less
than one year.</font></p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the entity's entire derivative instruments and hedging activities.  Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5580258-113959<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(n))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5618551-113959<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624163-113959<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5708773-113959<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI 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http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=d3e41641-113959<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6887037&amp;loc=d3e80748-113994<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI 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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Equipment and Leasehold Improvements<br></strong></div>
        </th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_InvestmentInEquipmentAndLeasesTextBlock', window );">Equipment and Leasehold Improvements</a></td>
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<td style="width: 0.5in"><font style="color: Black"><b>(6)</b></font></td>
<td><font style="color: Black"><b>Equipment and Leasehold
Improvements</b></font></td>
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<td><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">December 31,</font></td>
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<td><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">2011</font></td>
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<font style="color: Black">2010</font></td>
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<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
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<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
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<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,265</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">2,107</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">37,425</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">28,885</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
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<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Less accumulated depreciation and
amortization</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">22,900</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">17,678</font></td>
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<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">$</font></td>
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<font style="color: Black">14,525</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
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<font style="color: Black">11,207</font></td>
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<font style="color: Black">Depreciation and amortization expense
was $6.0 million, $3.5 million and $4.3 million for 2011, 2010 and
2009, respectively.</font></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Investment in Equipment and Leases [Text Block]</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<TEXT>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Goodwill and Other Intangible Assets<br></strong></div>
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      <tr>
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          <div>Dec. 31, 2011</div>
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<td style="text-align: justify"><font style="font-size: 10pt">The
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measured at fair value on a nonrecurring basis, and are categorized
using the fair value hierarchy.</font></td>
</tr>
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<font style="color: Black">Quoted Prices in</font></td>
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<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
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<td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right">
<font style="color: Black">Active Markets for</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right">
<font style="color: Black">Observable</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right">
<font style="color: Black">Unobservable</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right">
<font style="color: Black">Identical Assets</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right">
<font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: right">
<font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
<font style="color: Black">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
<font style="color: Black">(Level 1)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
<font style="color: Black">(Level 2)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
<font style="color: Black">(Level 3)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Description</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">
<font style="color: Black">Trademark - Nickel</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,263</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,263</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 9pt"><font style="color: Black">Goodwill</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,763</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,763</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Fair Value Measurements at December 31,
2010</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Quoted Prices in</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant Other</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Significant</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Active Markets for</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Observable</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Unobservable</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Identical Assets</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right"><font style="color: Black">Inputs</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">Total</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">(Level 1)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">(Level 2)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">
<font style="color: Black">(Level 3)</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Description</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 46%; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">
<font style="color: Black">Trademark - Nickel</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 12%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,337</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,337</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; padding-left: 9pt"><font style="color: Black">Goodwill</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">3,654</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">3,654</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The goodwill and trademarks referred to
above, relates to the Company&#x2019;s Nickel skin care business
which is primarily a component of our European operations. The
Company has determined that it may be inclined to sell the Nickel
business within the next few years and therefore, the Company
engages a third party valuation specialist to advise us and assist
in a potential transaction. As a result, the Company has determined
that as of December 31, 2011, the carrying amount of the goodwill
exceeded fair value resulting in an impairment loss of $0.8
million. A similar evaluation is performed every year and in 2009,
the Company recorded an impairment loss of $1.7 million.
Accumulated impairment losses relating to goodwill aggregated $4.3
million as of December 31, 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">To determine fair value of
indefinite-lived intangible assets, the Company uses an income
approach, including the relief-from-royalty method. This method
assumes that, in lieu of ownership, a third party would be willing
to pay a royalty in order to obtain the rights to use the
comparable asset. The relief-from-royalty calculations require us
to make a number of assumptions and estimates concerning future
sales levels, market royalty rates, future tax rates and discount
rates. The Company uses this method to determine if an impairment
charge is required relating to our Nickel brand trademarks. In
2009, an impairment charge relating to the Nickel trademark in the
amount of $0.54 million was recorded. No impairment charge was
required in 2011 or 2010. The Company assumed a market royalty rate
of 6% and a discount rate of 7.7%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The fair values used in our evaluations
are also estimated based upon discounted future cash flow
projections using a weighted average cost of capital of 7.7%. The
cash flow projections are based upon a number of assumptions,
including, future sales levels and future cost of goods and
operating expense levels, as well as economic conditions, changes
to our business model or changes in consumer acceptance of our
products which are more subjective in nature. The Company believes
that the assumptions the Company has made in projecting future cash
flows for the evaluations described above are reasonable and
currently no impairment indicators exist for our indefinite-lived
assets other than the Nickel trademarks referred to above. However,
if future actual results do not meet our expectations, the Company
may be required to record an impairment charge, the amount of which
could be material to our results of operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The cost of trademarks, licenses and
other intangible assets with finite lives is being amortized by the
straight-line method over the term of the respective license or the
intangible assets estimated useful life which range from three to
seventeen years. If the residual value of a finite life intangible
asset exceeds its carrying value, then the asset is not amortized.
The Company reviews intangible assets with finite lives for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Activity relating to the goodwill is as
follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left"><font style="color: Black">Balance - beginning of year</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">3,654</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">3,927</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0.12in"><font style="color: Black">Effect of changes in foreign currency translation
rates</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(54</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(273</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in">
<font style="color: Black">Impairment loss</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(837</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">&#x2014;</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">Balance - end of year</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">2,763</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">3,654</font></td>
</tr>
</table>
</div><span></span></td>
      </tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final.  May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16265-109275<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 42, 43, 44, 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16373-109275<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13854-109267<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Net Income Attributable to Inter Parfums, Inc. Common Shareholders<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(13)</b></font></td>
<td style="text-align: justify"><font style="color: Black"><b>Net
Income Attributable to Inter Parfums, Inc. Common
Shareholders</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Net income attributable to Inter
Parfums, Inc. per common share (&#x201C;basic EPS&#x201D;) is
computed by dividing net income attributable to Inter Parfums, Inc.
by the weighted-average number of shares outstanding.&#xA0;Net
income attributable to Inter Parfums, Inc. per share assuming
dilution (&#x201C;diluted EPS&#x201D;), is computed using the
weighted average number of shares outstanding, plus the incremental
shares outstanding assuming the exercise of dilutive stock options
and warrants using the treasury stock method. The reconciliation
between the numerators and denominators of the basic and diluted
EPS computations is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year ended December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">Numerator:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 61%; text-align: left; padding-left: 9pt">
<font style="color: Black">Net income attributable to Inter
Parfums, Inc.</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">32,303</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">26,593</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">22,367</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.24in; text-indent: -0.12in">
<font style="color: Black">Effect of dilutive securities of</font>
<font style="color: Black">consolidated subsidiary</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(82</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(86</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(18</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt">
<font style="color: Black">Numerator for diluted earnings per
share</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">32,221</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">26,507</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">22,349</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">Denominator:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 9pt"><font style="color: Black">Weighted
average shares</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">30,514,529</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">30,360,602</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">30,099,998</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Effect of dilutive securities:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">
<font style="color: Black">Stock options and warrants</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">163,296</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">121,389</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">21,079</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 34.2pt">
<font style="color: Black">Denominator for diluted earnings per
share</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">30,677,825</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">30,481,991</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">30,121,077</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="color: Black">Earnings per share:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt"><font style="color: Black">Net income attributable to Inter Parfums,
Inc.</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0.25in"><font style="color: Black">common shareholders:</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="padding-left: 0.36in"><font style="color: Black">Basic</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1.06</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">0.88</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">0.74</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 0.36in"><font style="color: Black">Diluted</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1.05</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.87</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.74</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Not included in the above computations
is the effect of anti-dilutive potential common shares which
consist of outstanding options to purchase 118,000, 154,000, and
889,000 shares of common stock for 2011, 2010, and 2009,
respectively, and outstanding warrants to purchase 81,000 and
300,000 shares of common stock for 2010 and 2009,
respectively.</font></p>
</div><span></span></td>
      </tr>
    </table>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Valuation and Qualifying Accounts<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock', window );">Valuation and Qualifying Accounts</a></td>
        <td class="text"><div>
<p style="TEXT-ALIGN: right; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black"><b>Schedule II</b></font></p>
<p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black"><b>&#xA0;</b></font></p>
<p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black"><b>INTER PARFUMS, INC. AND
SUBSIDIARIES</b></font></p>
<p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">Valuation and Qualifying
Accounts</font></p>
<p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">(In thousands)</font></p>
<p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Column A</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Column B</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">Column C</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Column D</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Column E</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">Additions</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(1)</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(2)</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Charged to</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance at</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Charged to</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">other</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="COLOR: black" nowrap="nowrap">&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">beginning of</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">costs and</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">accounts &#x2013;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Deductions &#x2013;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
<td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance at</td>
<td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">
&#xA0;</td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">period</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">expenses</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">describe</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">describe</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">end of period</td>
<td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; COLOR: black">Allowance for doubtful
accounts:</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; WIDTH: 35%; COLOR: black">Year
ended December 31, 2011</td>
<td style="WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">4,367</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">2,838</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">(211</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black" nowrap="nowrap">)(d)</td>
<td style="WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">1,674</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black" nowrap="nowrap">(a)</td>
<td style="WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">5,320</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2010</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">2,096</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">3,147</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">(106</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
)(d)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">770</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(a)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">4,367</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2009</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,185</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,295</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">57</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(d)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">441</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(a)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">2,096</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; COLOR: black">Sales return
accrual:</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2011</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,560</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">4,129</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">-</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,517</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(b)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">4,172</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2010</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">296</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,496</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">-</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">232</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(b)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,560</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2009</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">118</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">385</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">-</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">207</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(b)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">296</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; COLOR: black">Inventory Reserve:</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2011</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">6,242</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">3,880</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">(272</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
)(d)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">2,390</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(c)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">7,460</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2010</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">7,150</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">1,766</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">(405</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">
)(d)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">2,269</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(c)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">6,242</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="PADDING-LEFT: 0.25in; COLOR: black">Year ended December
31, 2009</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">$</td>
<td style="TEXT-ALIGN: right; COLOR: black">7,394</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">2,237</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">195</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(d)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">2,676</td>
<td style="TEXT-ALIGN: left; COLOR: black" nowrap="nowrap">(c)</td>
<td style="COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
<td style="TEXT-ALIGN: right; COLOR: black">7,150</td>
<td style="TEXT-ALIGN: left; COLOR: black">&#xA0;</td>
</tr>
</table>
<p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0px"></td>
<td style="WIDTH: 0.35in"><font style="COLOR: black">(a)</font></td>
<td><font style="COLOR: black">Write-off of bad debts.</font></td>
</tr>
</table>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0px"></td>
<td style="WIDTH: 0.35in"><font style="COLOR: black">(b)</font></td>
<td><font style="COLOR: black">Write-off of sales
returns.</font></td>
</tr>
</table>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0px"></td>
<td style="WIDTH: 0.35in"><font style="COLOR: black">(c)</font></td>
<td><font style="COLOR: black">Disposal of inventory</font></td>
</tr>
</table>
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0px"></td>
<td style="WIDTH: 0.35in"><font style="COLOR: black">(d)</font></td>
<td><font style="COLOR: black">Foreign currency translation
adjustment</font></td>
</tr>
</table>
<p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">&#xA0;</font></p>
<p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">See accompanying reports of independent
registered public accounting firms</font></p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 09<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e24092-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E4TBK">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Statements of Changes in Shareholders' Equity (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Common stock</div>
        </th>
        <th class="th">
          <div>Additional paid-in capital</div>
        </th>
        <th class="th">
          <div>Retained earnings</div>
        </th>
        <th class="th">
          <div>Accumulated other comprehensive income</div>
        </th>
        <th class="th">
          <div>Treasury stock</div>
        </th>
        <th class="th">
          <div>Noncontrolling interest</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Beginning Balance at Dec. 31, 2008</a></td>
        <td class="nump">$ 255,509<span></span></td>
        <td class="nump">$ 30<span></span></td>
        <td class="nump">$ 41,950<span></span></td>
        <td class="nump">$ 168,025<span></span></td>
        <td class="nump">$ 25,515<span></span></td>
        <td class="num">$ (31,319)<span></span></td>
        <td class="nump">$ 51,308<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning Balance (in shares) at Dec. 31, 2008</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,168,939<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,966,379<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">30,158<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,367<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,791<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="nump">8,767<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,789<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,978<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax', window );">Reclassification from OCI into earnings, net</a></td>
        <td class="num">(5,922)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,423)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,499)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Net derivative instrument gain, net of tax</a></td>
        <td class="nump">173<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">141<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">32<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCash', window );">Dividends</a></td>
        <td class="num">(5,690)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,974)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,716)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised', window );">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">243,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(150,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised', window );">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively</a></td>
        <td class="nump">3,187<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,711<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">476<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock compensation</a></td>
        <td class="nump">805<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">510<span></span></td>
        <td class="nump">193<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">102<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestIncreaseFromStockIssuance', window );">Sale of subsidiary shares to noncontrolling interest</a></td>
        <td class="nump">2,626<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(45)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,671<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Purchased treasury shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(108,100)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">108,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchased treasury shares</a></td>
        <td class="num">(631)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(631)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOtherShares', window );">Shares received as proceeds of option exercises (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(132,487)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">132,487<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOther', window );">Shares received as proceeds of option exercises</a></td>
        <td class="num">(1,569)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,569)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2009</a></td>
        <td class="nump">287,413<span></span></td>
        <td class="nump">30<span></span></td>
        <td class="nump">45,126<span></span></td>
        <td class="nump">186,611<span></span></td>
        <td class="nump">28,022<span></span></td>
        <td class="num">(33,043)<span></span></td>
        <td class="nump">60,667<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,171,952<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,056,966<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">35,675<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">26,593<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,082<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="num">(17,784)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(13,348)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,436)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Net derivative instrument gain, net of tax</a></td>
        <td class="nump">157<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">83<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">74<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCash', window );">Dividends</a></td>
        <td class="num">(9,949)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(7,901)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,048)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised', window );">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">376,455<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(150,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised', window );">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively</a></td>
        <td class="nump">4,505<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">493<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock compensation</a></td>
        <td class="nump">799<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">597<span></span></td>
        <td class="nump">150<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">52<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Purchase of subsidiary shares from noncontrolling interest</a></td>
        <td class="num">(4,595)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,087)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,508)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestIncreaseFromStockIssuance', window );">Sale of subsidiary shares to noncontrolling interest</a></td>
        <td class="nump">5,326<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,239<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,087<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOtherShares', window );">Shares received as proceeds of option exercises (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(102,526)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">102,526<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOther', window );">Shares received as proceeds of option exercises</a></td>
        <td class="num">(1,601)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,601)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2010</a></td>
        <td class="nump">299,946<span></span></td>
        <td class="nump">30<span></span></td>
        <td class="nump">48,887<span></span></td>
        <td class="nump">205,453<span></span></td>
        <td class="nump">14,757<span></span></td>
        <td class="num">(34,151)<span></span></td>
        <td class="nump">64,970<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2010</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,445,881<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,009,492<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">42,949<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">32,303<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,646<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="num">(9,680)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(7,021)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,659)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Net derivative instrument gain, net of tax</a></td>
        <td class="nump">18<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">11<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCash', window );">Dividends</a></td>
        <td class="num">(12,917)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(9,768)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,149)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised', window );">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">95,625<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised', window );">Shares issued upon exercise of stock options and warrants including income tax benefit of $110 for 2011, $520 for 2010 and $692 for 2009, respectively</a></td>
        <td class="nump">1,093<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="nump">1,092<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock compensation</a></td>
        <td class="nump">935<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">695<span></span></td>
        <td class="nump">176<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">64<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Purchase of subsidiary shares from noncontrolling interest</a></td>
        <td class="num">(750)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(417)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(333)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestIncreaseFromStockIssuance', window );">Sale of subsidiary shares to noncontrolling interest</a></td>
        <td class="nump">2,756<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">626<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,130<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2011</a></td>
        <td class="nump">$ 324,350<span></span></td>
        <td class="nump">$ 31<span></span></td>
        <td class="nump">$ 50,883<span></span></td>
        <td class="nump">$ 228,164<span></span></td>
        <td class="nump">$ 7,747<span></span></td>
        <td class="num">$ (34,151)<span></span></td>
        <td class="nump">$ 71,676<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2011</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,541,506<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,009,492<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Stock Issued During Period, Shares, Stock Options and Warrants Exercised</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>ipar_StockIssuedDuringPeriodSharesStockOptionsAndWarrantsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>ipar_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total value of stock issued as a result of the exercise of stock options or warrants, including income tax benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>ipar_StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>ipar_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of cash dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsCash</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestDecreaseFromRedemptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569655-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4616395-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestDecreaseFromRedemptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestIncreaseFromStockIssuance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents an increase in noncontrolling interest from issuance of additional equity interests to noncontrolling interest holders or the sale of a portion of the parent's controlling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569655-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4616395-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestIncreaseFromStockIssuance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 20<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 14, 17, 19, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 13, 20, 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e689-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 31, 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 18, 19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624171-113959<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Reclassification Adjustments<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6522872<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 17, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624171-113959<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 121<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued and outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Publisher AICPA<br><br> -Number 51<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityOtherShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents movements in the number of shares included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityOtherShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
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                <p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Recent Agreements<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ipar_SignificantAgreementsDisclosureTextBlock', window );">Recent Agreements</a></td>
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<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.5in"><font style="color: Black"><b>(2)</b></font></td>
<td><font style="color: Black"><b>Recent Agreements</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Burberry</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In December 2011, the Company and
Burberry began to explore ways in which we can work more closely
together to realize the brand&#x2019;s potential and are currently
in discussion regarding the potential establishment of a new
operating structure for the Burberry fragrance and beauty business.
As there can be no assurance that an agreement will be reached,
Burberry exercised its right to evaluate the purchase price for the
unexpired term of the existing license. In this process, Burberry
has until July 31, 2012 to determine whether it wishes to buy out
the unexpired portion of the license as of December 31, 2012 or
continue the existing contract which runs through December 31,
2017. As previously disclosed, if Burberry were to buy back the
license, then the purchase price will be the greater of the fair
market value of the unexpired term of the license or 70% of 2010
net wholesale sales of Burberry products.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Repetto</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In December 2011, we entered into a
thirteen-year exclusive worldwide license agreement to create,
produce and distribute perfumes and ancillary products under the
Repetto brand. Our rights under the agreement commenced on January
1, 2012. The agreement is subject to certain minimum advertising
expenditures and royalty payments as are customary in our
industry.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>The Gap Inc.</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In July 2011, we renewed our exclusive
agreement with The Gap, Inc. to develop, produce, manufacture and
distribute fragrances for Gap and Banana Republic brand names to be
sold in Gap and Banana Republic retail stores in the United States
and Canada. In July 2011, we also renewed our license agreement
with The Gap Inc. for international distribution of fragrances
through Gap and Banana Republic stores as well as select specialty
and department stores outside the United States, including
duty-free and other travel related retailers.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">These renewal agreements, which took
effect on January 1, 2012 and run through December 31, 2014,
contain terms and conditions similar to those of the original
agreements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Pierre Balmain</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In July 2011, we entered into a
twelve-year exclusive worldwide license agreement to create,
produce and distribute perfumes and ancillary products under the
Balmain brand. Our rights under the agreement commenced on January
1, 2012 when we took over the production and distribution of
existing Balmain fragrances. The agreement is subject to certain
minimum sales, advertising expenditures and royalty payments as are
customary in our industry. The Company paid an up front entry fee
of &#x20AC;2.1 million (approximately $2.7 million) for this
license.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Anna Sui</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In June 2011, we entered into a ten-year
exclusive worldwide fragrance license agreement, with two five-year
renewal options, to create, produce and distribute perfumes and
fragrance-related products under the Anna Sui brand. Our rights
under the agreement commenced on January 1, 2012 when we took over
production and distribution of the existing Anna Sui fragrance
collections. The agreement is subject to certain minimum sales,
advertising expenditures and royalty payments as are customary in
our industry. The Company agreed to pay an upfront entry fee of
$2.0 million for this license which was recorded and paid for in
2012 and agreed to purchase current inventory and certain other
assets of the existing licensee. As of December 31, 2011,
approximately $2.8 million of current inventory was
purchased.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>S. T. Dupont</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In April 2011, we renewed our license
agreement with S.T. Dupont for the creation, development and
distribution of fragrance products through December 31, 2016. Our
initial eleven-year license agreement with S.T. Dupont was signed
in June 1997, and had previously been extended in 2006 for an
additional three years until June 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Lane Bryant</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In March 2011, we entered into an
exclusive agreement with a unit of Charming Shoppes, Inc. for its
flagship brand, Lane Bryant.&#xA0;Under the agreement, Inter
Parfums designs and manufactures personal care products for the
Lane Bryant brand, while Lane Bryant is responsible for marketing,
promoting and selling these products. The initial term of the
contract, which may be extended by mutual consent, runs through
December 31, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Boucheron</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In December 2010, the Company entered
into an exclusive worldwide license agreement with Boucheron
Parfums SAS to create, produce and distribute perfumes and
ancillary products under the Boucheron brand. Our rights under such
license agreement, which took effect on January 1, 2011 and runs
through December 31, 2025, are subject to certain minimum sales,
advertising expenditures and royalty payments as are customary in
our industry. The Company paid an upfront entry fee of &#x20AC;15
million (approximately $20 million) for this license, and purchased
the inventory of the former licensee for &#x20AC;1.7 million
(approximately $2.3 million).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Nine West</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In July 2010, the Company entered into
an exclusive worldwide license agreement with Nine West Development
Corporation for the creation, production, marketing and global
distribution of women&#x2019;s fragrances under the Nine West brand.
The agreement, which runs through December&#xA0;31, 2016, contains
a provision for further renewal if certain conditions are met. The
agreement also provides for direct sales to Nine West retail stores
in the United States, as well as a licensing component, enabling us
to sell women's fragrances to better department stores and
specialty retailers worldwide. Our rights under such license
agreement are subject to certain minimum sales, advertising
expenditures and royalty payments as are customary in our
industry.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Betsey Johnson</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In July 2010, the Company entered into
an exclusive worldwide agreement with Betsey Johnson LLC under
which the Company will design, manufacture and sell fragrance,
color cosmetics as well as other personal care products across a
broad retail spectrum. The agreement, which runs through December
31, 2015 with a five year optional term if certain conditions are
met, encompasses both direct sales to global Betsey Johnson stores
and e-commerce site, as well as a licensing component, enabling us
to sell these fragrance and beauty products to specialty and
department stores as well as other retail outlets worldwide. Our
rights under such license agreement are subject to certain minimum
sales, advertising expenditures and royalty payments as are
customary in our industry.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Montblanc</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In January 2010, the Company entered
into an exclusive worldwide license agreement with Montblanc
International GmbH to create, produce and distribute perfumes and
ancillary products under the Montblanc brand. Our rights under this
license agreement, which took effect on July 1, 2010 and runs
through December 31, 2020, are subject to certain minimum sales,
advertising expenditures and royalty payments as are customary in
our industry. The Company paid an upfront entry fee of &#x20AC;1
million (approximately $1.4 million) for this license and purchased
inventory of the former licensee for &#x20AC;4 million
(approximately $5.7 million).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black"><b><i>Jimmy Choo</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">In October 2009, the Company entered
into an exclusive worldwide license agreement with J Choo Limited,
which commenced on January 1, 2010, for the creation, development
and distribution of fragrances under the Jimmy Choo brand. Our
rights under such license agreement, which runs through 2022, are
subject to certain minimum sales, advertising expenditures and
royalty payments as are customary in our industry. A member of the
Company&#x2019;s Board of Directors is also a member of the Board of
Directors of J Choo Limited.</font></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Equity<br></strong></div>
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          <div>Dec. 31, 2011</div>
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<td style="width: 0.5in"><font style="color: Black"><b>(12)</b></font></td>
<td><font style="color: Black"><b>Equity</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
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<font style="color: Black"><b><i>Share-Based
Payments:</i></b></font></p>
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<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Company maintains a stock option
program for key employees, executives and directors. The plans, all
of which have been approved by shareholder vote, provide for the
granting of both nonqualified and incentive options. Options
granted under the plans typically have a six-year term and vest
over a four to five-year period. The fair value of shares vested in
2011 and 2010 aggregated $0.6 million and $0.5 million,
respectively. <font style="font-family: Times New Roman, Times, Serif">Compensation cost is
recognized on a straight-line basis over the requisite service
period for the entire award.</font> It is generally the
Company&#x2019;s policy to issue new shares upon exercise of stock
options.</font></p>
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<font style="color: Black">&#xA0;</font></p>
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<font style="color: Black">The following table sets forth
information with respect to nonvested options for 2011:</font></p>
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<font style="color: Black">&#xA0;</font></p>
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<td nowrap="nowrap" style="text-align: justify"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center"><font style="color: Black">Number&#xA0;of&#xA0;Shares</font></td>
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<td nowrap="nowrap" style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: center"><font style="color: Black">Weighted&#xA0;Average&#xA0;Grant<br />
Date&#xA0;Fair&#xA0;Value</font></td>
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<td style="width: 74%; text-align: left"><font style="color: Black">Nonvested options &#x2013; beginning of
year</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">480,843</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">4.32</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
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<td style="text-align: left"><font style="color: Black">Nonvested
options granted</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">118,900</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">4.59</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
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<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Nonvested options vested or forfeited</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">(142,820</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">4.29</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
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<td style="text-align: left; padding-bottom: 2.5pt"><font style="color: Black">Nonvested options &#x2013; end of year</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">456,923</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">4.40</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
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<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Share-based payment expenses decreased
income before income taxes by $1.1 million in 2011 and $0.9 million
in both 2010 and 2009, decreased net income attributable to Inter
Parfums, Inc. by $0.60 million, $0.55 million and $0.54 million in
2011, 2010 and 2009, respectively, and reduced diluted earnings per
share by $0.02 in 2011, 2010 and 2009.</font></p>
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<font style="color: Black">&#xA0;&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The following table summarizes stock
option activity and related information for the years ended
December 31, 2011, 2010 and 2009 and does not include information
relating to options of IPSA granted by IPSA, our majority-owned
subsidiary:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
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<font style="color: Black">Year&#xA0;ended&#xA0;December&#xA0;31,</font></td>
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<font style="color: Black">2011</font></td>
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</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Options</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black">Weighted<br />
Average<br />
exercise<br />
price</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Options</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black">Weighted<br />
Average<br />
exercise<br />
price</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Options</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">
<font style="color: Black">Weighted<br />
Average<br />
exercise<br />
price</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold; text-align: center">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 22%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">
<font style="color: Black">Shares under option - beginning of
year</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">807,620</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">12.78</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">920,825</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">11.32</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">1,138,375</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">11.23</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Options
granted</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">118,900</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">15.66</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">120,200</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">18.64</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">100,550</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">11.90</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Options
exercised</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(95,625</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">12.66</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(226,455</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">10.00</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">(243,600</font></td>
<td style="text-align: left"><font style="color: Black">)</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">10.24</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="color: Black">Options cancelled</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(7,620</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">14.37</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(6,950</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">11.27</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">(74,500</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">)</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">14.20</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">
<font style="color: Black">Shares under options - end of
year</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">823,275</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">13.20</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">807,620</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">12.78</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">920,825</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">11.32</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">At December 31, 2011, options for
771,795 shares were available for future grant under the plans. The
aggregate intrinsic value of options outstanding is $2.3 million as
of December 31, 2011 and unrecognized compensation cost related to
stock options outstanding on Inter Parfums, Inc. common stock
aggregated $1.4 million, which will be recognized over the next
five years. The amount of unrecognized compensation cost related to
stock options outstanding of our majority-owned subsidiary, IPSA,
was &#x20AC;0.7 million (approximately $0.9 million). Options under
IPSA plans vest four years after grant.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The weighted average fair values of
options granted by Inter Parfums, Inc. during 2011, 2010 and 2009
were $4.59, $5.59 and $4.40 per share, respectively, on the date of
grant using the Black-Scholes option pricing model to calculate the
fair value.&#xA0;The assumptions used in the Black-Scholes pricing
model for the years ended December 31, 2011, 2010 and 2009 are set
forth in the following table:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year&#xA0;Ended&#xA0;December&#xA0;31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; text-align: left"><font style="color: Black">Weighted-average expected stock-price
volatility</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">40</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">%</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">39</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">%</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">49</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Weighted-average expected option life</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">4.5
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">4.5
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">4.5
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Weighted-average risk-free interest rate</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">0.9</font></td>
<td style="text-align: left"><font style="color: Black">%</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2.1</font></td>
<td style="text-align: left"><font style="color: Black">%</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2.6</font></td>
<td style="text-align: left"><font style="color: Black">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Weighted-average dividend yield</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1.7</font></td>
<td style="text-align: left"><font style="color: Black">%</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1.7</font></td>
<td style="text-align: left"><font style="color: Black">%</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2.0</font></td>
<td style="text-align: left"><font style="color: Black">%</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Expected volatility is estimated based
on historic volatility of the Company&#x2019;s common stock. In
2011, the expected term of the option is estimated based on
historic data. In 2010 and 2009, the Company used the simplified
method as historic data regarding employee exercise behavior was
incomplete. The risk-free rate is based on the U.S. Treasury yield
curve in effect at the time of the grant of the option and the
dividend yield reflects the assumption that the dividend payout as
authorized by the Board of Directors would increase as the earnings
of the Company and its stock price continue to increase.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">Stock-based employee compensation
determined under the fair value based method, net of related tax
effects, includes compensation incurred by IPSA, our majority-owned
subsidiary whose stock is publicly traded in France. No options
were granted by IPSA in 2011. The weighted average fair values of
the options granted by IPSA during 2010 and 2009 were &#x20AC;6.55
per share and &#x20AC;4.27 per share, respectively, on the date of
grant using the Black-Scholes option pricing model.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;Cash proceeds, tax benefits and
intrinsic value related to stock options exercised were as
follows:&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Year&#xA0;Ended&#xA0;December&#xA0;31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 61%; text-align: left"><font style="color: Black">Cash proceeds from stock options
exercised</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">1,210</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">771</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">$</font></td>
<td style="width: 10%; text-align: right"><font style="color: Black">956</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="color: Black">Tax
benefits</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">520</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">692</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="color: Black">Intrinsic
value of stock options exercised</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">720</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">1,195</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">$</font></td>
<td style="text-align: right"><font style="color: Black">407</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The following table summarizes
additional stock option information as of December&#xA0;31,
2010:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<table cellpadding="0" cellspacing="0" style="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Options outstanding</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="text-align: center"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Number</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">weighted average remaining</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="color: Black">Options</font></td>
<td nowrap="nowrap" style="font-weight: bold"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">Exercise prices</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">outstanding</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">contractual life</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
<font style="color: Black">&#xA0;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="color: Black">exercisable</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
<font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 46%; text-align: center"><font style="color: Black">$ 6.15 &#x2013; $ 6.93</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 15%; text-align: right"><font style="color: Black">75,220</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 15%; text-align: center"><font style="color: Black">2.96 years</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%"><font style="color: Black">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="width: 15%; text-align: right"><font style="color: Black">42,860</font></td>
<td style="width: 1%; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center"><font style="color: Black">$ 11.30
&#x2013; $ 11.41</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">154,650</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">2.09
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">20,588</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: center"><font style="color: Black">$ 12.14
&#x2013; $ 12.64</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">194,380</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">2.94
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">116,635</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center"><font style="color: Black">$ 13.10
&#x2013; $ 13.45</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">164,775</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">0.98
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">161,399</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: center"><font style="color: Black">$ 15.59 -
$ 15.62</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">121,400</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">5.91
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">1,200</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center"><font style="color: Black">$17.94</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">3,500</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">4.09
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">&#x2014;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: center"><font style="color: Black">$18.01</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">3,000</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">1.41
years</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: right"><font style="color: Black">2,400</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; padding-bottom: 1pt"><font style="color: Black">$19.03</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">106,350</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">5.00
years</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 1pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="color: Black">21,270</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: center; padding-bottom: 2.5pt"><font style="color: Black">Totals</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">823,275</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="text-align: center"><font style="color: Black">3.09
Years</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt"><font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left">
<font style="color: Black">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="color: Black">366,352</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="color: Black">&#xA0;</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">As of December 31, 2011, the weighted
average exercise price of options exercisable was $12.45 and the
weighted average remaining contractual life of options exercisable
is 2.27 years. The aggregate intrinsic value of options exercisable
at December 31, 2011 is $1.2 million.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The Chief Executive Officer and the
President each exercised 75,000 outstanding stock options of the
Company&#x2019;s common stock in both 2010 and 2009. The aggregate
exercise prices of $1.5 million in both 2010 and 2009 were paid by
them tendering to the Company in 2010 and 2009 an aggregate of
95,744 and 129,984 shares, respectively, of the Company&#x2019;s
common stock, previously owned by them, valued at fair market value
on the dates of exercise. All shares issued pursuant to these
option exercises were issued from treasury stock of the Company. In
addition, the Chief Executive Officer tendered in 2010 and 2009 an
additional 6,782 and 2,503 shares, respectively, for payment of
certain withholding taxes resulting from his option
exercises.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Treasury Stock</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">As of December 31, 2008, the Board of
Directors of the Company authorized the repurchase of up to
1,031,863 shares of the Company&#x2019;s common stock. During 2009,
the Company repurchased 108,100 shares of its common stock at an
average price of $5.84 per common share.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>&#xA0;</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">
<font style="color: Black"><b><i>Dividends</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">&#xA0;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">
<font style="color: Black">The quarterly dividend of $2.4 million
($0.08 per share) declared in December&#xA0;2011 was paid in
January&#xA0;2012. Furthermore, in December 2011 the Board of
Directors of the Company authorized the continuation of the annual
dividend of $0.32 per share. The next quarterly dividend of $0.08
per share will be paid on April 16, 2012 to shareholders of record
on March 30, 2012.</font></p>
</div><span></span></td>
      </tr>
    </table>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 23: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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