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<SEC-DOCUMENT>0001206774-09-000337.txt : 20090226
<SEC-HEADER>0001206774-09-000337.hdr.sgml : 20090226
<ACCEPTANCE-DATETIME>20090226060059
ACCESSION NUMBER:		0001206774-09-000337
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090226
DATE AS OF CHANGE:		20090226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISHAY INTERTECHNOLOGY INC
		CENTRAL INDEX KEY:			0000103730
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS & ACCESSORIES [3670]
		IRS NUMBER:				381686453
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07416
		FILM NUMBER:		09635493

	BUSINESS ADDRESS:	
		STREET 1:		63 LINCOLN HWY
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6106441300

	MAIL ADDRESS:	
		STREET 1:		63 LINCOLN HIGHWAY
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>vishay_10k.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>

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<P align=center><B><FONT face=serif size=2>UNITED STATES<BR></FONT></B><B><FONT face=serif size=2>SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C.
20549</FONT></B></P>
<P align=center><B><FONT face=serif size=2>FORM 10-K</FONT></B></P>
<P align=center><B><FONT face=serif size=2><FONT face=wingdings size=2>x</FONT>
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934<BR></FONT></B><FONT face=serif size=2>For the fiscal year ended</FONT>
<B><FONT face=serif size=2>December 31, 2008</FONT> </B><BR><FONT face=serif size=2>or</FONT><BR><B><FONT face=serif size=2><FONT face=wingdings size=2>o</FONT> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</FONT></B><BR><FONT face=serif size=2>For the
transition period from _______ to _______<BR><BR>Commission file number</FONT>
<B><FONT face=serif size=2>1-7416</FONT></B></P>
<P align=center><B><FONT face=serif size=4>Vishay Intertechnology,
Inc.</FONT></B><BR><FONT face=serif size=2>(Exact name of registrant as
specified in its charter)</FONT></P>
<DIV align=center>
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  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><B><FONT face=serif size=2>Delaware</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="50%"><B><FONT face=serif size=2>38-1686453</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><FONT face=serif size=2>(State or
      other jurisdiction of</FONT>&nbsp;</TD>
    <TD noWrap align=center width="50%"><FONT face=serif size=2>(IRS employer
      identification no.)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><FONT face=serif size=2>incorporation
      or organization)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face=serif size=2>63 Lancaster Avenue<BR>Malvern,
Pennsylvania 19355-2143</FONT></B><BR><FONT face=serif size=2>(Address of
principal executive offices)</FONT></P>
<P align=center><B><FONT face=serif size=2>(610) 644-1300<BR></FONT></B><FONT face=serif size=2>(Registrant&#146;s telephone number, including area
code)</FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=2><FONT face=serif size=2>Securities registered pursuant to Section 12(b) of the
    Act:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><B><FONT face=serif size=2>Common
      Stock, $0.10 par value</FONT></B></TD>
    <TD noWrap align=center width="50%"><B><FONT face=serif size=2>New York
      Stock Exchange</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><FONT face=serif size=2>(Title of
      class)</FONT></TD>
    <TD noWrap align=center width="50%"><FONT face=serif size=2>(Exchange on
      which registered)</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>Securities registered pursuant to
Section 12(g) of the Act:</FONT> <B><FONT face=serif size=2>None</FONT></B></P>
<P align=justify><FONT face=serif size=1>Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.<FONT size=3> </FONT><B><FONT face=serif size=1>Yes <FONT face=wingdings size=1>x</FONT>&nbsp;&nbsp;</FONT></B><B><FONT face=serif size=1>No <FONT face=wingdings size=1>o</FONT></FONT></B></FONT></P>
<P align=justify><FONT face=serif size=1>Indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or Section
15(d) of the Act.</FONT><FONT face=serif size=1><FONT size=3>
</FONT><STRONG><FONT face=serif size=1>Yes&nbsp;<FONT face=wingdings size=1>o<FONT face="Times New Roman">&nbsp;&nbsp;</FONT></FONT></FONT><FONT size=1>No <FONT size=1><FONT face=Wingdings>x</FONT><BR></FONT></FONT></STRONG></FONT><B><FONT size=1>Note
</FONT></B><FONT size=1>&#150; Checking the box above will not relieve any registrant
required to file reports under Section 13 or 15(d) of the Exchange Act from
their obligations under those Sections. </FONT></P>
<P align=justify><FONT face=serif size=1>Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. <B><FONT face=serif size=1>Yes <FONT face=wingdings size=1>x</FONT>&nbsp;&nbsp;</FONT></B><B><FONT face=serif size=1>No <FONT face=wingdings size=1>o</FONT></FONT></B></FONT></P>
<P align=justify><FONT face=serif size=1>Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of
this chapter) is not contained herein, and will not be contained, to the best of
registrant&#146;s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. <STRONG><FONT face=Wingdings>o</FONT></STRONG></FONT></P>
<P align=justify><FONT face=serif size=1>Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See definition of &#147;accelerated filer&#148;,
&#147;large accelerated filer&#148;, and &#147;smaller reporting company&#148; in Rule 12b-2 of the
Act. (Check one):</FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><STRONG><FONT size=1><FONT face=serif>Large accelerated filer </FONT><FONT face=Wingdings>x</FONT></FONT></STRONG></TD>
    <TD noWrap align=left width="49%"><STRONG><FONT size=1><FONT face=serif>Non-accelerated filer </FONT><FONT face=Wingdings>o</FONT></FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><STRONG><FONT size=1><FONT face=serif>Accelerated filer </FONT><FONT face=Wingdings>o</FONT></FONT></STRONG></TD>
    <TD noWrap align=left width="49%"><STRONG><FONT size=1><FONT face=serif>Smaller reporting company </FONT><FONT face=Wingdings>o</FONT></FONT></STRONG></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif size=1>Indicate by checkmark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Act).<FONT size=3> </FONT><STRONG><FONT face=serif size=1>Yes&nbsp;<FONT face=wingdings size=1>o</FONT>&nbsp;&nbsp;</FONT><FONT face=serif size=1>No <FONT face=wingdings size=1>x<BR></FONT></FONT></STRONG></FONT></P>
<P align=justify><FONT face=serif size=2>The aggregate market value of the
voting stock held by non-affiliates computed by reference to the price at which
the common equity was last sold as of the last business day of the registrant&#146;s
most recently completed second fiscal quarter ($9.32 on June 28, 2008), assuming
conversion of all of its Class B common stock held by non-affiliates into common
stock of the registrant, was $1,602,000,000. There is no non-voting stock
outstanding. </FONT></P>
<P align=justify><FONT face=serif size=2>As of February 25, 2009, registrant had
172,200,536 shares of its common stock and 14,352,888 shares of its Class B
common stock outstanding. </FONT></P>
<P align=center><FONT face=serif size=2>DOCUMENTS INCORPORATED BY REFERENCE
</FONT></P>
<P align=justify><FONT face=serif size=2>Portions of the registrant&#146;s definitive
proxy statement, which will be filed within 120 days of December 31, 2008, are
incorporated by reference into Part III. </FONT></P>
<P align=center><FONT face=serif size=2>-1-</FONT></P>
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<P align=center><FONT face=serif size=2>-2- </FONT></P>
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<P align=justify><B><FONT face=serif size=4>Vishay Intertechnology, Inc.
<BR></FONT></B><B><FONT face=serif size=2>Form 10-K for the year ended December
31, 2008 </FONT></B></P>
<P align=justify><B><U><FONT face=serif size=2>CONTENTS</FONT></U></B><B><FONT face=serif size=2>&nbsp;</FONT></B><B><FONT face=serif size=2>&nbsp;</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><STRONG><FONT size=2>PART I</FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="99%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 1. Business</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>5</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 1A. Risk
      Factors</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>17</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 1B. Unresolved Staff Comments</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>23</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 2.
      Properties</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>24</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 3. Legal Proceedings</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>26</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 4.
      Submission of Matters to a Vote of Security Holders</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>27</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Executive Officers of the Registrant</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>27</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face=serif size=2>PART II</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 5. Market for Registrant&#146;s Common Equity, Related Stockholder
      Matters, and Issuer Purchases of Equity Securities<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT size=2>28</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 6. Selected
      Financial Data</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>30</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 7. Management&#146;s Discussion and Analysis of Financial Condition
      and Results of Operations</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>32</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 7A.
      Quantitative and Qualitative Disclosures About Market Risk</FONT>&nbsp;
</TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>64</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 8. Financial Statements and Supplementary Data</FONT>&nbsp;
</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>66</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 9. Changes
      In and Disagreements With Accountants on Accounting and Financial
      Disclosure</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>66</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 9A. Controls and Procedures</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>67</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Item 9B. Other
      Information</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=2>67</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face=serif size=2>PART III</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 10. Directors, Executive Officers, and Corporate
      Governance</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#ffffff><FONT face=serif size=2>Item 11. Executive Compensation</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff><FONT face=serif size=2>68<FONT size=3>&nbsp; </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 12. Security Ownership of Certain Beneficial Owners and
      Management and Related Stockholder Matters<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT size=2>68</FONT><FONT size=3>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#ffffff><FONT face=serif size=2>Item 13. Certain Relationships and Related Transactions, and
      Director Independence</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff><FONT face=serif size=2>68</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 14. Principal Accounting Fees and Services</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face=serif size=2>PART IV</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Item 15. Exhibits, Financial Statement Schedules</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>69</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face=serif size=2>SIGNATURES</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>73</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><B><FONT face=serif size=2>Consolidated Financial Statements</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#ffffff><FONT face=serif size=2>Reports of Independent Registered Public Accounting
      Firm</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff><FONT face=serif size=2>F-2</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Consolidated Balance Sheets as of December 31, 2008 and
      2007</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>F-4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#ffffff><FONT face=serif size=2>Consolidated Statements of Operations for the years ended December
      31, 2008, 2007, and 2006</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff><FONT face=serif size=2>F-6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Consolidated Statements of Cash Flows for the years ended December
      31, 2008, 2007, and 2006</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>F-7</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#ffffff><FONT face=serif size=2>Consolidated Statements of Stockholders&#146; Equity for the years ended
      December 31, 2008, 2007, and 2006</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#ffffff><FONT face=serif size=2>F-8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face=serif size=2>Notes to Consolidated Financial Statements</FONT>&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>F-10</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-3- </FONT></P>
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<P align=center><B><U><FONT face=serif size=2>PART I</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><U><FONT face=serif size=2>Item 1</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>BUSINESS</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>General </FONT></B></P>
<P align=justify><FONT face=serif size=2>Vishay Intertechnology, Inc. is a
leading international manufacturer and supplier of semiconductors and passive
electronic components. Semiconductors include rectifiers; diodes; transistors;
integrated circuits (&#147;ICs&#148;) such as power ICs, and analog switches; modules that
contain several different types of semiconductors in a single package; and
optoelectronic products such as infrared (&#147;IR&#148;) emitters and detectors, IR
receiver modules, optocouplers, optical sensors, light-emitting diodes (&#147;LEDs&#148;),
and IR data transceiver modules. Passive electronic components include resistive
products, capacitors, inductors, strain gage transducers, and stress analysis
systems. Discrete semiconductors and passive electronic components are essential
elements of virtually every type of electronic circuit. They support the
microprocessor chips and other ICs that coordinate and control the functions of
electronic devices and equipment. We offer our customers &#147;one-stop shop&#148; access
to one of the most comprehensive electronic component product lines of any
manufacturer in the United States, Europe, and Asia. </FONT></P>
<P align=justify><FONT face=serif size=2>Our semiconductor components are used
for a wide variety of functions, including power control, power conversion,
power management, signal switching, signal routing, signal blocking, signal
amplification, two-way data transfer, one-way remote control, and circuit
isolation. Our passive components are used to restrict current flow, suppress
voltage increases, store and discharge energy, control alternating current
(&#147;AC&#148;) and voltage, filter out unwanted electrical signals, detect stress and
other physical forces, measure weight, and perform other functions. Our
components are used in virtually every type of product that contains electronic
circuitry, in the industrial, computing, automotive, consumer,
telecommunications, military, aerospace, and medical markets.</FONT></P>
<P align=justify><FONT face=serif size=2>Since our first acquisition in 1985, we
have pursued a business strategy that principally consists of the following
elements: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>1. expanding
within the electronic components industry, primarily through the acquisition of
other manufacturers of electronic components that have established positions in
major markets, reputations for product innovation, quality, and reliability, and
product lines with which we have substantial marketing and technical expertise;
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>2. reducing
selling, general, and administrative expenses through the integration or
elimination of redundant sales offices and administrative functions at acquired
companies; </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>3. achieving
significant production cost savings and synergies through the transfer and
expansion of manufacturing operations to countries such as the Czech Republic,
India, Israel, Malaysia, Mexico, the People&#146;s Republic of China, and the
Philippines, where we can benefit from lower labor costs and available tax and
other government-sponsored incentives; </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>4.
maintaining significant production facilities in those regions where we market
the bulk of our products in order to enhance the service and responsiveness that
we provide to our customers; </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>5. using our
research and development (&#147;R&amp;D&#148;), engineering, and product marketing
resources to continually roll out new and innovative products; and </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>6.
strengthening our relationships with customers and strategic partners by
providing broader product lines. </FONT></P>
<P align=justify><FONT face=serif size=2>As a result of this strategy, we have
grown from a small manufacturer of precision resistors and resistance strain
gages to one of the world&#146;s largest manufacturers and suppliers of a broad line
of electronic components. </FONT></P>
<P align=center><FONT face=serif size=2>-5- </FONT></P>
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<P align=justify><B><FONT face=serif size=2>The Vishay Story </FONT></B></P>
<P align=justify><FONT face=serif size=2>In the 1950&#146;s, Dr. Felix Zandman was
issued patents for his PhotoStress&#174; coatings and instruments, used to reveal and
measure the distribution of stresses in structures such as airplanes and cars
under live load conditions. His research in this area led him to develop Bulk
Metal&#174; foil resistors &#150; ultra-precise, ultra-stable resistors with performance
far beyond any other resistor available to date. </FONT></P>
<P align=justify><FONT face=serif size=2>In 1962, Dr. Zandman, with the
financial help of the late Alfred P. Slaner, founded Vishay to develop and
manufacture Bulk Metal&#174; foil resistors. Concurrently, J.E. Starr developed foil
resistance strain gages, which also became part of Vishay. Throughout the 1960&#146;s
and 1970&#146;s, Vishay established itself as a technical and market leader in foil
resistors, PhotoStress&#174; products, and strain gages. </FONT></P>
<P align=justify><FONT face=serif size=2>In 1985, Vishay began to expand its
product line through various strategic acquisitions, including the resistor
companies Dale Electronics, Draloric Electronic, and Sfernice. In the early
1990&#146;s, Vishay applied its acquisition strategy to the capacitor market, with
the major acquisitions of Sprague Electric, Roederstein, and Vitramon. In 2002,
Vishay acquired BCcomponents, the former passive components business of Philips
Electronics and Beyschlag, which greatly enhanced Vishay&#146;s global market
position in passive components. Over the years, we have made several smaller
passive components acquisitions to gain market share, effectively penetrate
different geographic markets, enhance new product development, round out our
product lines, or grow our high margin niche businesses. These include
Electro-Films, Cera-Mite, and Spectrol in 2000; Tansitor and North American
Capacitor Company (Mallory) in 2001; the thin film interconnect business of
Aeroflex in 2004; Alpha Electronics K.K. in 2005; Phoenix do Brasil in 2006; and
the wet tantalum capacitor business of KEMET Corporation and Powertron GmbH in
2008. </FONT></P>
<P align=justify><FONT face=serif size=2>In the late 1990&#146;s, Vishay began
expanding its product lines to include discrete semiconductors. In 1998, Vishay
acquired the Semiconductor Business Group of TEMIC, which included Telefunken
and an 80.4% interest in Siliconix, producers of MOSFETs, RF transistors,
diodes, optoelectronics, and power and analog switching integrated circuits.
Vishay&#146;s next semiconductor acquisition came in 2001, with the purchase of the
infrared components business of Infineon Technologies, which was followed the
same year by Vishay&#146;s acquisition of General Semiconductor, a leading global
manufacturer of rectifiers and diodes. In 2005, Vishay made a successful tender
offer for the minority interest in Siliconix. In 2007, Vishay acquired the Power
Control Systems business of International Rectifier, further enhancing our
product offerings. These acquisitions propelled Vishay into the top ranks of
discrete semiconductor manufacturers. </FONT></P>
<P align=justify><FONT face=serif size=2>During 2002, we made several
acquisitions as part of our Measurements Group&#146;s strategy of vertical market
integration, including the Sensortronics, Tedea-Huntleigh, BLH, Nobel, and
Celtron businesses. In 2005, we acquired SI Technologies; in 2007, we acquired
the on-board weighing systems business of PM Group; and in 2008, we acquired our
partner&#146;s 51% interest in a transducer joint venture in India. As a result of
these acquisitions, the product portfolio of our Measurements Group has been
greatly expanded and now includes apart from resistance strain gages (in which
Vishay is the worldwide leader), transducers (the metallic structures to which
strain gages are cemented), electronic instruments that measure and control
output of the transducers, and complete systems for process control and on-board
weighing applications.</FONT></P>
<P align=justify><FONT face=serif size=2>In the current uncertain economic
conditions, we will not actively pursue acquisitions, but will consider special
opportunities should they arise.</FONT></P>
<P align=justify><FONT face=serif size=2>In addition to our acquisition activity
in recent years, we have taken steps to assure our competitiveness, enhance our
operating efficiency, and strengthen our liquidity. In this regard, we:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(i)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>closed or consolidated several
      manufacturing facilities, R&amp;D centers, and administrative
      offices;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(ii)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>reduced our headcount,
      particularly in high-labor-cost countries; and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>(iii)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>integrated our acquisitions
      within our existing management and operational
    infrastructure.</FONT></P></TD></TR></TABLE>
<P align=justify><FONT face=serif size=2>Vishay was incorporated in Delaware in
1962 and maintains its principal executive offices at 63 Lancaster Avenue,
Malvern, Pennsylvania 19355-2143. Our telephone number is (610) 644-1300.
</FONT></P>
<P align=center><FONT face=serif size=2>-6- </FONT></P>
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<P align=justify><B><FONT face=serif size=2>Products </FONT></B></P>
<P align=justify><FONT face=serif size=2>We design, manufacture, and market
electronic components that cover a wide range of functions and technologies. Our
product portfolio includes: </FONT></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="98%" border=0>

  <TR>
    <TD vAlign=top width="48%">
      <UL style="FONT-SIZE: 10pt">
        <LI>power MOSFETs,
        <LI><FONT face=sans-serif></FONT><FONT face=serif>rectifiers, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>diodes and thyristors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>IR emitters and
        detectors, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>IR receiver modules,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>optocouplers and
        solid-state relays, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>optical sensors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>LEDs and 7-segment
        displays, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>infrared data
        transceiver modules, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>power ICs, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>analog switches,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>RF transmitter and
        receiver modules, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>ICs for
        optoelectronics, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>power modules (contain
        power diodes, </FONT><FONT face=serif>thyristors, </FONT><FONT face=serif>MOSFETs, </FONT><FONT face=serif>IGBTs), </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>dc-to-dc converters,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>chip fuses, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>discrete resistors,
        </FONT>
        <LI><FONT face=serif>variable resistors (attenuators, dials, motion
        transducers, potentiometers, rheostats, trimmers),</FONT></LI></UL></TD>
    <TD vAlign=top width="4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="48%">
      <UL style="FONT-SIZE: 10pt">
        <LI>foil resistors,
        <LI><FONT face=sans-serif></FONT><FONT face=serif>resistor networks and
        arrays, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>thermistors, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>varistors, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>inductors, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>transformers, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>tantalum capacitors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>ceramic capacitors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>film capacitors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>power capacitors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>heavy-current
        capacitors, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>aluminum capacitors,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>displays (IR touch
        panel, </FONT><FONT face=serif>LCD, plasma), </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>connectors, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>PhotoStress&#174; products,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>strain gages, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>load cells, </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>force transducers,
        </FONT>
        <LI><FONT face=sans-serif></FONT><FONT face=serif>weighing systems, and
        </FONT>
        <LI><FONT face=serif>specialized strain gage
  systems.</FONT></LI></UL></TD></TR></TABLE></DIV>
<P align=justify><FONT face=serif size=2>We believe that we produce one of the
broadest lines of discrete electronic components available from any single
manufacturer. We aim to use this broad portfolio to increase opportunities to
have our components selected and &#147;designed in&#148; to new end products by customers
in all relevant market segments. We also promote our ability to provide
&#147;one-stop shop&#148; service to customers, whereby they can streamline their design
and purchasing processes by ordering multiple types of products from Vishay. Our
technical sales force consisting of field application engineers offers customers
the complete breadth of the Vishay portfolio for their applications. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Product Segments
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our products can be divided into two
general classes: semiconductors and passive components. These broad categories
are also the basis used to determine our operating segments for financial
reporting purposes. See Note 15 to our consolidated financial statements for
additional information on revenues, income, and total assets by
segment.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Semiconductors
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our Semiconductors segment includes
discrete devices, integrated circuits (&#147;ICs&#148;), and modules. Semiconductors are
sometimes referred to as &#147;active components&#148; because they require power to
function. Discrete semiconductors are single components or arrangements of
components that typically perform a single function, such as switching,
amplifying, rectifying, or transmitting electrical signals. IC products from
Vishay are focused on analog signal switching and routing, power conversion, and
power management. Our modules combine several components into a single package.
Examples include our power modules that contain power diodes, thyristors,
MOSFETs, IGBTs, and our smart MOSFETs. Our discrete semiconductors and ICs are
manufactured and marketed primarily through our Siliconix subsidiary, our Vishay
Semiconductor GmbH subsidiary, and our General Semiconductor business. The
product lines acquired as part of the PCS acquisition have been integrated into
our Siliconix subsidiary and our Vishay Semiconductor GmbH subsidiary.
</FONT></P>
<P align=justify><FONT face=serif size=2>We also include in the category of
semiconductors our lines of optoelectronic, in particular infrared components,
manufactured and marketed by our subsidiary Vishay Semiconductor GmbH.
</FONT></P>
<P align=center><FONT face=serif size=2>-7- </FONT></P>
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<PAGE>
<P align=justify><I><U><FONT face=serif size=2>Discrete
Semiconductors</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Rectifiers convert AC to DC, a
unidirectional current required for operation of many electronic systems. Vishay
rectifier innovations include Trench MOS barrier Schottky (&#147;TMBS&#174;&#148;) rectifier
technology, which reduces power losses and improves the efficiency of end
products. Diodes and thyristors allow voltage to be conducted in only one
direction. They are used to route, switch, and block radio frequency (&#147;RF&#148;),
analog, and power signals. Vishay&#146;s range of diodes includes components for
transient voltage suppression (&#147;TVS&#148;), electrostatic discharge (&#147;ESD&#148;)
protection, and electromagnetic interference (&#147;EMI&#148;) filtering. We offer a broad
line of rectifiers and diodes with differing power, speed, cost, and packaging
characteristics. </FONT></P>
<P align=justify><FONT face=serif size=2>Vishay&#146;s range of transistor products
includes low-voltage TrenchFET&#174; metal-oxide-semiconductor field-effect
transistors (&#147;MOSFETs&#148;), high-voltage TrenchFET MOSFETs, high-voltage planar
MOSFETs, and junction field-effect transistors (&#147;JFETs&#148;). MOSFETs function as
solid-state switches to control power in mobile phones, notebook computers, and
other end products. Vishay&#146;s innovative TrenchFET power MOSFET technology
extends battery life and prevents component from overheating. Vishay has a
tradition of innovation in MOSFET packaging and performance, the latest of which
is PolarPAK&#174;, which uses double-side cooling to create a more efficient, faster
switching MOSFET. Vishay RF transistors, which amplify analog or digital
signals, are designed for use in radios, television sets, mobile phones, and
other end products.</FONT><B><I><FONT face=serif size=2> </FONT></I></B></P>
<P align=justify><B><I><FONT face=serif size=2></FONT></I></B><I><U><FONT face=serif size=2>Integrated Circuits</FONT></U></I><I><FONT face=serif size=2>
</FONT></I></P>
<P align=justify><FONT face=serif size=2>Our power ICs include power conversion,
low-dropout regulator, power interface, and motor control ICs. Our power
conversion and power interface ICs are based on low-voltage, mixed-signal
silicon processes. They are used in end products, such as mobile phones, where
an input voltage from a battery or other source must be converted to a level
that is compatible with logic signals used by power amplifiers, digital signal
processors (&#147;DSPs&#148;), and other sub-circuits. Our motor control ICs are used to
control motion in data storage devices, such as optical and hard disk drives,
and to control the speed of small motors in printers, photocopy machines, and
other office equipment. We also offer a line of power conversion ICs for
higher-power applications in fixed telecommunications systems. </FONT></P>
<P align=justify><FONT face=serif size=2>Our signal processing ICs (analog
switches and multiplexers) have long been used in instrumentation and industrial
equipment that receives analog signals, outputs analog signals, or does both.
More recent applications for our signal processing ICs include broadband
communication devices such as xDSL modems.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Optoelectronics</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Optoelectronic components emit light,
detect light, or do both. Our broad range of optoelectronic components includes
infrared (&#147;IR&#148;) emitters and detectors, IR receiver modules, optocouplers and
solid-state relays, optical sensors, light-emitting diodes (&#147;LEDs&#148;) and
7-segment displays, and IR data transceiver modules. Our IR receiver modules are
designed for use in infrared remote control, data transmission, and light
barrier applications in end products including notebook computers, audio and
video systems, and navigation equipment. Vishay is a leading manufacturer of IR
receiver modules. Our optocouplers electrically isolate input and output
signals. Uses include computer monitors, consumer electronics,
telecommunications equipment, and industrial systems. Our IR data transceiver
modules are used for short range, two-way, wireless data transfer between
electronic devices such as mobile phones and notebook computers. Our LEDs are
designed for backlighting and illumination in automotive and transport,
consumer, signage and graphics, and other applications. Vishay LEDs include
ultra-bright and very small surface-mount packages, with products available in
all standard colors including white. </FONT></P>
<P align=center><FONT face=serif size=2>-8- </FONT></P>
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<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Passive Components
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Passive Components include resistors,
capacitors, and magnetics such as inductors and transformers. They are referred
to as &#147;passive&#148; because they do not require a power supply to handle the signals
that pass through them. Passive components are used to store electrical charges,
to limit or resist electrical current, and to help in filtering, surge
suppression, measurement, timing, and tuning applications. We also include in
this category the products of our Measurements Group that employ passive
components in electro-mechanical measurements.</FONT><I><FONT face=serif size=2>
</FONT></I></P>
<P align=justify><I><U><FONT face=serif size=2>Resistors and
Inductors</FONT></U></I><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>Resistors are basic components used in
all forms of electronic circuitry to adjust and regulate levels of voltage and
current. They vary widely in precision and cost, and are manufactured from
numerous materials and in many forms. Linear resistive components are classified
as variable or fixed, depending on whether or not their resistance is
adjustable. Non-linear resistors can also be used as measuring devices. We
manufacture thermistors, which are heat-sensitive resistors. Another type of
resistive sensor is strain gages for measurement of mechanical stress. See
&#147;Measurements Group&#148; below. </FONT></P>
<P align=justify><FONT face=serif size=2>We manufacture virtually all types of
fixed resistors, both in discrete and network forms, as well as many variable
types. These resistors are produced for virtually every segment of the resistive
product market, from resistors used in the highest quality precision instruments
for which the performance of the resistor is the most important requirement, to
low-cost resistors for which price is an important factor. </FONT></P>
<P align=justify><FONT face=serif size=2>Vishay resistor innovations include
Bulk Metal&#174; foil technology and Power Metal Strip&#174; technology. Bulk Metal foil
resistors are the most precise and stable type of resistors available. They are
used in precision amplifiers; high-precision instrumentation; medical and
automatic test equipment; high-end stereo equipment; electron beam scanning and
recording equipment; and military, aerospace, and down-hole equipment and
instrumentation. Power Metal Strip resistors, which feature very low resistance
values, are used to measure changes in current flow (current sensing) or divert
current flow (shunting). They are used in a very wide range of end products.
</FONT></P>
<P align=justify><FONT face=serif size=2>Inductors use an internal magnetic
field to change AC current phase and resist AC current. Inductor applications
include controlling AC current and voltage, and filtering out unwanted
electrical signals. Vishay inductor innovations include low-profile,
high-current inductor technology with industry-leading specifications. Our
low-profile, high-current inductors save circuit board space and power in
voltage regulator module (&#147;VRM&#148;) and dc-to-dc converter applications. They are
designed for use in end products including mobile devices, notebook and desktop
computers, servers, graphic cards, personal navigation systems, personal
multimedia devices, LCD televisions, and automotive systems.</FONT><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><I><U><FONT face=serif size=2>Capacitors</FONT></U></I><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>Capacitors are used in almost all
electronic circuits. They store energy and discharge it when needed. Important
applications for capacitors include electronic filtering for linear and
switching power supplies; decoupling and bypass of electronic signals for
integrated circuits and circuit boards; and frequency control, timing and
conditioning of electronic signals for a broad range of applications.
</FONT></P>
<P align=justify><FONT face=serif size=2>Types of capacitors manufactured by
Vishay include tantalum (molded chip tantalum, coated chip tantalum, solid
through-hole tantalum, and wet tantalum), ceramic (multilayer chip and ceramic
disc), film, power, heavy-current, aluminum, and silicon RF. Vishay capacitors
range from tiny surface-mount devices for hearing aids and mobile phones to
large power correction capacitors used in heavy industry. Our capacitor
portfolio includes several types of capacitors for military systems and a broad
selection of devices used in radio frequency interference (&#147;RFI&#148;) suppression
applications.</FONT></P>
<P align=center><FONT face=serif size=2>-9- </FONT></P>
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<PAGE>
<P align=justify><I><U><FONT face=serif size=2>Measurements
Group</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Vishay Measurements Group is a leading
manufacturer of products for precision measurement of mechanical strains. The
Measurement Group portfolio of products includes resistance strain gages (in
which Vishay is the worldwide leader), transducers (the metallic structures to
which strain gages are cemented), electronic instruments that measure and
control output of transducers, and complete systems for process and force
measurement control, and on-board weighing.</FONT></P>
<P align=justify><FONT face=serif size=2>Vishay Measurements Group develops,
manufactures, and markets components, instruments, and systems for a wide
variety of test and measurement applications. Vishay strain gage products
include electrical resistance strain gages for both stress analysis testing and
transducer manufacturing applications, as well as strain gage instrumentation.
Vishay PhotoStress&#174; coatings and instruments use a unique optical process to
detect stress and other physical forces. Vishay transducer products include load
cells, force transducers, and instruments. Vishay also manufactures, installs,
and services systems for weighing and force measurement and control. These
include systems with transducers and instruments to control process weighing in
food, chemical, and pharmaceutical plants; force measurement systems to control
web tension in paper mills, roller force in steel mills, and cable tension in
winch controls; on-board weighing systems that are installed in logging and
waste-handling trucks; and special scale systems for aircraft weighing and
portable truck weighing. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Packaging </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>We have taken advantage of the growth
of the surface-mount component market, and we are an industry leader in
designing and marketing surface mount devices. Surface-mount devices adhere to
the surface of a circuit board rather than being secured by leads that pass
through holes to the back side of the board. </FONT></P>
<P align=justify><FONT face=serif size=2>We believe that we are a market leader
in the development and production of a wide range of surface mount devices,
including: </FONT></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="98%" border=0>

  <TR>
    <TD vAlign=top width="48%">
      <UL style="FONT-SIZE: 10pt">
        <LI>thick film resistor networks and arrays,
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>metal film leadless resistors (&#147;MELFs&#148;), </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>molded tantalum chip capacitors, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>coated tantalum chip capacitors, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>thin film chip resistors, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>thin film networks, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>certain diodes and transistor products, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>power MOSFETs,</FONT></LI></UL></TD>
    <TD vAlign=top width="4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="48%">
      <UL style="FONT-SIZE: 10pt">
        <LI>wirewound chip resistors,
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>Power Metal Strip&#174; resistors,</FONT>
        <LI><FONT face=serif size=2>Bulk Metal&#174; foil resistors, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>current sensing chips, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>chip inductors, </FONT>
        <LI><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>NTC chip thermistors, and</FONT>
        <LI><FONT face=serif size=2></FONT><B><FONT face=sans-serif size=2></FONT></B><FONT face=serif size=2>strain
  gages.</FONT></LI></UL></TD></TR></TABLE></DIV>
<P align=justify><FONT face=serif size=2>We also provide a number of component
packaging styles to facilitate automated product assembly by our customers.
</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Military Qualifications
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>We have qualified certain of our
products under various military specifications approved and monitored by the
United States Defense Electronic Supply Center (&#147;DESC&#148;), and under certain
European military specifications. DESC qualification levels are based in part
upon the rate of failure of products. In order to maintain the classification
level of a product, we must continuously perform tests on the product and the
results of these tests must be reported to DESC. If the product fails to meet
the requirements for the applicable classification level, the product&#146;s
classification may be reduced to a lower level. During the time that the DESC
classification level is reduced for a product with military application, net
revenues and earnings attributable to that product may be adversely affected.
</FONT></P>
<P align=center><FONT face=serif size=2>-10- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Manufacturing Operations
</FONT></B></P>
<P align=justify><FONT face=serif size=2>In order to better serve our customers,
we maintain production facilities in locations where we market the bulk of our
products, such as the United States, Germany, and Asia. To maximize production
efficiencies, we seek whenever practicable to establish manufacturing facilities
in countries, such as the Czech Republic, India, Israel, Malaysia, Mexico, the
People&#146;s Republic of China, and the Philippines, where we can benefit from lower
labor and tax costs and, in the case of Israel, to benefit from various
government incentives, including grants and tax relief. </FONT></P>
<P align=justify><FONT face=serif size=2>One of our most sophisticated
manufacturing operations is the production of power semiconductor components.
This manufacturing process involves two phases of production: wafer fabrication
and assembly (or packaging). Wafer fabrication subjects silicon wafers to
various thermal, metallurgical, and chemical process steps that change their
electrical and physical properties. These process steps define cells or circuits
within numerous individual devices (termed &#147;dies&#148; or &#147;chips&#148;) on each wafer.
Assembly is the sequence of production steps that divides the wafer into
individual chips and encloses the chips in structures (termed &#147;packages&#148;) that
make them usable in a circuit. Both wafer fabrication and assembly phases
incorporate wafer level and device level electrical testing to ensure that
device design integrity has been achieved. </FONT></P>
<P align=justify><FONT face=serif size=2>In the United States, our manufacturing
facilities are located in California, Connecticut, Nebraska, New York, North
Carolina, Rhode Island, South Dakota, Vermont, and Wisconsin. In Asia, our main
manufacturing facilities are located in the People&#146;s Republic of China, the
Republic of China (Taiwan), India, and Malaysia. In Europe, our main
manufacturing facilities are located in Germany and the Czech Republic. We also
have manufacturing facilities in Israel (see &#147;Israeli Government Incentives&#148;
below), Austria, Costa Rica, France, Hungary, Italy, Japan, Mexico, the
Netherlands, Portugal, the Philippines, Sweden, and the United Kingdom. Over the
past several years, we have invested substantial resources to increase capacity
and to maximize automation in our plants, which we believe will further reduce
production costs. </FONT></P>
<P align=justify><FONT face=serif size=2>A majority of our manufacturing
operations have received ISO 9001 approval and others are actively pursuing such
approval. </FONT><SUP><FONT face=serif size=2></FONT></SUP><FONT face=serif size=2>ISO 9001 is a comprehensive set of quality program standards developed by
the International Standards Organization. </FONT></P>
<P align=justify><FONT face=serif size=2>To maintain our cost competitiveness,
we continue to pursue a strategy to shift manufacturing emphasis to more
advanced automation in higher-labor-cost regions and to relocate a fair amount
of production to regions with skilled workforces and relatively lower labor
costs. See Note 4 to our consolidated financial statements for further
information related to our restructuring efforts, as well as additional
information in Item 7, &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations &#150; Cost Management.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>See Note 15 to our consolidated
financial statements for financial information by geographic area. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Sources of Supplies </FONT></B></P>
<P align=justify><FONT face=serif size=2>Although most materials incorporated in
our products are available from a number of sources, certain materials are
available only from a relatively limited number of suppliers or are subject to
significant price volatility. </FONT></P>
<P align=justify><FONT face=serif size=2>We are a major consumer of the world&#146;s
annual production of tantalum, a metal used in the manufacturing of tantalum
capacitors. There are few suppliers that process tantalum ore into capacitor
grade tantalum powder. We are acquiring tantalum raw material from all of them
under short-term commitments. See Note 14 to our consolidated financial
statements for information on our previous long-term tantalum purchase
commitments, which expired in 2006. </FONT></P>
<P align=justify><FONT face=serif size=2>Palladium, a metal used to produce
multi-layer ceramic capacitors, is currently found primarily in South Africa and
Russia. Palladium is a commodity metal that is subject to price volatility. We
periodically enter into short-term commitments to purchase palladium.
</FONT></P>
<P align=center><FONT face=serif size=2>-11- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Certain metals used in the manufacture
of our products are traded on active markets, and can be subject to significant
price volatility. Our policy is to enter into short-term commitments to purchase
defined portions of annual consumption of these metals if market prices decline
below budget. For much of 2008, these metals were trading near all-time
record-high prices. During the fourth quarter of 2008, as metals prices declined
significantly from these record-high prices, we entered into commitments to
purchase a portion of our estimated 2009 metals needs, principally for copper
and palladium. After entering into these commitments, the market prices for
these metals continued to decline. As a result, we recorded losses on these
adverse purchase commitments during the fourth quarter of 2008.</FONT><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Israeli Government Incentives
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We have substantial manufacturing
operations in Israel, where we benefit from the government&#146;s grant and tax
incentive programs. These programs have contributed substantially to our growth
and profitability. For the year ended December 31, 2008, net revenues from
products manufactured in Israel accounted for 18% of our net revenues.
</FONT></P>
<P align=justify><FONT face=serif size=2>Under the terms of the Israeli
government&#146;s incentive programs, once a project is approved, the recipient is
eligible to receive the benefits of the related grants for the life of the
project, so long as the recipient continues to meet preset eligibility
standards. None of our approved projects has ever been cancelled, and we have
already received approval for a majority of the projects contemplated by our
capital expenditure program. Over the past few years, the Israeli government has
scaled back or discontinued some of its incentive programs. There can be no
assurance that we will maintain our eligibility for existing projects or that in
the future the Israeli government will continue to offer new incentive programs
applicable to us or that, if it does, such programs will provide the same level
of benefits we have historically received or that we will continue to be
eligible to receive such benefits. Because we have received approvals for most
projects currently contemplated, we do not anticipate that cutbacks in the
incentive programs for new projects would have an adverse impact on our earnings
and operations for at least several years.</FONT></P>
<P align=justify><FONT face=serif size=2>We could be materially adversely
affected if events were to occur in the Middle East that interfered with our
operations in Israel. However, we have not experienced any material interruption
in our Israeli operations during our 38 years of operations there, in spite of
several Middle East crises, including wars. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Inventory and Backlog
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We manufacture both standardized
products and those designed and produced to meet customer specifications. We
maintain an inventory of standardized components, and monitor the backlog of
outstanding orders for our products.</FONT></P>
<P align=justify><FONT face=serif size=2>We include in our backlog only open
orders that have been released by the customer for shipment in the next twelve
months. Many of our customers encounter uncertain and changing demand for their
products. They typically order products from us based on their forecasts. If
demand falls below customers&#146; forecasts, or if customers do not control their
inventory effectively, they may cancel or reschedule the shipments included in
our backlog, in many instances without the payment of any penalty. Therefore,
our backlog at any point in time is not necessarily indicative of the results to
be expected for future periods. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Customers and Marketing
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We sell our products to original
equipment manufacturers (&#147;OEMs&#148;), electronic manufacturing services (&#147;EMS&#148;)
companies, which manufacture for OEMs on an outsourcing basis, and independent
distributors that maintain large inventories of electronic components for resale
to OEMs and EMS. During 2008, approximately 50% of our sales were to OEMs,
approximately 8% of our sales were to EMS companies, and approximately 42% of
our sales were to distributors. </FONT></P>
<P align=center><FONT face=serif size=2>-12- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>To better serve our customers, we
maintain production facilities in regions where we market the bulk of our
products. We work with our customers so that our products are incorporated into
the design of electronic equipment at the earliest stages of development. In
addition to our staff of direct field sales personnel, independent
manufacturers&#146; representatives, and distributors, we employ a team of field
application and product engineers to assist our customers in solving technical
problems and in developing products to meet specific customer application needs
using our entire product portfolio.</FONT></P>
<P align=justify><FONT face=serif size=2>Our sales organizations are regionally
based. While our sales and support procedures are typically similar across all
regions, we remain flexible in our ability to offer programs tailored to our
customers&#146; specific support requirements in each local area. The aim of our
sales organizations is to support our customers across all product lines,
developing new design-wins, negotiating pricing and contracts, and providing
general commercial support as would normally be expected of a large
multi-national sales force.</FONT></P>
<P align=justify><FONT face=serif size=2>We have an established Strategic Global
Account program, which provides each of our top customers with a dedicated
Strategic Global Account Manager. Vishay Strategic Global Account Managers are
typically highly experienced salesmen or saleswomen who are capable of providing
key customers with the coordination and management visibility required in a
complex multi-product business relationship. They typically coordinate the
sales, pricing, contract, logistic, quality, and other aspects of the customer&#146;s
business requirements. The Strategic Global Account Manager normally is the
focal point of communication between Vishay and its main customers. We maintain
a similar program for our strategic distributors as well.</FONT></P>
<P align=justify><FONT face=serif size=2>We also seek to meet the needs of our
customers for technical and applications support. Vishay&#146;s Business Development
group maintains teams of dedicated Field Application Engineers (&#147;FAEs&#148;) in the
field for the exclusive support of our customers&#146; engineering needs. Organized
by market segment, our Business Development FAEs bring specific knowledge of
component applications in their areas of expertise in the automotive,
telecommunications, computer, consumer/entertainment, industrial, peripherals,
digital consumer, and other market segments. With the ultimate goal of a Vishay
&#147;design-in&#148; &#150; the process by which our customers specify a Vishay component in
their products &#150; this program offers our customers enhanced access to all Vishay
technologies while at the same time increasing design wins, and ultimately
sales, for Vishay. Most importantly, the process is closely monitored via a
proprietary database developed by the Vishay Business Development group. Our
database captures very specific design activity and allows for real-time
measurement of new business potential for our management team. </FONT></P>
<P align=justify><FONT face=serif size=2>Our top 30 customers have been quite
stable despite not having long-term commitments to purchase our products. With
selected customers, we have signed longer term (greater than one year) contracts
for specific products. Net revenues from our top 30 customers represent
approximately 60% of our total net revenues. No single customer comprises more
than 10% of our total net revenues. </FONT></P>
<P align=justify><FONT face=serif size=2>During 2008, approximately 23% of our
net revenues were attributable to customers in the Americas, approximately 38%
were attributable to customers in Europe, and approximately 39% were
attributable to customers in Asia. During 2008, the share of net revenues by
end-use market was as follows: Industrial, 39%; Computer, 18%; Automotive, 16%;
Consumer Products, 12%; Telecommunications, 8%; Military and Aerospace, 5%;
Medical, 2%. </FONT></P>
<P align=center><FONT face=serif size=2>-13- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Competition </FONT></B></P>
<P align=justify><FONT face=serif size=2>We face strong competition in various
product lines from both domestic and foreign manufacturers that produce products
using technologies similar to ours. Our primary competitors by product type
include: </FONT></P>
<UL style="FONT-SIZE: 10pt">
  <LI>
  <P align=justify><FONT face=sans-serif size=2></FONT><I><FONT face=serif size=2>Discrete Semiconductors:</FONT></I><FONT face=serif size=2> Fairchild
  Semiconductor, International Rectifier, Infineon, ON Semiconductor, NXP
  Semiconductors, Rohm, STMicroelectronics, Toshiba. </FONT></P>
  <LI>
  <P align=justify><I><FONT face=serif size=2>Integrated Circuits:
  </FONT></I><FONT face=serif size=2>Fairchild Semiconductor, International
  Rectifier, Infineon, Maxim, ON Semiconductor,
  STMicroelectronics.</FONT><I><FONT face=serif size=2> </FONT></I></P>
  <LI>
  <P align=justify><I><FONT face=serif size=2>Optoelectronics:</FONT></I><FONT face=serif size=2> Avago, Fairchild Semiconductor, Sharp, Toshiba. </FONT></P>
  <LI>
  <P align=justify><I><FONT face=serif size=2>Resistors and Inductors:
  </FONT></I><FONT face=serif size=2>EPCOS, KOA, Rohm, Yageo. </FONT></P>
  <LI>
  <P align=justify><I><FONT face=serif size=2>Capacitors: </FONT></I><FONT face=serif size=2>AVX, EPCOS, KEMET, Murata, TDK, Yageo. </FONT></P>
  <LI>
  <P align=justify><I><FONT face=serif size=2>Measurements Group:
  </FONT></I><FONT face=serif size=2>various niche competitors.
</FONT></P></LI></UL>
<P align=justify><FONT face=serif size=2>There are many other companies that
produce products in the markets in which we compete.</FONT></P>
<P align=justify><FONT face=serif size=2>Our competitive position depends on our
ability to maintain a competitive advantage on the basis of product quality,
know-how, proprietary data, market knowledge, service capability, business
reputation, and price competitiveness. Our sales and marketing programs aim to
offer our customers a broad range of world-class technologies and products,
superior global sales and distribution support, and a secure and multi-location
source of product supply. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Research and Development
</FONT></B></P>
<P align=justify><FONT face=serif size=2>Many of our products and manufacturing
techniques, technologies, and packaging methods have been invented, designed,
and developed by our engineers and scientists. We maintain strategically placed
design centers where proximity to customers enables us to more easily gauge and
satisfy the needs of local markets. These design centers are located
predominantly in the United States, Germany, Israel, the People&#146;s Republic of
China, France, the Republic of China (Taiwan), and the United Kingdom.
</FONT></P>
<P align=justify><FONT face=serif size=2>We also maintain research and
development staffs and promote programs at a number of our production facilities
to develop new products and new applications of existing products, and to
improve manufacturing techniques. This decentralized system encourages
individual product development at individual manufacturing facilities that
occasionally has applications at other facilities. Our research and development
efforts over the past few years have been largely focused on our Semiconductors
segment, principally for the development of new power products and power ICs. We
also have research and development programs that should enhance our efforts in
vertical integration of our product lines, combining Vishay components in
packages. Examples of these packages include combinations of our sensors and our
radio frequency technology to create wireless transducers, wireless precision
potentiometers, and other new products. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Patents and Licenses </FONT></B></P>
<P align=justify><FONT face=serif size=2>We have made a significant investment
in securing intellectual property protection for our technology and products. We
seek to protect our technology by, among other things, filing patent
applications for technology considered important to the development of our
business. We also rely upon trade secrets, unpatented know-how, continuing
technological innovation, and the aggressive pursuit of licensing opportunities
to help develop and maintain our competitive position. </FONT></P>
<P align=justify><FONT face=serif size=2>Our ability to compete effectively with
other companies depends, in part, on our ability to maintain the proprietary
nature of our technology. Although we have been awarded, have filed applications
for, or have been licensed under, numerous patents in the United States and
other countries, there can be no assurance concerning the degree of protection
afforded by these patents or the likelihood that pending patents will be issued.
</FONT></P>
<P align=center><FONT face=serif size=2>-14- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>We require all of our technical,
research and development, sales and marketing, and management employees and most
consultants and other advisors to execute confidentiality agreements upon the
commencement of employment or consulting relationships with us. These agreements
provide that all confidential information developed or made known to the entity
or individual during the course of the entity&#146;s or individual&#146;s relationship
with us is to be kept confidential and not disclosed to third parties except in
specific circumstances. Substantially all of our technical, research and
development, sales and marketing, and management employees have entered into
agreements providing for the assignment to us of rights to inventions made by
them while employed by us. </FONT></P>
<P align=justify><FONT face=serif size=2>When we believe other companies are
misappropriating our intellectual property rights, we vigorously enforce those
rights through legal action, and we intend to continue to do so. See Item 3,
&#147;Legal Proceedings.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>Although we have numerous United States
and foreign patents covering certain of our products and manufacturing
processes, no particular patent is considered individually material to our
business. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Environment, Health and Safety
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We have adopted an Environmental Health
and Safety Corporate Policy that commits us to achieve and maintain compliance
with applicable environmental laws, to promote proper management of hazardous
materials for the safety of our employees and the protection of the environment,
and to minimize the hazardous materials generated in the course of our
operations. This policy is implemented with accountability directly to the Board
of Directors. In addition, our manufacturing operations are subject to various
federal, state, and local laws restricting discharge of materials into the
environment. </FONT></P>
<P align=justify><FONT face=serif size=2>Vishay is involved in environmental
remediation programs at various sites currently or formerly owned by Vishay and
its subsidiaries, in addition to involvement as a potentially responsible party
(&#147;PRP&#148;) at four Superfund sites. Certain obligations as a PRP have arisen in
connection with business acquisitions. The remediation programs are on-going at
four currently operating U.S. facilities, five currently operating non-U.S.
facilities, seven formerly owned U.S. sites, and four Superfund sites. The
ultimate cost of site cleanup is difficult to predict given the uncertainties
regarding the extent of the required cleanup, the interpretation of applicable
laws and regulations and alternative cleanup methods. See Item 3, &#147;Legal
Proceedings.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>We are not involved in any pending or
threatened proceedings that would require curtailment of our operations. We
continually expend funds to ensure that our facilities comply with applicable
environmental regulations. While we believe that we are in material compliance
with applicable environmental laws, we cannot accurately predict future
developments and do not necessarily have knowledge of all past occurrences on
sites that we currently occupy. More stringent environmental regulations may be
enacted in the future, and we cannot determine the modifications, if any, in our
operations that any such future regulations might require, or the cost of
compliance with such regulations. Moreover, the risk of environmental liability
and remediation costs is inherent in the nature of our business and, therefore,
there can be no assurance that material environmental costs, including
remediation costs, will not arise in the future. </FONT></P>
<P align=justify><FONT face=serif size=2>With each acquisition, we attempt to
identify potential environmental concerns and to minimize, or obtain
indemnification for, the environmental matters we may be required to address. In
addition, we establish reserves for specifically identified potential
environmental liabilities. We believe that the reserves we have established are
adequate. Nevertheless, we often unavoidably inherit certain pre-existing
environmental liabilities, generally based on successor liability doctrines.
Although we have never been involved in any environmental matter that has had a
material adverse impact on our overall operations, there can be no assurance
that in connection with any past or future acquisition we will not be obligated
to address environmental matters that could have a material adverse impact on
our operations. </FONT></P>
<P align=center><FONT face=serif size=2>-15- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Employees </FONT></B></P>
<P align=justify><FONT face=serif size=2>As of December 31, 2008, we employed
approximately 24,800 full time employees, of whom approximately 89% were located
outside the United States. Our future success is substantially dependent on our
ability to attract and retain highly qualified technical and administrative
personnel. Some of our employees outside the United States are members of trade
unions, and employees at one small U.S. facility are represented by a union. Our
relationship with our employees is generally good. However, no assurance can be
given that, if we continue to restructure our operations in response to changing
economic conditions, labor unrest or strikes will not occur.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Company Information and Website
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We file annual, quarterly, and current
reports, proxy statements, and other documents with the Securities and Exchange
Commission (&#147;SEC&#148;) under the Securities Exchange Act of 1934 (the &#147;Exchange
Act&#148;). The public may read and copy any materials that we file with the SEC at
the SEC&#146;s Public Reference Room at Station Place, 100 F Street, N.E.,
Washington, DC 20549. The public may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-800-SEC-0330. Also, the SEC
maintains an Internet website that contains reports, proxy and information
statements, and other information regarding issuers, including us, that file
electronically with the SEC. The public can obtain any documents that we file
with the SEC at http://www.sec.gov. </FONT></P>
<P align=justify><FONT face=serif size=2>In addition, our company website can be
found on the Internet at www.vishay.com. The website contains information about
us and our operations. Copies of each of our filings with the SEC on Form 10-K,
Form 10-Q, and Form 8-K, and all amendments to those reports, can be viewed and
downloaded free of charge as soon as reasonably practicable after the reports
and amendments are electronically filed with or furnished to the SEC. To view
the reports, access ir.vishay.com and click on &#147;SEC Filings.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>The following corporate governance
related documents are also available on our website: </FONT></P>
<UL style="FONT-SIZE: 10pt">
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Corporate
  Governance Principles</FONT>
  <LI><FONT face=serif size=2>Code of Business Conduct and Ethics</FONT>
  <LI><FONT face=serif size=2>Code of Ethics Applicable to the Company&#146;s Chief
  Executive Officer, Chief Financial Officer, Principal Accounting Officer or
  Controller and Financial Managers </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Audit
  Committee Charter </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Nominating and
  Corporate Governance Committee Charter </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Compensation
  Committee Charter </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Policy on
  Director Attendance at Annual Meetings </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Nominating and
  Corporate Governance Committee Policy Regarding Qualification of Directors
  </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Procedures for
  Securityholders&#146; Submissions of Nominating Recommendations </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Securityholder
  Communications with Directors and Interested Party Communication with
  Non-Management Directors </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Whistleblower
  and Ethics Hotline Procedures </FONT>
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Related Party
  Transaction Policy. </FONT></LI></UL>
<P align=justify><FONT face=serif size=2>To view these documents, access
ir.vishay.com and click on &#147;Corporate Governance.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>Any of the above documents can also be
obtained in print by any stockholder upon request to our Investor Relations
Department at the following address: </FONT></P>
<P align=justify><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Investor
Relations&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vishay
Intertechnology,
Inc.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63
Lancaster
Avenue&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malvern,
PA 19355-2143 </FONT><FONT face=serif></FONT></P>
<P align=center><FONT face=serif size=2>-16- </FONT></P>
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<P align=justify><B><U><FONT face=serif size=2>Item 1A</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>RISK
FACTORS</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>From time to time, information provided
by us, including but not limited to statements in this report, or other
statements made by or on our behalf, may contain &#147;forward-looking&#148; information
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of risks, uncertainties, and contingencies, many of
which are beyond our control, which may cause actual results, performance, or
achievements to differ materially from those anticipated. Set forth below are
important factors that could cause our results, performance, or achievements to
differ materially from those in any forward-looking statements made by us or on
our behalf:</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Factors relating to our business
generally</FONT></I></B></P>
<P align=justify><I><U><FONT face=serif size=2>Our business is cyclical and the
period of decline we are presently experiencing may continue and may
become</FONT></U></I><I><FONT face=serif size=2> </FONT></I><I><U><FONT face=serif size=2>more pronounced.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>The electronic component and
semiconductor industries are highly cyclical and experience periods of decline
from time to time. We and others in the electronic component and semiconductor
industries are presently experiencing a decline in product demand on a global
basis. This decline may continue and may become more pronounced. A decline in
product demand on a global basis could result in order cancellations and
deferrals, lower average selling prices, and a material and adverse impact on
our results of operations. These declines in demand are driven by market
conditions in the end-use markets for our products. Changes in the demand mix,
needed technologies, and these end-use markets may adversely affect our ability
to match our products, inventory, and capacity to meet customer demand and could
adversely affect our operating results and financial condition. A slowdown in
demand or recessionary trends in the global economy makes it more difficult for
us to predict our future sales and manage our operations, and could adversely
impact our results of operations.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>We have incurred and may continue
to incur restructuring costs and associated asset
write-downs.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>To remain competitive, particularly
when business conditions are difficult, we attempt to reduce our cost structure
through restructuring activities. This includes acquisition-related
restructuring, where we attempt to streamline the operations of companies we
acquire and achieve synergies between our acquisitions and our existing
businesses. It also includes restructuring our existing businesses, where we
seek to eliminate redundant facilities and staff positions and move operations,
where possible, to jurisdictions with lower labor costs. We recorded
restructuring and severance costs, plus related asset write-downs, in each year
since 2001. </FONT></P>
<P align=justify><FONT face=serif size=2>In response to the current economic
downturn, we expect additional restructuring initiatives in 2009. As a result of
our restructuring activities during the economic downturn, we may have
difficulty expanding our manufacturing to satisfy demand when the economy
rebounds, due to factors such as delays in procurement of manufacturing
equipment and shortages of skilled personnel during an economic recovery. Our
business is cyclical and in periods of a rising economy, we may experience
intense demand for our products. If we are unable to meet our customers&#146;
requirements and our competitors sufficiently expand production, we could lose
customers and/or market share. These losses could have an adverse effect on our
operations, financial condition, and results of operations.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>In the past we have grown through
successful integration of acquired businesses, but this may not
continue.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Our long-term historical growth in
revenues and net earnings has resulted in large part from our strategy of
expansion through acquisitions. In the current uncertain economic conditions, we
will not actively pursue acquisitions, but will consider special opportunities
should they arise. This failure to pursue acquisitions could impede our growth.
We expect to resume our regular program of acquisition activity when the economy
rebounds, but we may be unable to identify, have the financial capabilities to
acquire, or successfully complete transactions with suitable acquisition
candidates. We also cannot assure you that acquisitions that we have recently
completed will be successful. If an acquired business fails to operate as
anticipated or cannot be successfully integrated with our other businesses, our
results of operations, enterprise value, market value, and prospects could all
be materially and adversely affected.</FONT></P>
<P align=center><FONT face=serif size=2>-17- </FONT></P>
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<P align=justify><I><U><FONT face=serif size=2>Our cash and debt position could
adversely affect the perception in the financial markets of our financial
condition,</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> and could limit our ability to access capital
markets.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>During the year ended December 31,
2008, we repurchased $498.1 million of our convertible subordinated notes. We
utilized approximately $250 million of cash on-hand, $125 million borrowed under
the revolving credit commitment under our credit facility, and $125 million from
a new term loan under the credit facility to fund the purchase price. Although
our debt levels were substantially reduced as a result of these transactions,
our cash balances and our borrowing capacity under our revolving credit facility
were also reduced. </FONT></P>
<P align=justify><FONT face=serif size=2>Furthermore, these transactions
resulted in a shift from principally fixed-interest rate debt to
variable-interest rate debt based on LIBOR. LIBOR fluctuated significantly
during the period from June to December 2008, from a low of 1.4% to a high of
4.8%, and in early 2009, when it reached a low of 0.4%. A significant increase
in LIBOR would significantly increase our interest expense. </FONT></P>
<P align=justify><FONT face=serif size=2>In light of the current economic
environment, credit markets are functioning differently than in the past, with
key interest rate spreads increasing substantially, and banks tightening lending
standards. If we were to require additional capital, we may be unable to obtain
financing on terms which we consider acceptable, if at all.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Future acquisitions could require
us to issue additional indebtedness or equity.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Although we do not plan to actively
pursue acquisitions during the current uncertain economic conditions given our
current focus on conserving and generating cash, our overall business strategy
has historically included a strong focus on acquisitions. We expect to resume
our program of acquisition activity when the economy rebounds. If we were to
undertake a substantial acquisition for cash, the acquisition would likely need
to be financed in part through bank borrowings or the issuance of public or
private debt. This acquisition financing would likely decrease our ratio of
earnings to fixed charges and adversely affect other leverage criteria. Under
our existing credit facility, we are required to obtain the lenders&#146; consent for
certain additional debt financing and to comply with other covenants including
the application of specific financial ratios. We are also restricted from paying
cash dividends on our capital stock. We cannot assure you that the necessary
acquisition financing would be available to us on acceptable terms if and when
required. If we were to undertake an acquisition for equity, the acquisition may
have a dilutive effect on the interests of the holders of our common
stock.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>To remain successful, we must
continue to innovate, and our investments in new technologies may not
prove</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> successful.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Our future operating results are
dependent on our ability to continually develop, introduce, and market new and
innovative products, to modify existing products, to respond to technological
change, and to customize certain products to meet customer requirements. There
are numerous risks inherent in this process, including the risks that we will be
unable to anticipate the direction of technological change or that we will be
unable to develop and market new products and applications in a timely fashion
to satisfy customer demands. If this occurs, we could lose customers and
experience adverse effects on our financial condition and results of
operations.</FONT></P>
<P align=justify><FONT face=serif size=2>In addition to our own research and
development initiatives, we periodically invest in technology start-up
enterprises, in which we may acquire a controlling or noncontrolling interest
but whose technology would be available to be commercialized by us. There are
numerous risks in investments of this nature including the limited operating
history of such start-up entities, their need for capital, and their limited or
absence of production experience, as well as the risk that their technologies
may prove ineffective or fail to gain acceptance in the marketplace. There can
be no assurance, therefore, that our investments in start-up enterprises will
prove successful. </FONT></P>
<P align=center><FONT face=serif size=2>-18- </FONT></P>
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<P align=justify><I><U><FONT face=serif size=2>Our ability to compete
effectively with other companies depends, in part, on our ability to maintain
the proprietary</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> nature of our technology.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Protection of intellectual property
often involves complex legal and factual issues. We will be able to protect our
proprietary rights from unauthorized use by third parties only to the extent
that our proprietary technologies are covered by valid and enforceable patents
or are effectively maintained as trade secrets. We have applied, and will
continue to apply, for patents covering our technologies and products, as we
deem appropriate. However, our applications may not result in issued patents.
Also, our existing patents and any future patents may not be sufficiently broad
to prevent others from practicing our technologies or from developing competing
products. Others may independently develop similar or alternative technologies,
design around our patented technologies, or may challenge or seek to invalidate
our patents. </FONT></P>
<P align=justify><FONT face=serif size=2>The electronic components industry,
particularly the discrete semiconductor sector, is characterized by litigation
regarding patent and other intellectual property rights. We have on occasion
been notified that we may be infringing patent and other intellectual property
rights of others. In addition, customers purchasing components from us have
rights to indemnification under certain circumstances if such components violate
the intellectual property rights of others. Further, we have observed that in
the current electronic component and semiconductor industries&#146; business
environment, companies have become more aggressive in asserting and defending
patent claims against competitors. We will continue to vigorously defend our
intellectual property rights, and may become party to disputes regarding patent
licensing and cross patent licensing. Although licenses are generally offered in
such situations and we have successfully resolved these situations in the past,
there can be no assurance that we will not be subject to future litigation
alleging intellectual property rights infringement, or that we will be able to
obtain licenses on acceptable terms. An unfavorable outcome regarding one of
these matters could have a material adverse effect on our business and operating
results.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Our results are sensitive to raw
material availability, quality, and cost.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Many of our products require the use of
raw materials that are produced in only a limited number of regions around the
world or are available from only a limited number of suppliers. Our results of
operations may be materially and adversely affected if we have difficulty
obtaining these raw materials, the quality of available raw materials
deteriorates, or there are significant price increases for these raw materials.
For periods in which the prices of these raw materials are rising, we may be
unable to pass on the increased cost to our customers, which would result in
decreased margins for the products in which they are used. For periods in which
the prices are declining, we may be required to write down our inventory
carrying cost of these raw materials, because we record our inventory at the
lower of cost or market. Depending on the extent of the difference between
market price and our carrying cost, this write-down could have a material
adverse effect on our net earnings.</FONT></P>
<P align=justify><FONT face=serif size=2>From time to time there have been
short-term market shortages of raw materials. While these shortages have not
historically adversely affected our ability to increase production of products
containing these materials, they have historically resulted in higher raw
material costs for us. We cannot assure you that any of these market shortages
in the future would not adversely affect our ability to increase production,
particularly during periods of growing demand for our products. Also, to assure
availability of raw materials in time of shortage, we may enter into long-term
supply contracts for these materials, which may prove costly, unnecessary, and
burdensome when the shortage abates.</FONT><I><FONT face=serif size=2>
</FONT></I></P>
<P align=justify><I><U><FONT face=serif size=2>Our backlog is subject to
customer cancellation.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Many of the orders that comprise our
backlog may be canceled by our customers without penalty. Our customers may on
occasion double and triple order components from multiple sources to ensure
timely delivery when backlog is particularly long. They often cancel orders when
business is weak and inventories are excessive, a situation that we have
experienced during the current period of economic slowdown. Therefore, we cannot
be certain that the amount of our backlog does not exceed the level of orders
that will ultimately be delivered. Our results of operations could be adversely
impacted if customers cancel a material portion of orders in our
backlog.</FONT></P>
<P align=center><FONT face=serif size=2>-19- </FONT></P>
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<PAGE>
<P align=justify><I><U><FONT face=serif size=2>We face intense competition in
our business, and we market our products to an increasingly concentrated group
of</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> customers.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Our business is highly competitive
worldwide, with low transportation costs and few import barriers. We compete
principally on the bases of product quality and reliability, availability,
customer service, technological innovation, timely delivery, and price. The
electronic component industry has become increasingly concentrated and
globalized in recent years and our major competitors, some of which are larger
than us, have significant financial resources and technological
capabilities.</FONT></P>
<P align=justify><FONT face=serif size=2>Our customers have become increasingly
concentrated in recent years, and as a result, their buying power has increased
and they have had greater ability to negotiate favorable pricing and terms. This
trend has adversely affected our average selling prices, particularly for
commodity components.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>We may not have adequate
facilities to satisfy future increases in demand for our
products.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Our business is cyclical and in periods
of a rising economy, we may experience intense demand for our products. During
such periods, we may have difficulty expanding our manufacturing to satisfy
demand. Factors which could limit such expansion include delays in procurement
of manufacturing equipment, shortages of skilled personnel, and physical
constraints on expansion at our facilities. If we are unable to meet our
customers&#146; requirements and our competitors sufficiently expand production, we
could lose customers and/or market share. These losses could have an adverse
effect on our financial condition and results of operations. Also, capacity that
we add during upturns in the business cycle may result in excess capacity during
periods when demand for our products recede, resulting in inefficient use of
capital which could also adversely affect us.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Future changes in our
environmental liability and compliance obligations may harm our ability to
operate or</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> increase costs.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Our manufacturing operations, products
and/or product packaging are subject to environmental laws and regulations
governing air emissions, wastewater discharges, the handling, disposal and
remediation of hazardous substances, wastes and certain chemicals used or
generated in our manufacturing processes, employee health and safety labeling or
other notifications with respect to the content or other aspects of our
processes, products or packaging, restrictions on the use of certain materials
in or on design aspects of our products or product packaging, and responsibility
for disposal of products or product packaging. We establish reserves for
specifically identified potential environmental liabilities which we believe are
adequate. Nevertheless, we often unavoidably inherit certain pre-existing
environmental liabilities, generally based on successor liability doctrines.
Although we have never been involved in any environmental matter that has had a
material adverse impact on our overall operations, there can be no assurance
that in connection with any past or future acquisition we will not be obligated
to address environmental matters that could have a material adverse impact on
our operations. In addition, more stringent environmental regulations may be
enacted in the future, and we cannot presently determine the modifications, if
any, in our operations that any such future regulations might require, or the
cost of compliance with these regulations. In order to resolve liabilities at
various sites, we have entered into various administrative orders and consent
decrees, some of which may be, under certain conditions, reopened or subject to
renegotiation.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Our products may experience a
reduction in product classification levels under various military
specifications.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>We have qualified certain of our
products under various military specifications approved and monitored by the
United States Defense Electronic Supply Center, and under certain European
military specifications. These products are assigned certain classification
levels. In order to maintain the classification level of a product, we must
continuously perform tests on the product and the results of these tests must be
reported to governmental agencies. If any of our products fails to meet the
requirements of the applicable classification level, that product&#146;s
classification may be reduced to a lower level. A decrease in the classification
level for any of our products with a military application could have an adverse
impact on the net revenues and earnings attributable to that product.</FONT></P>
<P align=center><FONT face=serif size=2>-20- </FONT></P>
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<P align=justify><I><U><FONT face=serif size=2>Our future success is
substantially dependent on our ability to attract and retain highly qualified
technical,</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> managerial, marketing, finance, and administrative
personnel.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Rapid changes in technologies, frequent
new product introductions, and declining average selling prices over product
life cycles require us to attract and retain highly qualified personnel to
develop and manufacture technological innovations and bring them to market on a
timely basis. Our complex operations also require us to attract and retain
highly qualified administrative personnel in functions such as legal, tax,
accounting, financial reporting, auditing, and treasury. The market for
personnel with such qualifications is highly competitive. While we have
employment agreements with certain of our executives, we have not entered into
employment agreements with all of our key personnel.</FONT></P>
<P align=justify><FONT face=serif size=2>The loss of the services of or the
failure to effectively recruit qualified personnel could have a material adverse
effect on our business.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Factors relating to Vishay&#146;s
operations outside the United States</FONT></I></B></P>
<P align=justify><I><U><FONT face=serif size=2>We obtain substantial benefits by
operating in Israel, but these benefits may not continue.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>We have increased our operations in
Israel over the past several years. The low tax rates in Israel applicable to
earnings of our operations in that country, compared to the rates in the United
States, have had the general effect of increasing our net earnings, although
this was not the case during 2002, 2003, and 2004 due to losses on purchase
commitments. Also, we have benefited from employment incentive grants made by
the Israeli government. There can also be no assurance that in the future the
Israeli government will continue to offer new grant and tax incentive programs
applicable to us or that, if it does, such programs will provide the same level
of benefits we have historically received or that we will continue to be
eligible to benefit from them. Any significant increase in the Israeli tax rates
or reduction or elimination of the Israeli grant programs that have benefited us
could have an adverse impact on our results of operations. </FONT></P>
<P align=justify><I><U><FONT face=serif size=2>We attempt to improve
profitability by operating in countries in which labor costs are low, but the
shift of</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> operations to these regions may entail considerable
expense.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Our strategy is aimed at achieving
significant production cost savings through the transfer and expansion of
manufacturing operations to and in countries with lower production costs, such
as the Czech Republic, India, Israel, Malaysia, Mexico, the People&#146;s Republic of
China, and the Philippines. During this process, we may experience
under-utilization of certain plants and factories in high-labor-cost regions and
capacity constraints in plants and factories located in low-labor-cost regions.
This under-utilization may result initially in production inefficiencies and
higher costs. These costs include those associated with compensation in
connection with work force reductions and plant closings in the
higher-labor-cost regions, and start-up expenses, manufacturing and construction
delays, and increased depreciation costs in connection with the initiation or
expansion of production in lower-labor-cost regions. In addition, as we
implement transfers of certain of our operations we may experience strikes or
other types of labor unrest as a result of lay-offs or termination of our
employees in high-labor-cost countries.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>We are subject to the risks of
political, economic, and military instability in countries outside the United
States in</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> which we operate.</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>We have operations outside the United
States, and approximately 77% of our revenues during 2008 were derived from
sales to customers outside the United States. Some of the countries in which we
operate have in the past experienced and may continue to experience political,
economic, and military instability or unrest. These conditions could have an
adverse impact on our ability to operate in these regions and, depending on the
extent and severity of these conditions, could materially and adversely affect
our overall financial condition and operating results. We have never experienced
any material interruption in our Israeli operations in our 38 years of
operations there, in spite of several Middle East crises, including wars.
However, we might be adversely affected if events were to occur in the Middle
East that interfered with our operations in Israel.</FONT></P>
<P align=center><FONT face=serif size=2>-21- </FONT></P>
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<PAGE>
<P align=justify><I><U><FONT face=serif size=2>We are subject to foreign
currency exchange rate risks which may impact our results of
operations.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>We are exposed to foreign currency
exchange rate risks, particularly due to market values of transactions in
currencies other than the functional currencies of certain subsidiaries. From
time to time, we utilize forward contracts to hedge a portion of projected cash
flows from these exposures. As of December 31, 2008, we did not have any
outstanding foreign currency forward exchange contracts. </FONT></P>
<P align=justify><FONT face=serif size=2>Our significant foreign subsidiaries
are located in Germany, Israel, and Asia. We finance our operations in Europe
and certain locations in Asia in local currencies. Our operations in Israel and
most significant locations in Asia are largely financed in U.S. dollars, but
these subsidiaries also have significant transactions in local currencies. Our
exposure to foreign currency risk is mitigated to the extent that the costs
incurred and the revenues earned in a particular currency offset one another.
Our exposure to foreign currency risk is more pronounced in situations where,
for example, production labor costs are predominantly paid in local currencies
while the sales revenue for those products is denominated in U.S. dollars. This
situation is particularly evident for products produced in Israel, the Czech
Republic, and China. </FONT></P>
<P align=justify><FONT face=serif size=2>A change in the mix of the currencies
in which we transact our business could have a material effect on results of
operations. Furthermore, the timing of cash receipts and disbursements could
have a material effect on our results of operations, particularly if there are
significant changes in exchange rates in a short period of time.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Factors related to Vishay&#146;s
capital structure </FONT></I></B><FONT face=serif size=2></FONT></P>
<P align=justify><I><U><FONT face=serif size=2>The holders of Class B common
stock have effective voting control of Vishay.</FONT></U></I><I><FONT face=serif size=2> </FONT></I><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>Vishay has two classes of common stock:
common stock and Class B common stock. The holders of common stock are entitled
to one vote for each share held, while the holders of Class B common stock are
entitled to 10 votes for each share held. Currently, the holders of Class B
common stock hold approximately 45% of the voting power of Vishay. Directly,
through a family trust, and as voting trustee under a voting trust agreement,
Dr. Felix Zandman, Executive Chairman and Chief Technical and Business
Development Officer of Vishay, has sole or shared voting power over
substantially all of the outstanding Class B common stock. As a result, the
holders of Class B common stock effectively can cause the election of directors
and approve other actions as stockholders without the approval of other
stockholders of Vishay.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Vishay has a staggered board of
directors which could make a takeover of Vishay
difficult.</FONT></U></I><I><FONT face=serif size=2> </FONT></I><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>Vishay&#146;s staggered board of directors
might discourage, delay, or prevent a change in control of Vishay by a third
party and could discourage proxy contests and make it more difficult for
stockholders to elect directors and take other corporate actions. Also, as a
consequence of Vishay&#146;s staggered board, directors may not be removed without
cause, even though a majority of stockholders may wish to do so. </FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Our reluctance to issue
substantial additional shares in order not to dilute the interests of our
existing stockholders</FONT></U></I><I><FONT face=serif size=2></FONT></I><I><U><FONT face=serif size=2> could impede
growth.</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Our overall long-term business strategy
has historically included a strong focus on acquisitions financed alternatively
through cash on hand, the incurrence of indebtedness, and the issuance of
equity, directly or indirectly by refinancing acquisition debt. Although we do
not plan to actively pursue acquisitions during the current uncertain economic
conditions, we expect that our regular acquisition activity will resume when the
economy rebounds. We may in the future be presented with attractive investment
or strategic opportunities that, because of their size and the financial
condition of Vishay at the time, would require the issuance of substantial
additional amounts of our common stock. If such opportunities were to arise, our
Board of Directors would need to consider the potentially dilutive effect on the
interests and voting power of our existing stockholders. In particular, our
Board of Directors believes that it is in our best interest to ensure the
continued vision and influence of our founder, Dr. Felix Zandman, over our
corporate affairs. Dr. Zandman currently has effective voting control over
Vishay through our Class B common stock, by direct ownership, a family trust,
and a voting trust agreement, such that he has approximately 45% of our
outstanding voting power. The reluctance to issue additional shares could impede
our future growth.</FONT><I><FONT face=serif size=2> </FONT></I></P>
<P align=center><FONT face=serif size=2>-22- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>General Economic and Business
Factors </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In addition to the factors relating
specifically to our business, a variety of other factors relating to general
conditions could cause actual results, performance, or achievements to differ
materially from those expressed in any of our forward-looking statements. These
factors include: </FONT></P>
<UL style="FONT-SIZE: 10pt">
  <LI>
  <DIV align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>overall economic and business conditions; </FONT></DIV>
  <LI>
  <DIV align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>competitive factors in the industries in which we conduct our business;
  </FONT></DIV>
  <LI>
  <DIV align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>changes in governmental regulation; </FONT></DIV>
  <LI>
  <DIV align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>changes in tax requirements, including tax rate changes, new tax laws,
  and revised tax law interpretations; </FONT></DIV>
  <LI>
  <DIV align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>changes in generally accepted accounting principles or interpretations
  of those principles by governmental agencies and self-regulatory groups;
  </FONT></DIV>
  <LI>
  <DIV align=justify><FONT face=serif size=2></FONT><FONT face=serif size=2>interest rate fluctuations, foreign currency rate fluctuations, and
  other capital market conditions; and </FONT></DIV>
  <LI>
  <DIV align=justify><FONT face=serif size=2>economic and political conditions
  in international markets, including governmental changes and restrictions on
  the ability to transfer capital across borders. </FONT></DIV></LI></UL>
<P align=justify><FONT face=serif size=2>Our common stock, traded on the New
York Stock Exchange, has in the past experienced, and may continue to
experience, significant fluctuations in price and volume. We believe that the
financial performance and activities of other publicly traded companies in the
electronic component and semiconductor industries could cause the price of our
common stock to fluctuate substantially without regard to our operating
performance.</FONT><FONT face=serif> </FONT></P>
<P align=justify><FONT face=serif size=2>We operate in a continually changing
business environment, and new factors emerge from time to time. Other unknown
and unpredictable factors also could have a material adverse effect on our
future results, performance, or financial condition. </FONT></P>
<P align=justify><B><U><FONT face=serif size=2>Item 1B</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>UNRESOLVED STAFF
COMMENTS</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>None. </FONT></P>
<P align=center><FONT face=serif size=2>-23- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Item 2</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>PROPERTIES</FONT></U></B></P>
<P align=justify><FONT face=serif size=2>Our business has approximately 63
manufacturing locations. Our manufacturing facilities include owned and leased
locations. Some locations include both owned and leased facilities in the same
location. The list of manufacturing facilities below excludes manufacturing
facilities that are presently idle due to our restructuring activities. See Note
4 to our consolidated financial statements for further information related to
our restructuring efforts, as well as additional information in Item 7,
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations &#150; Cost Management.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>The principal locations of our owned
manufacturing facilities, along with available space including administrative
offices, are as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="55%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>Approx.
      Available</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>Owned Locations</FONT> </TD>
    <TD noWrap align=left width="41%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>Business Segment</FONT> </TD>
    <TD noWrap align=left width="54%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>Space (Square Feet)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face=serif size=2>United
      States</FONT></U>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=2><FONT face=serif size=2>Santa
      Clara, CA</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Semiconductors</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>227,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Columbus, NE</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>158,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=2><FONT face=serif size=2>Monroe, CT</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>110,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Wendell, NC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>106,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=2><FONT face=serif size=2>Grafton, WI</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>102,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Yankton, SD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>58,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=2><FONT face=serif size=2>Warwick, RI</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>55,000</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Bennington, VT</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>54,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=2><FONT face=serif size=2>Niagara Falls, NY</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>38,000</FONT>
  </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face=serif size=2>Non-U.S.</FONT></U>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Israel (5 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>1,081,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>People&#146;s Republic of China (3 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>637,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Germany (4 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>563,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Czech Republic (4 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>499,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Malaysia</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Semiconductors</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>480,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Republic of China (Taiwan) (2 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>393,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>India</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>296,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>France (3 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>291,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>283,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Portugal</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>167,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Austria</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Semiconductors</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>153,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Philippines</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>150,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Italy</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Semiconductors</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>127,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Hungary</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Semiconductors</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>116,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>United Kingdom</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>86,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mexico</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>57,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Japan</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#ffffff colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=2>45,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Costa Rica</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,000</FONT> </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-24- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The principal locations of our leased
manufacturing facilities, along with available space including administrative
offices, are as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="55%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>Approx.
      Available</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>Leased Locations</FONT> </TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>Business Segment</FONT> </TD>
    <TD noWrap align=left width="54%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>Space (Square Feet)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face=serif size=2>United
      States</FONT></U>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT face=serif size=2>City
      of Industry and Ontario, CA</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>124,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Westbury, NY</FONT>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Semiconductors</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>17,000</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face=serif size=2>Non-U.S.</FONT></U>&nbsp; </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT face=serif size=2>People&#146;s Republic of China (5 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,080,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Mexico</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>193,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT face=serif size=2>Austria</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>130,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Germany (3 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>80,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT face=serif size=2>India
      (2 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>69,000</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Israel (3 locations)</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Semiconductors and Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>53,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT face=serif size=2>Sweden</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>30,000</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Czech Republic</FONT> </TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT face=serif size=2>Republic of China (Taiwan)</FONT> </TD>
    <TD noWrap align=left width="55%" colSpan=2><FONT face=serif size=2>Passive Components</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>8,000</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>In the opinion of management, our
properties and equipment generally are in good operating condition and are
adequate for our present needs. We do not anticipate difficulty in renewing
existing leases as they expire or in finding alternative facilities. </FONT></P>
<P align=center><FONT face=serif size=2>-25- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><U><FONT face=serif size=2><STRONG>Item
3</STRONG></FONT></U><FONT face=serif size=2><STRONG>. </STRONG></FONT><U><FONT face=serif size=2><STRONG>LEGAL PROCEEDINGS</STRONG></FONT></U></P>
<P align=justify><FONT face=serif size=2>From time to time we are involved in
routine litigation incidental to our business. Management believes that such
matters, either individually or in the aggregate, should not have a material
adverse effect on our business or financial condition. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Intellectual Property Matters
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We are engaged in discussions with
various parties regarding patent licensing and cross patent licensing issues. In
addition, we have observed that in the current electronic component and
semiconductor industry business environment, companies have become more
aggressive in asserting and defending patent claims against competitors. We will
continue to vigorously defend our intellectual property rights, and we may
become party to disputes regarding patent licensing and cross patent licensing.
An unfavorable outcome regarding one of these intellectual property matters
could have a material adverse effect on our business and operating results.
</FONT></P>
<P align=justify><FONT face=serif size=2>When we believe other companies are
misappropriating our intellectual property rights, we vigorously enforce those
rights through legal action, and we intend to continue to do so. During the past
few years, we settled several suits which we had initiated to enforce our
intellectual property rights. We are receiving royalties on sales of these
companies&#146; products which use our technology. We presently have other pending
legal actions that we have initiated against companies which we believe are
misappropriating our intellectual property rights. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Siliconix Stockholder Matters
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Proctor
Litigation</FONT></I></B><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>In January 2005, an amended class
action complaint was filed in the Superior Court of California on behalf of all
non-Vishay stockholders of Siliconix against Vishay, Ernst &amp; Young LLP (the
independent registered public accounting firm that audits the Company&#146;s
financial statements), Dr. Felix Zandman, Executive Chairman and Chief Technical
and Business Development Officer of Vishay, and as a nominal defendant,
Siliconix. The suit made various claims against Vishay and the other defendants
for actions allegedly taken in respect of Siliconix during the period when
Vishay owned an 80.4% interest in Siliconix. The action sought injunctive relief
and unspecified damages. </FONT></P>
<P align=justify><FONT face=serif size=2>In May 2005, Vishay successfully
completed a tender offer to acquire all shares of Siliconix that were not
already owned by Vishay. Following the announcement of Vishay&#146;s intent to make
this tender offer, several purported class-action complaints were filed in the
Delaware Court of Chancery. These actions were consolidated into a single class
action and a settlement agreement was reached with the plaintiffs, who
effectively represented all non-Vishay stockholders of Siliconix. The settlement
agreement was approved by the Delaware Court of Chancery in October 2005.
</FONT></P>
<P align=justify><FONT face=serif size=2>The plaintiffs filed an amended
complaint in the Superior Court of California in November 2005. In June 2006,
the Delaware Court of Chancery issued a permanent injunction restraining the
Proctor plaintiffs from prosecuting the Proctor action. An appeal of the
injunction order brought by a former stockholder of Siliconix was dismissed by
the Delaware Supreme Court in January 2007. </FONT></P>
<P align=justify><FONT face=serif size=2>Also in June 2006, the Proctor
litigation was removed from the Superior Court of California to federal District
Court there. The District Court granted a motion by Ernst &amp; Young to dismiss
the complaint and a motion by Vishay for summary judgment, effective October 15,
2007. The Proctor plaintiffs thereafter filed a Notice of Appeal to the Ninth
Circuit Court of Appeals, which is pending.</FONT><B><FONT face=serif size=2>
</FONT></B></P>
<P align=center><FONT face=serif size=2>-26- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Environmental Matters
</FONT></B></P>
<P align=justify><FONT face=serif size=2>Vishay is involved in environmental
remediation programs at various sites currently or formerly owned by Vishay and
its subsidiaries, in addition to involvement as a potentially responsible party
(&#147;PRP&#148;) at four Superfund sites. Certain obligations as a PRP have arisen in
connection with business acquisitions. The remediation programs are on-going at
four currently operating U.S. facilities, five currently operating non-U.S.
facilities, seven formerly owned U.S. sites, and four Superfund sites. The
ultimate cost of site cleanup is difficult to predict given the uncertainties
regarding the extent of the required cleanup, the interpretation of applicable
laws and regulations, and alternative cleanup methods. See also Note 13 to our
consolidated financial statements. </FONT></P>
<P align=justify><B><U><FONT face=serif size=2>Item 4.</FONT></U></B><B><FONT face=serif size=2> </FONT></B><B><U><FONT face=serif size=2>SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>None. </FONT></P>
<P align=justify><B><U><FONT face=serif size=2>EXECUTIVE OFFICERS OF THE
REGISTRANT</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table sets forth certain
information regarding our executive officers as of February 26, 2009:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>Name</FONT></B>
    </FONT></TD>
    <TD noWrap align=left width="35%">&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT size=+0><B><FONT face=serif size=2>Age</FONT></B>
    </FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>Positions
      Held</FONT></B> </FONT></TD>
    <TD noWrap align=left width="55%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2><FONT face=serif size=2>Dr.
      Felix Zandman*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>80</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="56%" colSpan=2><FONT face=serif size=2>Executive Chairman of the Board, Chief</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Technical and Business
      Development</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2><FONT face=serif size=2>Dr.
      Gerald Paul*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>60</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2><FONT face=serif size=2>Chief
      Executive Officer, President, and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Director</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2><FONT face=serif size=2>Marc
      Zandman*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>47</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2><FONT face=serif size=2>Vice-Chairman of the Board, Chief</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Administration Officer, and
      President-</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Vishay Israel Ltd.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2><FONT face=serif size=2>Dr.
      Lior E. Yahalomi</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>50</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2><FONT face=serif size=2>Executive Vice President and Chief Financial</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2><FONT face=serif size=2>Ziv
      Shoshani*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>42</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2><FONT face=serif size=2>Chief
      Operating Officer, Executive Vice</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; &nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>President, and Director</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>* Member of the Executive Committee of
the Board of Directors.</FONT></P>
<P align=justify><FONT face=serif size=2>Dr. Felix Zandman, a founder of the
Company, has been Chairman of the Board since 1989, and has been a Director of
the Company since its inception in 1962. Dr. Zandman became Chief Technical and
Business Development Officer on January 1, 2005. Dr. Zandman was Chief Executive
Officer of the Company from its inception in 1962 through December 31, 2004,
when Dr. Gerald Paul was appointed Chief Executive Officer. Dr. Zandman had been
President of the Company from its inception through March 1998.</FONT></P>
<P align=justify><FONT face=serif size=2>Dr. Gerald Paul was appointed Chief
Executive Officer effective January 1, 2005. Dr. Paul has served as a Director
of the Company since 1993, and has been President of the Company since March
1998. Dr. Paul also was Chief Operating Officer from 1996 to 2006. Dr. Paul
previously was an Executive Vice President of the Company from 1996 to 1998, and
President of Vishay Electronic Components, Europe from 1994 to 1996. Dr. Paul
has been Managing Director of Vishay Electronic GmbH, a subsidiary of the
Company, since 1991. Dr. Paul has been employed by Vishay and a predecessor
company since 1978. </FONT></P>
<P align=justify><FONT face=serif size=2>Marc Zandman was appointed Chief
Administration Officer as of January 1, 2007. Mr. Zandman has been Vice-Chairman
of the Board since 2003, a Director of the Company since 2001, and President of
Vishay Israel Ltd. since 1998. Mr. Zandman was Group Vice President of Vishay
Measurements Group from 2002 to 2004. Mr. Zandman has served in various other
capacities with the Company since 1984. He is the son of Dr. Felix Zandman, the
Company&#146;s Executive Chairman and Chief Technical and Business Development
Officer. </FONT></P>
<P align=center><FONT face=serif size=2>-27- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Dr. Lior E. Yahalomi was appointed
Executive Vice President and Chief Financial Officer effective September 1,
2008. Dr. Yahalomi has been employed by the Company since 2006 and was Sr. Vice
President &#150; Mergers and Acquisitions, from June 2006 to September 2008. Dr.
Yahalomi has held several executive positions in the technology, financial
services, and venture capital industries, including Managing Partner of CMGI&#146;s
@Ventures Technology Fund, Vice President for New Ventures of Gateway, and
Senior Vice President for Global Business Development of a business unit of GE
Capital. He is also an adjunct professor of marketing at the Wharton School at
the University of Pennsylvania and a Leadership Board Member of the Global
Consulting Practicum at the Wharton School. </FONT></P>
<P align=justify><FONT face=serif size=2>Ziv Shoshani was promoted to the
position of Chief Operating Officer effective January 1, 2007. During 2006, he
was Deputy Chief Operating Officer. Mr. Shoshani has been Executive Vice
President of the Company since 2000 with various areas of responsibility. Mr.
Shoshani has been employed by the Company since 1995. He is the nephew of Dr.
Felix Zandman, the Company&#146;s Executive Chairman and Chief Technical and Business
Development Officer. </FONT></P>
<P align=center><B><U><FONT face=serif size=2>PART II</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><U><FONT face=serif size=2>Item 5</FONT></U></B><B><FONT face=serif size=2>.</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="97%">
      <P align=justify><B><U><FONT face=serif size=2>MARKET FOR REGISTRANT&#146;S
      COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY
      SECURITIES</FONT></U></B></P></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Our common stock is listed on the New
York Stock Exchange under the symbol VSH. The following table sets forth the
high and low sales prices for our common stock as reported on the New York Stock
Exchange composite tape for the indicated fiscal quarters. We do not currently
pay cash dividends on our capital stock. Our policy is to retain earnings to
support the growth of our business and we do not intend to change this policy at
the present time. In addition, we are restricted from paying cash dividends
under the terms of our revolving credit agreement. See Note 6 to our
consolidated financial statements. Holders of record of our common stock totaled
approximately 1,600 at February 25, 2009. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=center width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="20%"></TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="9%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=center width="9%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; <B><FONT face=serif size=2>High</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; <B><FONT face=serif size=2>Low</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="20%"></TD>
    <TD noWrap align=center width="14%">&nbsp; </TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; <B><FONT face=serif size=2>High</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="9%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; <B><FONT face=serif size=2>Low</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face=serif size=2>Fourth quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6.85</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.17</FONT> </TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face=serif size=2>Fourth quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14.71</FONT> </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10.90</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"><FONT face=serif size=2>Third
      quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>10.27</FONT> </TD>
    <TD noWrap align=right width="9%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>6.32</FONT> </TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="14%"><FONT face=serif size=2>Third
      quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>17.36</FONT> </TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11.68</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face=serif size=2>Second quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10.66</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8.62</FONT> </TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face=serif size=2>Second quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18.22</FONT> </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13.90</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"><FONT face=serif size=2>First
      quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11.60</FONT> </TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>8.43</FONT> </TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="14%"><FONT face=serif size=2>First
      quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>14.57</FONT> </TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>12.71</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>At February 25, 2009, we had
outstanding 14,352,888 shares of Class B common stock, par value $.10 per share,
each of which entitles the holder to ten votes. The Class B common stock
generally is not transferable except in certain very limited instances, and
there is no market for those shares. The Class B common stock is convertible, at
the option of the holder, into common stock on a share for share basis.
Substantially all of the Class B common stock is owned by Dr. Felix Zandman, our
Executive Chairman and Chief Technical and Business Development Officer; a
family trust controlled by Dr. Zandman and Mrs. Ruta Zandman, a director; the
estate of Mrs. Luella B. Slaner, a former director; the children of Mrs. Slaner;
and trusts for the benefit of the grandchildren of Mrs. Slaner, either directly
or beneficially. Directly, through the family trust, and as voting trustee under
a voting trust agreement, Dr. Zandman has sole or shared voting power over
substantially all of the outstanding Class B common stock. </FONT></P>
<P align=center><FONT face=serif size=2>-28- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Stock Performance Graph
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The line graph below compares the
cumulative total stockholder return on Vishay&#146;s common stock over a 5-year
period with the returns on the Standard &amp; Poor&#146;s MidCap 400 Stock Index (of
which Vishay is a component), the Standard &amp; Poor&#146;s 500 Stock Index, and a
peer group of companies selected by our management. The peer group is made up of
six publicly-held manufacturers of semiconductors, resistors, capacitors, and
other electronic components.</FONT><FONT face=serif size=2><SUP>*</SUP>
</FONT><FONT face=serif size=2>Management believes that the product offerings of
the companies contained in the peer group are more similar to our product
offerings than those of the companies contained in any published industry index.
The return of each peer issuer has been weighted according to the respective
issuer&#146;s stock market capitalization. The line graph assumes that $100 had been
invested at December 31, 2002 and assumes that all dividends were
reinvested.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" colSpan=2>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="55%" colSpan=13><FONT size=+0><FONT face=serif size=2>Years Ended December
      31,</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="8%"><FONT size=+0><FONT face=serif size=2>Base Period</FONT> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>Company Name/Index</FONT> </TD>
    <TD noWrap align=left width="44%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT size=+0><FONT face=serif size=2>2003</FONT> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT size=+0><FONT face=serif size=2>2004</FONT> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT size=+0><FONT face=serif size=2>2005</FONT> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=2><FONT size=+0><FONT face=serif size=2>2006</FONT> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=2><FONT size=+0><FONT face=serif size=2>2007</FONT> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT size=+0><FONT face=serif size=2>2008</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Vishay Intertechnology, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>100.0</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp; 65.59</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>60.09</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;59.13</FONT> </TD>
    <TD noWrap align=center width="3%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;49.83</FONT> </TD>
    <TD noWrap align=center width="3%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>14.93</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" colSpan=2><FONT face=serif size=2>S&amp;P 500 Index</FONT>&nbsp; </TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>100.0</FONT>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>110.88</FONT>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>116.33</FONT>
    </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>134.70</FONT>
</TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>142.10</FONT>
</TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>89.53</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>S&amp;P MidCap 400 Index</FONT>&nbsp; </TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>100.0</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>116.48</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>131.11</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>144.64</FONT> </TD>
    <TD noWrap align=center width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>156.18</FONT> </TD>
    <TD noWrap align=center width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=2>99.59</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" colSpan=2><FONT face=serif size=2>Peer
      Group*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>100.0</FONT>
</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>&nbsp;
      74.50</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>&nbsp;71.10</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>&nbsp;
      82.40</FONT> </TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>&nbsp;
      78.08</FONT> </TD>
    <TD noWrap align=center width="3%" ></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=2>41.01</FONT>
  </TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>*</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>AVX Corporation, EPCOS AG,
      Fairchild Semiconductor International Inc., International Rectifier
      Corporation, KEMET Corporation, and ON Semiconductor
  Corporation.</FONT></TD></TR></TABLE>
<P align=center><IMG src="vishay3x3x1.jpg" border=0> <BR></P>
<P align=center><FONT face=serif size=2>-29- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Item 6</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>SELECTED FINANCIAL
DATA</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table sets forth selected
consolidated financial information as of and for the fiscal years ended December
31, 2008, 2007, 2006, 2005, and 2004. This table should be read in conjunction
with our consolidated financial statements and the related notes thereto
included elsewhere in this Form 10-K </FONT><I><FONT face=serif size=2>(in
thousands, except per share amounts)</FONT></I><FONT face=serif size=2>:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="28%" colSpan=14><FONT size=+0><B><FONT face=serif size=2>As of and for the
      years ended December 31,</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008 </FONT></B><FONT face=serif size=2>(1)</FONT> </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2007 </FONT></B><FONT face=serif size=2>(2)</FONT> </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2006 </FONT></B><FONT face=serif size=2>(3)</FONT> </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2005 </FONT></B><FONT face=serif size=2>(4)</FONT> </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2004 </FONT></B><FONT face=serif size=2>(5)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2><U>Statement of
      Operations Data:</U></FONT> &nbsp; &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>2,822,211</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>2,833,266</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>2,581,477</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>
      </FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>2,296,521</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>
      </FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>2,414,654</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Interest
      expense</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>24,264</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>28,652</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>32,215</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>33,590</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>34,252</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Income (loss) from continuing operations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>before taxes and minority interest</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>(1,671,685)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>205,664</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>191,550</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>77,772</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>70,017</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Income
      taxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11,187</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>64,133</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>50,836</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11,737</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>13,729</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Minority interest</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>718</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,180</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>978</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,761</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11,592</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Income (loss)
      from continuing operations</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2>(1,683,590)</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>140,351</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>139,736</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>62,274</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>44,696</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Loss from discontinued operations, net of tax</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(47,826)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,587)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Net earnings
      (loss)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2>(1,731,416)</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>130,764</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>139,736</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>62,274</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>44,696</FONT>
  </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Basic earnings (loss) per share:*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Continuing operations</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(9.03)</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.35</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.27</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Discontinued operations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.26)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net earnings (loss)</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(9.29)</FONT>
</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.70</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.35</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.27</FONT>
  </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Diluted earnings (loss) per share:*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Continuing operations</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(9.03)</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.74</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.73</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.34</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.27</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Discontinued operations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.26)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Net earnings (loss)</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(9.29)</FONT>
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.69</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.73</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.34</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.27</FONT>
  </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Weighted average shares outstanding &#150; basic</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>186,403</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>185,646</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>184,400</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>177,606</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>163,701</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Weighted average
      shares outstanding &#150; diluted</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>186,403</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>198,226</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>210,316</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>189,321</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>165,938</FONT>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2><U>Balance Sheet Data:</U></FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Total
      assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT size=2>2,815,960</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT size=2>4,995,235</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT size=2>4,691,896</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT size=2>4,527,591</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT size=2>4,638,590</FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Long-term debt, less current portion</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>333,631</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>607,237</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>608,434</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>751,553</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>752,145</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=2>Working
      capital</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>866,405</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,145,873</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,192,833</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,136,466</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,168,383</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=2>Stockholders&#146; equity</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,544,858</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,356,775</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,080,813</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,855,852</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,773,335</FONT> </TD></TR></TABLE>
<P align=left><FONT face=serif size=2>* May not add due to rounding.</FONT></P>
<P align=center><FONT face=serif size=2>-30- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><FONT face=serif size=2>____________________</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>Includes the results of Vishay
      Transducers India Limited from June 30, 2008, of Powertron GmbH from July
      23, 2008, and of the wet tantalum business of KEMET Corporation from
      September 15, 2008. Also includes net pretax charges of $1,857,723,000 for
      impairment of goodwill and indefinite-lived intangible assets,
      restructuring and severance costs, asset write-downs, terminated tender
      offer expenses, a loss on extinguishment of debt, and losses on adverse
      purchase commitments, partially offset by a gain on sale of a building.
      Also includes additional tax expenses for one-time tax items totaling
      $36,935,000. These items, net of their related tax consequences, had a
      negative $9.56 effect on income from continuing operations. These items
      are more fully described in the notes to the consolidated financial
      statements.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>Includes the results of the Power
      Control Systems business from April 1, 2007 and PM Group from April 19,
      2007. Also includes net pretax charges of $34,325,000 for restructuring
      and severance costs, asset write-downs, and a contract termination charge.
      These charges were partially offset by a gain on sale of a building. These
      items and their related tax consequences, net of additional tax expenses
      for changes in uncertain tax positions and valuation allowances, had a
      negative $0.21 effect on income from continuing operations. These items
      are more fully described in the notes to the consolidated financial
      statements.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>Includes the results of Phoenix
      do Brasil from July 31, 2006. Also includes net charges of $71,532,000 for
      restructuring and severance costs, asset write-downs, inventory
      write-downs and write-offs, losses on adjustments to purchase commitments,
      a loss on extinguishment of debt, charges to increase environmental
      liabilities assumed from the 2001 General Semiconductor acquisition, and
      charges to resolve past quality claims. These items and their related tax
      consequences had a negative $0.26 effect on earnings per share. These
      items are more fully described in the notes to the consolidated financial
      statements.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>Includes the results of SI
      Technologies from April 28, 2005, of Alpha Electronics K.K. from November
      30, 2005, and reflects the acquisition of the minority interest in
      Siliconix in May 2005 and the assets of CyOptics Israel in October 2005.
      Also includes net charges of $51,550,000 for restructuring and severance
      costs, asset write-downs, and write-offs of purchased in-process research
      and development. These charges were partially offset by a gain on a sale
      of land and gains on adjustments to purchase commitments. In addition, tax
      expense includes an $8,977,000 benefit, primarily due to favorable foreign
      tax rulings. These items and their related tax consequences had a negative
      $0.17 effect on earnings per share.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>Includes the results of RFWaves
      from August 31, 2004 and Vishay MIC Technology from September 29, 2004.
      Also includes net charges of $89,959,000 for restructuring and severance
      costs, asset write-downs, inventory write-downs, losses on purchase
      commitments, and a write-off of purchased in-process research and
      development, partially offset by a gain on favorable settlement on a note
      receivable. These items and their related tax consequences, net of a
      favorable tax settlement, had a negative $0.32 effect on earnings per
      share.</FONT></P></TD></TR></TABLE>
<P align=justify><FONT face=serif size=2>Management believes that stating the
impact on net earnings of items such as goodwill and indefinite-lived intangible
asset impairment charges, restructuring and severance costs, asset write-downs,
inventory write-downs and write-offs, gains or losses on purchase commitments,
contract termination charges, losses on early extinguishment of debt, gains on
insurance proceeds, charges for in-process research and development, special tax
items, and other items is meaningful to investors because it provides insight
with respect to intrinsic operating results of the Company.</FONT></P>
<P align=center><FONT face=serif size=2>-31- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><U><FONT face=serif size=2>Item
      7</FONT></U></B><B><FONT face=serif size=2>.</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="97%"><B><U><FONT face=serif size=2>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
      RESULTS OF OPERATIONS</FONT></U></B>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>Overview </FONT></B></P>
<P align=justify><FONT face=serif size=2>Vishay Intertechnology, Inc. is an
international manufacturer and supplier of discrete semiconductors and passive
electronic components, including power MOSFETs, power integrated circuits,
transistors, diodes, optoelectronic components, resistors, capacitors,
inductors, strain gages, load cells, force measurement sensors, displacement
sensors, and photoelastic sensors. Discrete semiconductors and passive
electronic components manufactured by Vishay are used in virtually all types of
electronic products, including those in the industrial, computer, automotive,
consumer electronic products, telecommunications, military/aerospace, and
medical industries. </FONT></P>
<P align=justify><FONT face=serif size=2>Vishay operates in two product
segments, Semiconductors and Passive Components. Semiconductors segment products
include transistors, diodes, rectifiers, certain types of integrated circuits,
and optoelectronic products. Passive Components segment products include
resistors, capacitors, and inductors. We include in the Passive Components
segment our Measurements Group, which manufactures and markets strain gages,
load cells, transducers, instruments, and weighing systems whose core components
are resistors that are sensitive to various types of mechanical stress. While
the passive components business had historically predominated at Vishay,
following several acquisitions of semiconductor businesses, revenues from our
Semiconductors and Passive Components segments were essentially split evenly
from 2003 through the first quarter of 2007. On April 1, 2007, Vishay acquired
the Power Control Systems (&#147;PCS&#148;) business of International Rectifier
Corporation, which has been included in the Semiconductors segment. </FONT></P>
<P align=justify><FONT face=serif size=2>Net revenues for the year ended
December 31, 2008 were $2.822 billion, compared to net revenues of $2.833
billion for the year ended December 31, 2007.</FONT></P>
<P align=justify><FONT face=serif size=2>Vishay reported a loss from continuing
operations for the year ended December 31, 2008 of $1,683.6 million, or $9.03
per share. The loss includes noncash goodwill and indefinite-lived intangible
asset impairment charges, totaling $1,723.2 million ($1,668.0 million, net of
tax). The results for the year ended December 31, 2008 also include pretax
charges for restructuring and severance costs of $62.5 million, related asset
write-downs of $5.1 million, losses on adverse purchase commitments of $6.0
million, a loss on early extinguishment of debt of $13.6 million, and $4.0
million of costs associated with Vishay&#146;s terminated tender offer for all
outstanding shares of International Rectifier, partially offset by a gain on
sale of land and buildings of $4.5 million. On an after tax basis, these items,
plus additional tax expense for one-time tax items totaling $36.9 million, had a
negative $9.56 per share effect on income (loss) from continuing
operations.</FONT></P>
<P align=justify><FONT face=serif size=2>Income from continuing operations for
the year ended December 31, 2007 was $140.4 million, or $0.74 per diluted share.
Income from continuing operations for the year ended December 31, 2007 was
impacted by pretax charges for restructuring and severance costs of $14.7
million, related asset write-downs of $3.9 million, and a contract termination
charge of $18.9 million, net of a gain on sale of a building of $3.1 million.
These items and their tax-related consequences, plus additional tax expense for
one-time tax items totaling $8.3 million, had a negative $0.21 per share effect
on income from continuing operations. </FONT></P>
<P align=justify><FONT face=serif size=2>On April 7, 2008, Vishay sold the
automotive modules and subsystems business unit (&#147;ASBU&#148;) acquired on April 1,
2007 as part of the acquisition of the PCS business of International Rectifier.
The operations of ASBU have been classified as discontinued operations for the
entire period of ownership. Including the loss from discontinued operations, the
net loss for the year ended December 31, 2008 was $1,731.4 million, compared to
net earnings of $130.8 million for the year ended December 31, 2007. </FONT></P>
<P align=justify><FONT face=serif size=2>Following the relatively friendly
business environment experienced between the fourth quarter of 2005 through the
second quarter of 2008, the electronics industry abruptly experienced the impact
of the worldwide financial crisis that became more pronounced and intensified
beginning in September 2008. Despite results that were below our expectations
during the second half of 2008, we continued to generate cash from operations.
We remain confident for the long-term prospects of our businesses, although we
expect further deterioration of market conditions in the short-term. </FONT></P>
<P align=center><FONT face=serif size=2>-32- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Financial Metrics </FONT></B></P>
<P align=justify><FONT face=serif size=2>We utilize several financial metrics to
evaluate the performance and assess the future direction of our business. These
key financial measures and metrics include net revenues, gross profit margin,
end-of-period backlog, and the book-to-bill ratio. We also monitor changes in
inventory turnover and average selling prices (&#147;ASP&#148;). </FONT></P>
<P align=justify><FONT face=serif size=2>Gross profit margin is computed as
gross profit as a percentage of net revenues. Gross profit is generally net
revenues less costs of products sold, but also deducts certain other period
costs, particularly losses on purchase commitments and inventory write-downs.
Losses on purchase commitments and inventory write-downs have the impact of
reducing gross profit margin in the period of the charge, but result in improved
gross profit margins in subsequent periods by reducing costs of products sold as
inventory is used. Gross profit margin is clearly a function of net revenues,
but also reflects our cost management programs and our ability to contain fixed
costs. </FONT></P>
<P align=justify><FONT face=serif size=2>End-of-period backlog is one indicator
of future revenues. We include in our backlog only open orders that have been
released by the customer for shipment in the next twelve months. If demand falls
below customers&#146; forecasts, or if customers do not control their inventory
effectively, they may cancel or reschedule the shipments that are included in
our backlog, in many instances without the payment of any penalty. Therefore,
the backlog is not necessarily indicative of the results to be expected for
future periods. </FONT></P>
<P align=justify><FONT face=serif size=2>An important indicator of demand in our
industry is the book-to-bill ratio, which is the ratio of the amount of product
ordered during a period as compared with the product that we ship during that
period. A book-to-bill ratio that is greater than one indicates that our backlog
is building and that we are likely to see increasing revenues in future periods.
Conversely, a book-to-bill ratio that is less than one is an indicator of
declining demand and may foretell declining revenues. </FONT></P>
<P align=justify><FONT face=serif size=2>We focus on our inventory turnover as a
measure of how well we are managing our inventory. We define inventory turnover
for a financial reporting period as our costs of products sold for the four
fiscal quarters ending on the last day of the reporting period divided by our
average inventory (computed using each quarter-end balance) for this same
period. The inventory balance used for computation of this ratio includes
tantalum inventories in excess of one year supply, which are classified as other
assets in the consolidated balance sheet. See Note 14 to our consolidated
financial statements. A higher level of inventory turnover reflects more
efficient use of our capital.</FONT></P>
<P align=justify><FONT face=serif size=2>Pricing in our industry can be
volatile. We analyze trends and changes in average selling prices to evaluate
likely future pricing. The erosion of average selling prices of established
products is typical of the industry, especially for our Semiconductors segment
products. However, we attempt to offset this deterioration with ongoing cost
reduction activities and new product introductions. </FONT></P>
<P align=center><FONT face=serif size=2>-33- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The quarter-to-quarter trends in these
financial metrics can also be an important indicator of the likely direction of
our business. The following table shows net revenues, gross profit margin, the
end-of-period backlog, the book-to-bill ratio, the inventory turnover, and
changes in ASP for our business as a whole during the five quarters beginning
with the fourth quarter of 2007 and through the fourth quarter of 2008
</FONT><I><FONT face=serif size=2>(dollars in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>4th Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>1st Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2nd Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>3rd Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>4th Quarter</FONT></B>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>729,597</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>733,313</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>774,364</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>739,092</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif><FONT size=2>$&nbsp;&nbsp;</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>575,442</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face=serif size=2>Gross profit
      margin*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22.9%</FONT> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>23.5%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>23.2%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>21.6%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>14.8%</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=2>End-of-period backlog</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>646,700</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>696,700</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>695,900</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>619,000</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>459,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face=serif size=2>Book-to-bill
      ratio</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.96</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1.04</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1.00</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.92</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.74</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=2>Inventory turnover</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.76</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.74</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.89</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.85</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3.40</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face=serif size=2>Change in ASP
      vs. prior quarter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-1.2%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-0.4%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-0.9%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-1.4%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.0%</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>____________________ </FONT></P>
<P align=justify><FONT face=serif size=2>* Gross profit margin for the fourth
quarter of 2008 includes losses on adverse purchase commitments of $6.0 million.
</FONT></P>
<P align=justify><FONT face=serif size=2>See &#147;Financial Metrics by Segment&#148;
below for net revenues, book-to-bill ratio, and gross profit margin broken out
by segment.</FONT></P>
<P align=justify><FONT face=serif size=2>As expected in light of the worldwide
economic downturn, net revenues for the fourth quarter of 2008 decreased 22%
sequentially. During the quarter, we continued to experience a substantial slow
down in our order-rate, which began in the third quarter. Gross profit margin
decreased, principally due to lower volume. The book-to-bill ratio decreased to
0.74 from 0.92 in the third quarter of 2008. Orders were particularly weak for
Semiconductor segment products from Asian distributors. For the fourth quarter
of 2008, the book-to-bill ratios for distribution customers and original
equipment manufacturers (&#147;OEM&#148;) were 0.65 and 0.83, respectively, versus ratios
of 0.88 and 0.95, respectively, during the third quarter of 2008. We remain
confident for the long-term prospects of the electronics industry, but it is
difficult in the current environment to make short-term projections.</FONT></P>
<P align=justify><FONT face=serif size=2>We have continued to see relatively
modest pricing pressure in 2008, continuing the trend experienced in 2006 and
2007, although we expect increasing pricing pressure in 2009 once the order
intake increases.</FONT></P>
<P align=center><FONT face=serif size=2>-34- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Financial Metrics by Segment
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table shows net revenues,
book-to-bill ratio, and gross profit margin broken out by segment for the five
quarters beginning with the fourth quarter of 2007 through the fourth quarter of
2008 </FONT><I><FONT face=serif size=2>(dollars in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=2>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>4th Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>1st Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2nd Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>3rd Quarter</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="2%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>4th Quarter</FONT></B>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=2>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><I><FONT face=serif size=2>Semiconductors</FONT></I> </TD>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=2><FONT face=serif size=2>Net
      revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>386,013</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>387,780</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>407,443</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>392,934</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>272,669</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Book-to-bill ratio</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.94</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.03</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.01</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.85</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.59</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=2><FONT face=serif size=2>Gross
      profit margin</FONT><FONT face=serif size=2><SUP>(1)</SUP></FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22.5%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22.9%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22.5%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>21.8%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11.5%</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><I><FONT face=serif size=2>Passive Components</FONT></I>
    </TD>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=2><FONT face=serif size=2>Net
      revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>343,584</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>345,533</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>366,921</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>346,158</FONT>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>302,773</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0 colSpan=2><FONT face=serif size=2>Book-to-bill ratio</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.99</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.05</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.99</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.98</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.88</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=2><FONT face=serif size=2>Gross
      profit margin</FONT><FONT face=serif size=2><SUP>(2)</SUP></FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>23.3%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>24.3%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>24.1%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>21.4%</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>17.8%</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>____________________</FONT></P>
<P align=justify><FONT face=serif size=2>(1) Gross profit margin for the
Semiconductors segment for the fourth quarter of 2008 includes losses on adverse
purchase commitments of $3.8 million. </FONT></P>
<P align=justify><FONT face=serif size=2>(2) Gross profit margin for the Passive
Components segment for the fourth quarter of 2008 includes losses on adverse
purchase commitments of $2.3 million. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Acquisition and Divestiture
Activity</FONT></B></P>
<P align=justify><FONT face=serif size=2>As part of our growth strategy, we seek
to expand through acquisition of other manufacturers of electronic components
that have established positions in major markets, reputations for product
quality and reliability, and product lines with which we have substantial
marketing and technical expertise. This includes exploring opportunities to
acquire smaller targets to gain market share, effectively penetrate different
geographic markets, enhance new product development, round out our product
lines, or grow our high margin niche market businesses. Also as part of this
growth strategy, we seek to explore opportunities with privately held developers
of electronic components, whether through acquisition, investment in
noncontrolling interests, or strategic alliances. </FONT></P>
<P align=justify><FONT face=serif size=2>We completed three strategic
acquisitions in 2008, two strategic acquisitions in 2007, and one strategic
acquisition in 2006. We also divested certain non-core businesses acquired in
these transactions. </FONT></P>
<P align=justify><FONT face=serif size=2>In the current uncertain economic
conditions, we will not actively pursue acquisitions, but will consider special
opportunities should they arise. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>2008 Activities
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>During 2008, we made three
acquisitions. On June 30, 2008, Vishay acquired its partner&#146;s 51% interest in a
transducer manufacturing joint venture in India for approximately $9.6 million.
On July 23, 2008, Vishay acquired Powertron GmbH, a manufacturer of specialty
precision resistors, for approximately $14.3 million, including the repayment of
certain debt of Powertron. On September 15, 2008, Vishay acquired the wet
tantalum capacitor business of KEMET Corporation for $35.2 million and other
consideration in the form of a three-year term loan of $15 million. Terms of the
secured loan of $15 million to KEMET from Vishay include a three-year
non-amortizing maturity, an interest rate of LIBOR plus four percent, and
security consisting of accounts receivable. </FONT></P>
<P align=center><FONT face=serif size=2>-35- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>As further described in Note 2 to our
consolidated financial statements, during 2008, Vishay made an unsolicited offer
to acquire all outstanding shares of International Rectifier. This tender offer
was terminated on October 13, 2008. Vishay incurred $4 million of costs
associated with the International Rectifier tender offer, which are presented as
a separate line item in the consolidated statements of operations. As described
below, in April 2007, Vishay acquired the PCS business of International
Rectifier. On April 7, 2008, Vishay sold the automotive modules and subsystems
business unit (&#147;ASBU&#148;) it had acquired as part of the acquisition of the PCS
business. During the first quarter of 2008, we recorded an impairment charge of
$32.3 million to reduce the carrying value of the net assets of ASBU to the
selling price. The Company recorded an additional after tax loss of $5.7 million
during the fourth quarter of 2008 subsequent to the resolution of a net working
capital adjustment and the resolution of certain disputes with the buyer.
</FONT></P>
<P align=justify><FONT face=serif size=2>Vishay has notified International
Rectifier of damage claims concerning forecasts provided to Vishay regarding
ASBU in advance of the PCS business acquisition that Vishay believes
International Rectifier knew to be unsupportable. Vishay has also notified
International Rectifier of certain other claims that it has regarding the sale
of the PCS business to Vishay. International Rectifier has stated that it does
not believe that Vishay&#146;s claims have merit and that it intends to vigorously
defend its position. We are presently engaged in negotiations with International
Rectifier to resolve the net working capital dispute. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>2007 Activities
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>On April 1, 2007, we acquired the PCS
business of International Rectifier Corporation for approximately $285.6 million
in cash, net of cash acquired. The acquired product lines, which complemented
our existing product portfolio, consist of planar high-voltage MOSFETs, Schottky
diodes, diode rectifiers, fast-recovery diodes, high-power diodes and
thyristors, power modules (a combination of power diodes, thyristors, MOSFETs,
and IGBTs), and automotive modules and subsystems. As further described above,
Vishay sold the automotive modules and subsystems business unit on April 7,
2008. The final purchase price is pending the resolution of a net working
capital adjustment dispute as of the date of acquisition. Resolution of the net
working capital adjustment dispute was deferred until International Rectifier
could complete an internal investigation of its accounting practices.
International Rectifier completed this investigation and reported its restated
financial results on August 1, 2008. We are presently engaged in negotiations
with International Rectifier to resolve the net working capital dispute.
</FONT></P>
<P align=justify><FONT face=serif size=2>The acquisition included a wafer fab in
Torino, Italy, as well as facilities in Mumbai, India and Xi&#146;an, China. Vishay
and International Rectifier entered into several transition services agreements
for information technology, logistics, and other functions, as well as for the
supply of wafers for up to three years.</FONT></P>
<P align=justify><FONT face=serif size=2>On April 19, 2007, we declared our cash
tender offer for all shares of PM Group PLC wholly unconditional, and assumed
ownership of PM Group. PM Group is an advanced designer and manufacturer of
systems used in the weighing and process control industries, located in the
United Kingdom. The aggregate cash paid for all shares of PM Group was
approximately $45.7 million. The transaction was funded using cash on-hand. We
immediately sold PM Group&#146;s electrical contracting subsidiary for approximately
$16.1 million.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>2006 Activities
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Effective July 31, 2006, we acquired
all of the outstanding capital stock of Phoenix do Brasil Ltda., a manufacturer
of resistors, for approximately $17.5 million.</FONT></P>
<P align=center><FONT face=serif size=2>-36- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Cost Management </FONT></B></P>
<P align=justify><FONT face=serif size=2>We place a strong emphasis on reducing
our costs. Since 2001, we have been implementing aggressive cost reduction
programs to enhance our competitiveness, particularly in light of the erosion of
average selling prices of established products that is typical of the industry.
</FONT></P>
<P align=justify><FONT face=serif size=2>One way we have reduced costs is by
moving production to the extent possible from high-labor-cost markets, such as
the United States and Western Europe, to lower-labor-cost markets, such as the
Czech Republic, Israel, India, Malaysia, Mexico, the People&#146;s Republic of China,
and the Philippines. The percentage of our total headcount in lower-labor-cost
countries is a measure of the extent to which we are successful in implementing
this program. This percentage was 74.6% at the end of 2008, 74.0% at the end of
2007, 74.2% at the end of 2006, and 57% when this program began in 2001. Our
long-term target is to have between 75% and 80% of our headcount in
lower-labor-cost countries.</FONT></P>
<P align=justify><FONT face=serif size=2>These production transfers and other
long-term cost cutting measures require us to initially incur significant
severance and other exit costs and to record losses on excess buildings and
equipment. We anticipate that we will realize the benefits of our restructuring
through lower labor costs and other operating expenses in future periods.
Between 2001 and 2008, we recorded, in the consolidated statements of
operations, restructuring and severance costs totaling $285 million and related
asset write-downs totaling $86 million in order to reduce our cost structure
going forward. We have realized, and expect to continue to realize, significant
annual net cost savings associated with these restructuring activities.
</FONT></P>
<P align=justify><FONT face=serif size=2>A primary tenet of our business
strategy is the expansion within the electronic components industry through
acquisitions. Our acquisition strategy relies upon reducing selling, general,
and administrative expenses through the integration or elimination of redundant
sales offices and administrative functions at acquired companies, and achieving
significant production cost savings through the transfer and expansion of
manufacturing operations to countries where we can benefit from lower labor
costs and available tax and other government-sponsored incentives. These plant
closure and employee termination costs subsequent to acquisitions are also
integral to our cost reduction programs, although these amounts were not
significant in the years ended December 31, 2008, 2007, and 2006. </FONT></P>
<P align=justify><FONT face=serif size=2>Under present accounting standards,
plant closure and employee termination costs that we incur in connection with
our acquisition activities are included in the costs of our acquisitions and do
not affect earnings or losses on our consolidated statement of operations.
Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 141-R, </FONT><I><FONT face=serif size=2>Business Combinations, </FONT></I><FONT face=serif size=2>which Vishay will adopt effective January 1, 2009, will require such
costs to be recorded as expenses in our consolidated statement of operations, as
such expenses are incurred.</FONT></P>
<P align=justify><FONT face=serif size=2>We evaluate potential restructuring
projects based on an expected payback period. The payback period represents the
number of years of annual cost savings necessary to recover the initial cash
outlay for severance and other exit costs plus the noncash expenses recognized
for asset write-downs. In general, a restructuring project must have a payback
of less than 3 years to be considered beneficial. On average, our restructuring
projects have a payback of between 1 and 1.5 years. </FONT></P>
<P align=justify><FONT face=serif size=2>The perpetual erosion of average
selling prices of established products that is typical of our industry makes it
imperative that we continually seek ways to reduce our costs. Furthermore, our
long-term strategy is to grow through the integration of acquired businesses,
and the accounting standards for these integration costs will change effective
January 1, 2009. For these reasons, we expect to have some level of
restructuring expenses each period for the foreseeable future. </FONT></P>
<P align=center><FONT face=serif size=2>-37- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>During 2005 and the first quarter of
2006, we completed a broad-based fixed cost reduction program. In April 2005, we
began evaluating additional restructuring initiatives to improve the results of
underperforming divisions. Annual pretax savings resulting from restructuring
projects initiated under these programs were expected to be approximately $50
million, of which approximately 70% of the savings would reduce costs of
products sold, and approximately 30% of the savings would result in reduced
selling, general, and administrative costs. Our actual costs savings from these
programs in 2008 were approximately $50 million. Of this $50 million of
annualized savings, approximately $20 million began to be realized in 2006, an
additional $20 million began to be realized in 2007, and an additional $10
million began to be realized in 2008. The expected and actual savings quantified
above are net of additional costs incurred after production was transferred to
lower-labor-cost regions. </FONT></P>
<P align=justify><FONT face=serif size=2>We expect these restructuring programs
to result in higher profitability through better gross margins and lower
selling, general, and administrative expenses. However, these programs to
improve our profitability also involve certain risks which could materially
impact our future operating results, as further detailed in Item 1A, &#147;Risk
Factors.&#148; </FONT></P>
<P align=justify><FONT face=serif size=2>We expanded our restructuring programs
in 2008 to further reduce costs. Most of the costs related to our planned 2008
restructuring projects were recorded in the first quarter of 2008. These
projects include the transfer of production of resistor products from Brazil to
India and the Czech Republic and the transfer of certain processes in Belgium
and the United States to third party subcontractors. We also transferred certain
production from the Netherlands and the United States to Israel in 2008. We
expect the planned restructuring projects initiated in 2008 to generate
approximately $25 million of annual cost savings, of which approximately 60% of
the savings would reduce costs of products sold, and approximately 40% of the
savings would result in reduced selling, general, and administrative costs. We
began to realize some of these savings in the second half of 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>In response to the economic downturn
during the latter half of 2008, we undertook significant measures to cut costs.
This included a strict adaptation of manufacturing capacity to sellable volume,
limiting the building of product for inventory. It also included permanent
employee terminations, temporary layoffs and shutdowns, and minimizing the use
of foundries and subcontractors in order to maximize the load of our owned
facilities. </FONT></P>
<P align=justify><FONT face=serif size=2>We incurred restructuring and severance
costs of $28.6 million during the fourth quarter of 2008, and we expect
additional, aggressive cost cutting projects to be implemented. In 2009, we are
implementing a program to reduce manufacturing and SG&amp;A fixed costs by $150
million compared to the year ended December 31, 2008. About 65% of the measures
can be classified as permanent and 35% as temporary. We expect to incur
restructuring and severance costs of approximately $25 million in 2009. We
expect the 2009 cash outlay for restructuring and severance programs to be
approximately $50 million, covering all contemplated 2009 initiatives and unpaid
balances from 2008 programs. </FONT></P>
<P align=justify><FONT face=serif size=2>While streamlining and reducing fixed
overhead, we are exercising caution so that we will not negatively impact our
customer service or our ability to further develop products and processes. Our
cost management plans also include expansion of certain critical capacities,
which we hope will reduce average materials and processing costs.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Israeli Government Incentives
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We have substantial manufacturing
operations in Israel, where we benefit from the government&#146;s grants and tax
incentive programs. These benefits take the form of government grants and
reduced tax rates that are lower than those in the United States. </FONT></P>
<P align=justify><FONT face=serif size=2>Israeli government grants are awarded
to specific projects. These grants are intended to promote employment in
Israel&#146;s industrial sector and are conditioned on the recipient maintaining
certain prescribed employment levels. Grants are paid when the related projects
are approved by the Israeli government and become operational. Israeli
government grants, recorded as a reduction in the costs of products sold, were
$1.4 million, $4.8 million, and $6.0 million, in 2008, 2007, and 2006,
respectively. At December 31, 2008, our consolidated balance sheet reflected
$3.1 million in deferred grant income. </FONT></P>
<P align=center><FONT face=serif size=2>-38- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Under the terms of the Israeli
government&#146;s incentive programs, once a project is approved, the recipient is
eligible to receive the benefits of the related grants for the life of the
project, so long as the recipient continues to meet preset eligibility
standards. None of our approved projects has ever been cancelled, and we have
already received approval for a majority of the projects contemplated by our
capital expenditure program. Over the past few years, the Israeli government has
scaled back or discontinued some of its incentive programs. There can be no
assurance that we will maintain our eligibility for existing projects or that in
the future the Israeli government will continue to offer new incentive programs
applicable to us or that, if it does, such programs will provide the same level
of benefits we have historically received or that we will continue to be
eligible to receive such benefits. Because we have received approvals for most
projects currently contemplated, we do not anticipate that cutbacks in the
incentive programs for new projects would have an adverse impact on our earnings
and operations for at least several years.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Metals Purchase Commitments
</FONT></B></P>
<P align=justify><FONT face=serif size=2>Certain metals used in the manufacture
of our products are traded on active markets, and can be subject to significant
price volatility. Our policy is to enter into short-term commitments to purchase
defined portions of annual consumption of these metals if market prices decline
below budget. For much of 2008, these metals were trading near all-time
record-high prices. During the fourth quarter of 2008, as metals prices declined
significantly from these record-high prices, we entered into commitments to
purchase a portion of our estimated 2009 metals needs, principally for copper
and palladium. After entering into these commitments, the market prices for
these metals continued to decline. As a result, we recorded losses on these
adverse purchase commitments during the fourth quarter of 2008 totaling $6.0
million.</FONT><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Write-Downs of Tantalum Inventory
and Purchase Commitments </FONT></B></P>
<P align=justify><FONT face=serif size=2>We are a major consumer of the world&#146;s
annual production of tantalum. Tantalum, a metal purchased in powder or wire
form, is the principal material used in the manufacture of tantalum capacitors.
There are few suppliers that process tantalum ore into capacitor grade
tantalum.</FONT></P>
<P align=justify><FONT face=serif size=2>We were obligated under two contracts
entered into in 2000 with Cabot Corporation to make purchases of tantalum
through 2006. As of December 31, 2006, we have fulfilled all obligations under
the Cabot contracts and are no longer required to purchase tantalum from Cabot
at these fixed prices. </FONT></P>
<P align=justify><FONT face=serif size=2>The Cabot contracts were entered into
at a time when market demand for tantalum capacitors was high and tantalum
powder was in short supply. Since that time, as a result of a general downturn
in the electronics business, we experienced a significant decrease in capacitor
sales and the price of tantalum decreased significantly. Accordingly, we wrote
down the carrying value of our tantalum inventory on-hand and recognized losses
on purchase commitments.</FONT></P>
<P align=justify><FONT face=serif size=2>During the term of the contracts with
Cabot, we regularly reviewed our liability for tantalum purchase commitments.
Our liability for tantalum purchase commitments was estimated based on
contractually obligated purchase prices, expected market prices, and the
contractually obligated mix of tantalum-grades to be purchased. The mix of
tantalum-grades to be purchased was within a range specified in the contracts.
Changes in expected market prices and in our mix of tantalum-grade purchases
required us to record additional gains or losses on our purchase commitments.
</FONT></P>
<P align=center><FONT face=serif size=2>-39- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>During the term of the contracts, we
recorded the following charges related to our tantalum contracts </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Loss (Gain)</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Write-downs</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>on
      Purchase</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>of
      inventory</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Commitments</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>on-hand</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; 106,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 25,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>2003</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11,392</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>5,406</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>16,213</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>2005</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(963</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%">&nbsp;<FONT face=serif size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2006</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,687</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>9,602</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The loss on tantalum purchase
commitments recorded during 2006 was due to a decline in market prices for
tantalum, as well as changes in the mix of tantalum-grade purchases. Of the
total amount recorded, approximately $2.8 million was attributable to the
decline in market value, while another $2.9 million was attributable to changes
in the mix of tantalum-grade purchases.</FONT></P>
<P align=justify><FONT face=serif size=2>The net gain on tantalum purchase
commitments recorded during 2005 was attributable to a conditional price
reduction included in one of our contracts with Cabot, which offset changes in
the mix of tantalum-grade purchases. The conditions necessary to receive price
reductions in 2006 were met during the fourth quarter of 2005, and accordingly,
the estimates of our liability for these purchase commitments were adjusted to
reflect the fact that we would receive these conditional price reductions for
the remainder of the contract. The amount of this adjustment was approximately
$7 million. This adjustment, net of approximately $6 million of costs associated
with differences between the actual and anticipated mix of tantalum-grades
purchased during 2005, resulted in the net gain included in the consolidated
statement of operations for the year ended December 31, 2005. </FONT></P>
<P align=justify><FONT face=serif size=2>The loss on tantalum purchase
commitments recorded in 2004 was primarily attributable to changes in the mix of
tantalum-grade purchases. The losses on tantalum purchase commitments recorded
in 2003 and 2002 were primarily attributable to declines in market value.
</FONT></P>
<P align=justify><FONT face=serif size=2>Write-downs of tantalum inventory
on-hand were generally for raw materials. The write-down of tantalum inventory
on-hand for 2006 includes $1.4 million of finished goods from certain
discontinued tantalum capacitor product lines. </FONT></P>
<P align=justify><FONT face=serif size=2>While our tantalum purchase commitments
have been completely satisfied, we will continue to evaluate if write-downs of
the value of inventory on-hand are necessary. See &#147;Critical Accounting Policies
and Estimates&#148; below.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Tower Semiconductor Foundry
Agreement </FONT></B></P>
<P align=justify><FONT face=serif size=2>Our Siliconix subsidiary maintains
long-term foundry agreements with subcontractors to ensure access to external
front-end capacity.</FONT></P>
<P align=justify><FONT face=serif size=2>In 2004, Siliconix signed a definitive
long-term foundry agreement for semiconductor manufacturing with Tower
Semiconductor (the &#147;2004 agreement&#148;), pursuant to which Siliconix would purchase
semiconductor wafers from and transfer certain technologies to Tower
Semiconductor. Pursuant to the 2004 agreement, Siliconix was required to place
orders valued at approximately $200 million for the purchase of semiconductor
wafers to be manufactured in Tower&#146;s Fab 1 facility over a seven to ten year
period. The 2004 agreement specified minimum quantities per month and a fixed
quantity for the term of the agreement. Siliconix was required to pay for any
short-fall in minimum order quantities specified under the agreement through the
payment of penalties equal to unavoidable fixed costs. </FONT></P>
<P align=justify><FONT face=serif size=2>Pursuant to the 2004 agreement,
Siliconix advanced $20 million to Tower in 2004, to be used for the purchase of
additional equipment required to satisfy Siliconix&#146;s orders. This advance was
considered a prepayment on future wafer purchases, reducing the per wafer cost
to Siliconix over the term of the agreement. </FONT></P>
<P align=center><FONT face=serif size=2>-40- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>During 2007, Siliconix was committed to
purchase approximately $22 million of semiconductor wafers, but did not meet its
commitments due to changing market demand for products manufactured using wafers
supplied by Tower. Siliconix was required to pay penalties of approximately $1.7
million, which were recorded as a component of cost of products sold.</FONT></P>
<P align=justify><FONT face=serif size=2>In January 2008, Siliconix reached an
agreement in principle to revise the 2004 agreement to more accurately reflect
market demand. Based on the penalties paid in 2007 and the agreement in
principle, during the fourth quarter of 2007, the Company recorded a write-off
of the balance of the 2004 advance to Tower in the amount of $16.4 million, and
accrued an additional $2.5 million based on its best estimate of additional
contract termination charges related to the original agreement.</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2007, the remaining
future purchase commitments under the 2004 agreement were approximately $160
million. </FONT></P>
<P align=justify><FONT face=serif size=2>In March 2008, Siliconix and Tower
entered into an amended and restated foundry agreement (the &#147;2008 agreement&#148;).
Pursuant to the 2008 agreement, Tower will continue to manufacture wafers
covered by the 2004 agreement, but at lower quantities and at lower prices,
through 2009. Tower will also begin manufacturing wafers for other product lines
acquired as part of the PCS acquisition through 2012, pending a scheduled
technology transfer. Siliconix must pay for any short-fall in the reduced
minimum order quantities specified under the 2008 agreement through the payment
of penalties equal to unavoidable fixed costs. Additionally, as contemplated,
Siliconix agreed to forgive the balance of the 2004 advance and paid a $2.5
million contract termination charge. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Foreign Currency Translation
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We are exposed to foreign currency
exchange rate risks, particularly due to transactions in currencies other than
the functional currencies of certain subsidiaries. While we have in the past
used forward exchange contracts to hedge a portion of our projected cash flows
from these exposures, we generally have not done so in recent periods.
</FONT></P>
<P align=justify><FONT face=serif size=2>SFAS No. 52 requires that entities
identify the &#147;functional currency&#148; of each of their subsidiaries and measure all
elements of the financial statements in that functional currency. A subsidiary&#146;s
functional currency is the currency of the primary economic environment in which
it operates. In cases where a subsidiary is relatively self-contained within a
particular country, the local currency is generally deemed to be the functional
currency. However, a foreign subsidiary that is a direct and integral component
or extension of the parent company&#146;s operations generally would have the parent
company&#146;s currency as its functional currency. Vishay has both situations among
its subsidiaries. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Foreign Subsidiaries which use
the Local Currency as the Functional Currency </FONT></I></B><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>We finance our operations in Europe and
certain locations in Asia in local currencies, and accordingly, these
subsidiaries utilize the local currency as their functional currency. For those
subsidiaries where the local currency is the functional currency, assets and
liabilities in the consolidated balance sheets have been translated at the rate
of exchange as of the balance sheet date. Translation adjustments do not impact
the results of operations and are reported as a separate component of
stockholders&#146; equity. With the general weakening of the U.S. dollar during 2006
through 2008, this translation of these subsidiaries&#146; financial statements into
U.S. dollars has resulted in a significant increase in the translation
adjustment recorded in accumulated other comprehensive income on our
consolidated balance sheet. As the U.S. dollar modestly strengthened in the
third and fourth quarters of 2008, we saw a moderate decrease in the translation
adjustment recorded in accumulated other comprehensive income on our
consolidated balance sheet. See Note 10 to our consolidated financial
statements. </FONT></P>
<P align=justify><FONT face=serif size=2>For those subsidiaries where the local
currency is the functional currency, revenues and expenses are translated at the
average exchange rate for the year. While the translation of revenues and
expenses into U.S. dollars does not directly impact the consolidated statement
of operations, the translation effectively increases or decreases the U.S.
dollar equivalent of revenues generated and expenses incurred in those foreign
currencies. As a result of the general weakening of the U.S. dollar versus
several foreign currencies, the translation of foreign currency revenues and
expenses into U.S. dollars has significantly increased reported revenues and
expenses during the years ended December 31, 2008 and 2007 compared to prior
years.</FONT></P>
<P align=center><FONT face=serif size=2>-41- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Foreign Subsidiaries which use
the U.S. Dollar as the Functional Currency </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our operations in Israel and most
significant locations in Asia are largely financed in U.S. dollars, and
accordingly, these subsidiaries utilize the U.S. dollar as their functional
currency. For those foreign subsidiaries where the U.S. dollar is the functional
currency, all foreign currency financial statement amounts are remeasured into
U.S. dollars. Exchange gains and losses arising from remeasurement of foreign
currency-denominated monetary assets and liabilities are included in the results
of operations. While these subsidiaries transact most business in U.S. dollars,
they may have significant costs, particularly payroll-related, which are
incurred in the local currency. The cost of products sold and selling, general,
and administrative expense for the year ended December 31, 2008 have been
significantly increased by local currency transactions of subsidiaries which use
the U.S. dollar as their functional currency, particularly our subsidiaries in
Israel.</FONT></P>
<P align=justify><FONT face=serif size=2>See Item 7A for additional discussion
of foreign currency exchange risk. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Off-Balance Sheet Arrangements
</FONT></B></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008 and 2007, we do
not have any off-balance sheet arrangements. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Critical Accounting Policies and
Estimates </FONT></B></P>
<P align=justify><FONT face=serif size=2>Our significant accounting policies are
summarized in Note 1 to our consolidated financial statements. We identify here
a number of policies that entail significant judgments or estimates. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Revenue Recognition
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>We recognize revenue on product sales
during the period when the sales process is complete. This generally occurs when
products are shipped to the customer in accordance with terms of an agreement of
sale, title and risk of loss have been transferred, collectibility is reasonably
assured, and pricing is fixed or determinable. For a small percentage of sales
where title and risk of loss passes at point of delivery, we recognize revenue
upon delivery to the customer, assuming all other criteria for revenue
recognition are met. We historically have had agreements with distributors that
provided limited rights of product return. We have modified these arrangements
to allow distributors a limited credit for unsaleable products, which we term a
&#147;scrap allowance.&#148; Consistent with industry practice, we also have a &#147;stock,
ship and debit&#148; program whereby we consider, and grant at our discretion,
requests by distributors for credits on previously purchased products that
remain in distributors&#146; inventory, to enable the distributors to offer more
competitive pricing. In addition, we have contractual arrangements whereby we
provide distributors with protection against price reductions that we initiate
after sale of product to the distributor and prior to resale by the distributor.
</FONT></P>
<P align=justify><FONT face=serif size=2>We record end of period accruals for
each of the programs based upon our estimate of future credits under the
programs that will be attributable to sales recorded through the end of the
period. We calculate reductions of revenue attributable to each of the programs
during any period by computing the change in the accruals from the prior period
and adding the credits actually given to distributors during the period under
the programs. These procedures require the exercise of significant judgments,
but we believe they enable us to reasonably estimate future credits under the
programs. </FONT></P>
<P align=justify><FONT face=serif size=2>Recording and monitoring of these
accruals takes place at our subsidiaries and divisions, with input from sales
and marketing personnel and review, assessment, and, if necessary, adjustment by
corporate management. While our subsidiaries and divisions utilize different
methodologies based on their individual experiences, all of the methodologies
take into account certain elements that management considers relevant, such as
sales to distributors during the relevant period, inventory levels at the
distributors, current and projected market trends and conditions, recent and
historical activity under the relevant programs, changes in program policies,
and open requests for credits. In our judgment, the different methodologies
provide us with equally reliable estimates upon which to base our accruals. We
do not track the credits that we record against specific products sold from
distributor inventories, so as to directly compare revenue reduction for credits
recorded during any period with credits ultimately awarded in respect of
products sold during that period. Nevertheless, we believe that we have an
adequate basis to assess the reasonableness and reliability of our estimates.
</FONT></P>
<P align=center><FONT face=serif size=2>-42- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>We recognize royalty revenue in
accordance with agreed upon terms when performance obligations are satisfied,
the amount is fixed or determinable, and collectibility is reasonably assured.
We earn royalties at the point of sale of products which incorporate licensed
intellectual property. The amount of royalties recognized is determined based on
our licensees&#146; periodic reporting to us and judgments and estimates by Vishay
management that we believe are reasonable. However, it is possible that actual
results may differ from our estimates. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Accounts Receivable
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our accounts receivable represent a
significant portion of our current assets. We are required to estimate the
collectibility of our receivables and to establish allowances for the amount of
receivables that will prove uncollectible. We base these allowances on our
historical collection experience, the length of time our receivables are
outstanding, the financial circumstances of individual customers, and general
business and economic conditions. Due to Vishay&#146;s large number of customers and
their dispersion across many countries and industries, we have limited exposure
to concentrations of credit risk. However, further deterioration of the economic
conditions experienced in the second half of 2008 could result in customers
defaulting on payment or delaying payment, which could have a material impact on
our cash flows and results of operations. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Inventories </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>We value our inventories at the lower
of cost or market, with cost determined under the first-in, first-out method and
market based upon net realizable value. The valuation of our inventories
requires our management to make market estimates. For instance, in the case of
tantalum, we estimate market value by obtaining current quotations from
available sources of supply. For work in process goods, we are required to
estimate the cost to completion of the products and the prices at which we will
be able to sell the products. For finished goods, we must assess the prices at
which we believe the inventory can be sold. Over the past few years, as further
described below, we have recorded write-downs of our tantalum and palladium
inventories to then-current market value. Inventories are also adjusted for
estimated obsolescence and written down to net realizable value based upon
estimates of future demand, technology developments and market conditions.
</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Write-Downs of Inventories and
Purchase Commitments </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Certain metals used in the manufacture
of our products are traded on active markets, and can be subject to significant
price volatility. Our policy is to enter into short-term commitments to purchase
defined portions of annual consumption of these metals if market prices decline
below budget. For much of 2008, these metals were trading near all-time
record-high prices. During the fourth quarter of 2008, as metals prices declined
significantly from these record-high prices, we entered into commitments to
purchase a portion of our estimated 2009 metals needs, principally for copper
and palladium. After entering into these commitments, the market prices for
these metals continued to decline. As a result, we recorded losses on these
adverse purchase commitments during the fourth quarter of 2008. These losses,
which aggregate to $6.0 million, are recorded on a separate line in the
consolidated statement of operations. </FONT></P>
<P align=justify><FONT face=serif size=2>The losses on these metals purchase
commitments and the related liability that was recorded on our consolidated
balance sheet were based on our contractually obligated purchase prices and
quoted market prices in active commodities markets. </FONT></P>
<P align=justify><FONT face=serif size=2>In recent years, we took charges
against contractual commitments to purchase tantalum powder and wire through
2006 and wrote-down our existing inventory of tantalum ore, powder, and wire to
then-present market value. We did this because the then-current market prices of
tantalum were substantially below the prices at which we were committed to
purchase tantalum under long-term contracts and the prices at which we were
carrying our tantalum raw materials inventory. These actions involved
significant judgments on our part, including decisions of whether to take these
charges and write-downs, their timing and their amount. There is no established
market on which tantalum raw materials are regularly traded and quoted.
Accordingly, we based our determination of then-current market prices for
tantalum on quotations from two suppliers of these materials. </FONT></P>
<P align=center><FONT face=serif size=2>-43- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>We made the decision to take the
tantalum charges and write-downs after our management concluded that the
substantial fall-off in the demand for tantalum capacitors, first experienced in
2001, was likely to continue for the foreseeable future. Combining this
assessment with the worldwide over-capacity in tantalum production, we could not
foresee when tantalum prices might recover from their currently depressed
levels. Although we believe that both the charges and write-downs as well as
their timing were appropriate under the circumstances, our visibility for future
demand and pricing is limited and the judgments made by our management
necessarily involved subjective assessments. </FONT></P>
<P align=justify><FONT face=serif size=2>Losses on tantalum purchase commitments
and the related liability that was recorded on our consolidated balance sheet
was estimated based on our contractually obligated purchase prices, expected
market prices, and the contractually obligated mix of tantalum-grades to be
purchased. The mix of tantalum-grades to be purchased was within a range
specified by the contracts. As described above, because there is no established
market on which tantalum raw materials are regularly traded and quoted, we had
to make assumptions on the then-current market prices for tantalum. Had we made
other assumptions on current and future prices for tantalum, the amount of the
inventory write-downs and the losses on our tantalum purchase commitments would
have been different. As of December 31, 2006, we have fulfilled all obligations
under the Cabot contracts and are no longer required to purchase tantalum from
Cabot at these fixed prices. </FONT></P>
<P align=justify><FONT face=serif size=2>While our tantalum purchase commitments
have been completely satisfied, we will continue to evaluate if write-downs of
the value of inventory on hand are necessary. The uncertainty over further
write-downs is exacerbated by the fact that we have large quantities of tantalum
on hand. </FONT></P>
<P align=justify><FONT face=serif size=2>Our minimum tantalum purchase
commitments under the contracts with Cabot exceeded our production requirements
for tantalum capacitors over the term of the contract. Tantalum powder and wire
have an indefinite shelf life; therefore, we believe that we will eventually
utilize all of the material in our inventory. Based on usage currently expected
in 2009, our inventory on hand represents between one and two years of usage.
While we expect to utilize all of the tantalum powder and wire in our inventory,
if the downward pricing trend were to resume, we could be required to record
additional write-downs of the carrying value of inventory on hand. </FONT></P>
<P align=justify><FONT face=serif size=2>If tantalum prices were to recover in
the future, we would not reverse the write-downs that we have taken on our raw
materials inventory, so that our cost of materials will continue to reflect
these write-downs regardless of future price increases in tantalum. This could
have the effect of increasing the earnings that we realize in future
periods.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Estimates of Restructuring and
Severance Costs and Purchase-Related Restructuring Costs </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In 2008, 2007, and 2006, we recorded
restructuring and severance costs of approximately $62.5 million, $14.7 million,
and $40.2 million, respectively. Our restructuring activities related to
existing business were designed to reduce both our fixed and variable costs.
Acquisition-related restructuring costs, which were not significant in 2008,
2007, or 2006, are included in the allocation of the cost of the acquired
business and generally add to goodwill. These costs will be reported as expenses
on the consolidated statement of operations subsequent to the adoption of SFAS
No. 141-R on January 1, 2009. Other restructuring costs are expensed during the
period in which we determine that we will incur those costs, and all of the
requirements for accrual are met. </FONT></P>
<P align=justify><FONT face=serif size=2>Because these costs are recorded based
upon estimates, our actual expenditures for the restructuring activities may
differ from the initially recorded costs. If this happens, we will have to
adjust our estimates in future periods, either by recording additional expenses
in future periods, if our initial estimates were too low, or by reversing part
of the charges that we recorded initially, if our initial estimates were too
high. </FONT></P>
<P align=center><FONT face=serif size=2>-44- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Goodwill </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Goodwill represents the excess of the
cost of businesses acquired over the fair value of the related net assets at the
date of acquisition. Goodwill is not amortized but rather tested for impairment
at least annually. These impairment tests must be performed more frequently if
there are triggering events.</FONT></P>
<P align=justify><FONT face=serif size=2>SFAS No. 142, </FONT><I><FONT face=serif size=2>Goodwill and Other Intangible Assets, </FONT></I><FONT face=serif size=2>prescribes a two-step method for determining goodwill
impairment. In the first step, we determine the fair value of the reporting
unit. The fair value of the reporting unit is determined using various valuation
techniques, including a comparable companies market multiple approach and a
discounted cash flow analysis (an income approach). The comparable companies
utilized in our evaluation are generally the members of our peer group included
in the presentation of our stock performance graph in Item 5 of our Annual
Report on Form 10-K.</FONT></P>
<P align=justify><FONT face=serif size=2>To measure the amount of the
impairment, SFAS No. 142 prescribes a second step to the impairment evaluation.
In step two, we determine the implied fair value of goodwill in the same manner
as if we had acquired those business units. Specifically, we must allocate the
fair value of the reporting unit to all of the assets of that unit, including
any unrecognized intangible assets, in a hypothetical calculation that would
yield the implied fair value of goodwill. The impairment loss is measured as the
difference between the book value of the goodwill and the implied fair value of
the goodwill computed in step two.</FONT></P>
<P align=justify><FONT face=serif size=2>In light of a sustained decline in
market capitalization for Vishay and its peer group companies, and other
factors, Vishay determined that impairment tests were necessary as of the end of
the second, third, and fourth fiscal quarters of 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>Fair value of the reporting units, and
the underlying assets and liabilities of those reporting units, is measured at a
point in time, and reflects specific market conditions as of the measurement
date. During the year ended December 31, 2008, market conditions deteriorated
significantly each successive quarter.</FONT></P>
<P align=justify><FONT face=serif size=2>Passive Components segment goodwill is
allocated to two reporting units for SFAS No. 142 evaluation purposes, namely
Other Passives and Measurements Group. The Semiconductors segment represents a
single reporting unit for SFAS No. 142 evaluation purposes. </FONT></P>
<P align=justify><FONT face=serif size=2>After completing step one of the
impairment test as of June 28, 2008 (the end of our second fiscal quarter), we
determined that the estimated fair value of our Semiconductors and Other
Passives reporting units was less than the net book value of those reporting
units, requiring the completion of the second step of the impairment evaluation.
The estimated fair value of the Measurements Group reporting unit was greater
than the net book value of that unit, and accordingly, no second step was
required for the Measurement Group reporting unit as of June 28, 2008.
</FONT></P>
<P align=justify><FONT face=serif size=2>Upon completion of a preliminary step
two analysis, we recorded our best estimate of the impairment loss as of June
28, 2008, which was refined during the third quarter of 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>Given the further deterioration of
market conditions in the third quarter, an additional impairment test was
performed as of September 27, 2008 (the end of our third fiscal quarter). After
completing step one of the impairment test as of September 27, 2008, we
determined that the estimated fair value of our Other Passives reporting unit
was less than the net book value of this reporting unit. This required the
completion of the second step of the impairment evaluation. The estimated fair
value of the Semiconductors and Measurements Group reporting units was greater
than the net book value of the respective reporting units as of September 27,
2008, and accordingly, no second step was required for the Semiconductors and
Measurement Group reporting units at September 27, 2008. Upon completion of our
step two analysis as of September 27, 2008, we recorded an additional goodwill
impairment charge. Subsequent to recording this impairment charge, the Other
Passives reporting unit had no remaining goodwill recorded on the consolidated
balance sheet. </FONT></P>
<P align=center><FONT face=serif size=2>-45- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Given the further deterioration of
market conditions in the fourth quarter, an additional impairment test was
performed as of December 31, 2008 (the end of our fourth fiscal quarter). After
completing step one of the impairment test as of December 31, 2008, we
determined that the estimated fair value of our Semiconductors and Measurements
Group reporting units were less than the net book value of those reporting
units. This required the completion of the second step of the impairment
evaluation. Upon completion of our step two analysis as of December 31, 2008, we
recorded additional goodwill impairment charges. Subsequent to recording these
impairment charges, there was no remaining goodwill recorded on the consolidated
balance sheet.</FONT></P>
<P align=justify><FONT face=serif size=2>As a result of these impairment tests,
we recorded goodwill impairment charges in 2008 aggregating $1,696.2
million.</FONT></P>
<P align=justify><FONT face=serif size=2>The determination of the fair value of
the reporting units and the allocation of that value to individual assets and
liabilities within those reporting units requires us to make significant
estimates and assumptions. These estimates and assumptions primarily include,
but are not limited to: the selection of appropriate peer group companies;
control premiums appropriate for acquisitions in the industries in which we
compete; the discount rate; terminal growth rates; and forecasts of revenue,
operating income, depreciation and amortization, and capital expenditures. The
allocation requires several analyses to determine fair value of assets and
liabilities including, among others, completed technology, tradenames,
in-process research and development, customer relationships, and certain
property and equipment (valued at replacement costs). </FONT></P>
<P align=justify><FONT face=serif size=2>Due to the inherent uncertainty
involved in making these estimates, actual financial results could differ from
those estimates. In addition, changes in assumptions concerning future financial
results or other underlying assumptions could have a significant impact on
either the fair value of the reporting unit or the amount of the goodwill
impairment charge. </FONT></P>
<P align=justify><FONT face=serif size=2>The goodwill impairment charge is
noncash in nature and does not affect Vishay&#146;s liquidity, cash flows from
operating activities, or debt covenants, and will not have a material impact on
future operations. </FONT></P>
<P align=justify><FONT face=serif size=2>We perform our annual impairment test
as of the first day of the fiscal fourth quarter. The interim impairment test
performed as of September 27, 2008, the last day of our fiscal third quarter,
was effectively our annual impairment test for 2008. There was no impairment
identified through the annual impairment tests completed in 2007 or
2006.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Impairment of Long-Lived Assets
and Indefinite-Lived Intangible Assets </FONT></I></B><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>We assess the impairment of our
long-lived assets, other than goodwill and tradenames, including property and
equipment, long-term prepaid assets, and identifiable intangible assets subject
to amortization, whenever events or changes in circumstances indicate the
carrying value may not be recoverable. Long-lived assets are grouped at the
lowest level of independent cash flows and evaluated as a group. Factors we
consider important, which could trigger an impairment review, include
significant changes in the manner of our use of the assets, changes in
historical or projected operating performance, and significant negative economic
trends. The carrying value of a long-lived asset group is considered impaired
when the total projected undiscounted cash flows from such asset group are
separately identifiable and are less than the carrying value. In that event, a
loss is recognized based on the amount by which the carrying value exceeds the
fair market value of the long-lived asset group, primarily determined using
discounted future cash flows.</FONT></P>
<P align=justify><FONT face=serif size=2>Indefinite-lived intangible assets
(which for Vishay are comprised entirely of tradenames) are not amortized, but
similar to goodwill, are tested for impairment at least annually. These tests
are performed more frequently if there are triggering events. The fair value of
the tradenames is measured as the discounted cash flow savings realized from
owning such tradenames and not having to pay a royalty for their use.</FONT></P>
<P align=justify><FONT face=serif size=2>Prior to completing the interim
assessment of goodwill for impairment during the second, third, and fourth
quarters of 2008, we performed a recoverability test of certain long-lived
assets in accordance with SFAS No. 144, </FONT><I><FONT face=serif size=2>Accounting for the Impairment or Disposal of Long-Lived
Assets,</FONT></I><FONT face=serif size=2> and certain indefinite-lived
intangible assets in accordance with SFAS No. 142. As a result of those
assessments, we recorded indefinite-lived intangible asset impairment charges
totaling $27 million during the third quarter of 2008. </FONT></P>
<P align=center><FONT face=serif size=2>-46- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>During the years ended December 31,
2008, 2007, and 2006, we recorded asset write-downs of $5.1 million, $3.9
million, and $6.7 million, respectively. Fixed asset write-downs included
amounts to reduce the carrying value of certain buildings which had been vacated
as part of our restructuring activities, based on expected future selling prices
or the present value of expected rental receipts. Fixed asset write-downs also
included charges to write down certain equipment to salvage value after we
determined that it would not be used at other Vishay locations subsequent to the
completion of our restructuring plans. The asset write-downs for 2008 also
included definite-lived intangible write-downs of $0.8 million, as a result of
our decision to close our facility in Brazil.</FONT></P>
<P align=justify><FONT face=serif size=2>During the year ended December 31,
2007, we recorded a write-off of prepaid assets associated with our Tower
Semiconductor foundry agreement.</FONT></P>
<P align=justify><FONT face=serif size=2>The evaluation of the recoverability of
long-lived assets, and the determination of their fair value, requires us to
make significant estimates and assumptions. These estimates and assumptions
primarily include, but are not limited to: the identification of the asset group
at the lowest level of independent cash flows and the principal asset of the
group; the discount rate; terminal growth rates; and forecasts of revenue,
operating income, depreciation and amortization, and capital expenditures.
</FONT></P>
<P align=justify><FONT face=serif size=2>The evaluation of the fair value of
indefinite-lived trademarks also requires us to make significant estimates and
assumptions. These estimates and assumptions primarily include, but are not
limited to: the assumed market-royalty rate; the discount rate; terminal growth
rates; and forecasts of revenue. </FONT></P>
<P align=justify><FONT face=serif size=2>Due to the inherent uncertainty
involved in making these estimates, actual results could differ from those
estimates. In addition, changes in underlying assumptions would have a
significant impact on the conclusion that an asset group&#146;s carrying value is
recoverable, that an indefinite-lived asset is not impaired, or the
determination of any impairment charge if it was determined that the asset
values were indeed impaired. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Pension and Other Postretirement
Benefits </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Accounting for defined benefit pension
and other postretirement plans involves numerous assumptions and estimates. The
discount rate at which obligations could effectively be settled and the expected
long-term rate of return on plan assets are two critical assumptions in
measuring the cost and benefit obligations of our pension and other
postretirement benefit plans. Other important assumptions include the
anticipated rate of future increases in compensation levels, estimated
mortality, and for postretirement medical plans, increases or trends in health
care costs. Management reviews these assumptions at least annually. We use
independent actuaries to assist us in preparing these calculations and
determining these assumptions. These assumptions are updated periodically to
reflect the actual experience and expectations on a plan specific basis as
appropriate.</FONT></P>
<P align=justify><FONT face=serif size=2>Our defined benefit plans are
concentrated in the United States, Germany, and the Republic of China (Taiwan).
Plans in these countries comprise approximately 94% of our retirement
obligations at December 31, 2008. In the U.S., we utilize published long-term
high quality bond indices to determine the discount rate at the measurement
date. In Germany and the Republic of China (Taiwan), we utilize published
long-term government bond rates to determine the discount rate at the
measurement date. We utilize bond yields at various maturity dates to reflect
the timing of expected future benefit payments. We believe the discount rates
selected are the rates at which these obligations could effectively be settled.
</FONT></P>
<P align=justify><FONT face=serif size=2>Within the U.S., we establish strategic
asset allocation percentage targets and appropriate benchmarks for significant
asset classes with the aim of achieving a prudent balance between return and
risk. Many of our non-U.S. plans are unfunded based on local laws and customs.
For those non-U.S. plans that do maintain investments, their asset holdings are
primarily cash and fixed income securities, based on local laws and customs. We
set the expected long-term rate of return based on the expected long-term
average rates of return to be achieved by the underlying investment portfolios.
In establishing this rate, we consider historical and expected returns for the
asset classes in which the plans are invested, advice from pension consultants
and investment advisors, and current economic and capital market conditions. The
expected return on plan assets is incorporated into the computation of pension
expense. The difference between this expected return and the actual return on
plan assets is deferred. The net deferral of past asset losses (gains) affects
the calculated value of plan assets and, ultimately, future pension expense
(income). </FONT></P>
<P align=center><FONT face=serif size=2>-47- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>We expect a significant increase in net
periodic pension cost in 2009 as a result of amortization of a portion of past
losses on plan assets. The estimated actuarial items for the defined benefit
pensions plans that will be amortized from accumulated other comprehensive loss
into net periodic pension cost during 2009 is $12.7 million, compared to
approximately $5.5 million in 2008. Although we continue to believe that our
long-term rate of return on fixed assets will be achieved, we expect a
significant increase in net periodic pension cost in 2009 as a result of a
reduction in the total expected return on plan assets in 2009. </FONT></P>
<P align=justify><FONT face=serif size=2>During the fourth quarter of 2008, we
adopted amendments to our principal U.S. defined benefit pension plans, such
that effective January 1, 2009, the plans were frozen. Pursuant to these
amendments, no new employees may participate in the plans, no further
participant contributions will be required or permitted, and no further benefits
shall accrue after December 31, 2008. As a result of these amendments, net
periodic pension cost for 2009 will not include any service cost, thus partially
offsetting the expected increases due to increased amortization of actuarial
losses and lower expected returns on plan assets. To mitigate the loss in
benefits of these employees, effective January 1, 2009, we increased the
company-match portion of our 401(k) defined contribution savings plan for
employees impacted by the pension freeze. </FONT></P>
<P align=justify><FONT face=serif size=2>We believe that the current assumptions
used to estimate plan obligations and annual expense are appropriate. However,
if economic conditions change or if our investment strategy changes, we may be
inclined to change some of our assumptions, and the resulting change could have
a material impact on the consolidated statements of operations and on the
consolidated balance sheet. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Income Taxes</FONT></I></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>We are subject to income taxes in the
U.S. and numerous foreign jurisdictions. Significant judgment is required in
evaluating our tax positions and determining our provision for income taxes.
During the ordinary course of business, there are many transactions and
calculations for which the ultimate tax determination is uncertain. We establish
reserves for tax-related uncertainties based on estimates of whether, and the
extent to which, additional taxes will be due. These reserves are established
when we believe that certain positions might be challenged despite our belief
that our tax return positions are fully supportable. We adjust these reserves in
light of changing facts and circumstances and the provision for income taxes
includes the impact of reserve provisions and changes to reserves that are
considered appropriate. </FONT></P>
<P align=justify><FONT face=serif size=2>These accruals are based on
management&#146;s best estimate of potential tax exposures. When particular matters
arise, a number of years may elapse before such matters are audited and finally
resolved. Favorable resolution of such matters could be recognized as a
reduction to our effective tax rate in the year of resolution. Unfavorable
resolution of any particular issue could increase the effective tax rate and may
require the use of cash in the year of resolution. During 2008 and 2006, certain
matters were resolved unfavorably, which required us to make tax
payments.</FONT></P>
<P align=justify><FONT face=serif size=2>We file U.S. federal income tax
returns, as well as income tax returns in multiple U.S. state and foreign
jurisdictions. The U.S. Internal Revenue Service has concluded its examinations
of Vishay&#146;s U.S. federal tax returns for all tax years through 2002. Because of
net operating losses, our U.S. federal tax returns for 2003 and later years will
remain subject to examination until the losses are utilized. Examinations of
principal subsidiaries in Germany through the 2004 tax year were concluded in
2008. The tax returns of significant consolidated subsidiaries are currently
under examination, including Israel (2004 and later years) and Republic of China
(Taiwan) (1996 and later years). We are also subject to income taxes in other
taxing jurisdictions in the U.S. and around the world, many of which are still
open to tax examinations.</FONT></P>
<P align=justify><FONT face=serif size=2>In July 2006, the Financial Accounting
Standards Board (the &#147;FASB&#148;) issued Interpretation No. 48 (&#147;FIN 48&#148;),
</FONT><I><FONT face=serif size=2>Accounting for Uncertainty in Income
Taxes</FONT></I><FONT face=serif size=2>. FIN 48 clarifies the accounting for
income taxes by prescribing the minimum recognition threshold a tax position is
required to meet before being recognized in the financial statements. For those
benefits to be recognized, a tax position must be &#147;more likely than not&#148; to be
sustained upon examination by taxing authorities. FIN 48 also provides guidance
on derecognition, measurement, classification, interest and penalties,
accounting in interim periods, disclosure and transition. FIN 48 applies to all
tax positions related to income taxes. We adopted the provisions of FIN 48
effective January 1, 2007. </FONT></P>
<P align=center><FONT face=serif size=2>-48- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>We have recorded deferred tax assets
representing future tax benefits, but may not be able to realize these future
tax benefits in certain jurisdictions. Significant judgment is required in
determining the expected future realizability of these deferred tax assets. We
periodically evaluate the realizability of our deferred tax assets by assessing
the valuation allowance and by adjusting the amount of such allowance, if
necessary. The factors used to assess the likelihood of realization include our
forecast of future taxable income and available tax planning strategies that
could be implemented to realize the net deferred tax assets. </FONT></P>
<P align=justify><FONT face=serif size=2>Based on our anticipated U.S. cash
requirements, we expect that we will need to repatriate additional cash to repay
the term loan outstanding under our credit facility, and have recorded
additional tax expense in 2008 on this expected transaction because such
earnings are not deemed to be indefinitely reinvested outside of the United
States.</FONT></P>
<P align=justify><FONT face=serif size=2>Except as described above, earnings
generated by our non-U.S. subsidiaries are deemed to be reinvested outside of
the United States indefinitely. Accordingly, generally no provision has been
made for U.S. federal and state income taxes on these foreign earnings. Upon
distribution of those earnings in the form of dividends or otherwise, we would
be subject to U.S. income taxes (subject to an adjustment for foreign tax
credits), state income taxes, incremental foreign income taxes, and withholding
taxes payable to various foreign countries. </FONT></P>
<P align=justify><FONT face=serif size=2>The determination of our U.S. cash
needs requires us to make significant estimates and assumptions. These estimates
and assumptions primarily include, but are not limited to: forecasts of revenue,
operating income, capital expenditures, interest rates, and the timing of
significant transactions. Due to the inherent uncertainty involved in making
these estimates and assumptions, actual financial results could differ from
those estimates and assumptions, which may require us to repatriate additional
cash and incur additional tax expense. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Results of Operations
</FONT></B></P>
<P align=justify><FONT face=serif size=2>Statement of operations&#146; captions as a
percentage of net revenues and the effective tax rates were as follows:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="68%">&nbsp; </TD>
    <TD noWrap align=center width="32%" colSpan=8><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=2>Costs of products sold</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>78.6</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>75.5</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%<FONT size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>74.2</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=serif size=2>Gross
      profit</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>21.2</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>24.5</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>25.5</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=2>Selling, general, and administrative expenses</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>16.0</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>15.5</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>15.6</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=serif size=2>Operating income
      (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-58.4</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>7.7</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>8.1</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=2>Income (loss) from continuing operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0>&nbsp; &nbsp;&nbsp;
      <FONT face=serif size=2>before taxes and minority interest</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-59.2</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>7.3</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>7.4</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=serif size=2>Income (loss)
      from continuing operations</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-59.7</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>5.0</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>5.4</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=2>Net earnings (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-61.3</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>4.6</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>5.4</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="68%">________</TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face=serif size=2>Effective tax rate</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-0.7</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>31.2</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>26.5</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Net Revenues </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Net revenues were as
follows</FONT><I><FONT face=serif size=2> (dollars in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="22%" colSpan=10>&nbsp; <B><FONT face=serif size=2>Years ended December 31,</FONT></B>&nbsp; &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3>&nbsp; <B><FONT face=serif size=2>2008</FONT></B> &nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3>&nbsp; <B><FONT face=serif size=2>2007</FONT></B> &nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2>&nbsp; <B><FONT face=serif size=2>2006</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 2,822,211</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 2,833,266</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 2,581,477</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=2>Change versus
      prior year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>(11,055</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>251,789</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Percentage change versus prior year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>-0.4</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>9.8</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-49- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Changes in net revenues were
attributable to the following: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2008 vs. 2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2007 vs. 2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face=serif size=2>Change attributable to:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Change in
      volume</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-2.6</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>1.6</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Decrease in average selling prices</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-3.0</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-1.8</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Foreign currency
      effects</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>2.6</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>2.7</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Acquisitions</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>2.5</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>7.2</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2>Other</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><FONT face=serif size=2>0.1</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><FONT face=serif size=2>0.1</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face=serif size=2>Net change</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-0.4</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>9.8</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The markets for our products were
relatively stable during the first half of 2008. Beginning in the third quarter
of 2008, we experienced a substantial slow down in our order rate, as the
markets for our products began to be impacted by the economic downturn. The
automotive industry seems most heavily impacted, but sales of products for
virtually all end-uses were below expectations. The decrease in volumes and
average selling prices were largely offset by acquisitions and foreign currency
effects. The weakening U.S. dollar effectively increased the amount reported for
revenues for the year ended December 31, 2008 versus the prior year. </FONT></P>
<P align=justify><FONT face=serif size=2>The markets for our products were
relatively stable during the year ended December 31, 2007, compared to the year
ended December 31, 2006. The overall increase in net revenues in 2007 was
principally driven by acquisitions. The weakening U.S. dollar also effectively
increased the amount reported for revenues during the year ended December 31,
2007 versus the prior year.</FONT></P>
<P align=justify><FONT face=serif size=2>We deduct, from the sales that we
record to distributors, allowances for future credits that we expect to provide
for returns, scrapped product, and price adjustments under various programs made
available to the distributors. We make deductions corresponding to particular
sales in the period in which the sales are made, although the corresponding
credits may not be issued until future periods. We estimate the deductions based
on sales levels to distributors, inventory levels at the distributors, current
and projected market trends and conditions, recent and historical activity under
the relevant programs, changes in program policies, and open requests for
credits. We recorded deductions from gross sales under our distributor incentive
programs of $77.2 million, $81.9 million, and $59.0 million, for the years ended
December 31, 2008, 2007, and 2006, respectively, or, as a percentage of gross
sales 2.7%, 2.8%, and 2.2%, respectively. We also assumed $5.6 million of
liabilities for distributor incentive programs as part of our acquisitions in
2007. Actual credits issued under the programs for the years ended December 31,
2008, 2007, and 2006 were approximately $79.9 million, $79.6 million, and $68.4
million, respectively. Increases and decreases in these incentives are largely
attributable to the then-current business climate.</FONT></P>
<P align=justify><FONT face=serif size=2>As a result of a concentrated effort to
defend our intellectual property and generate additional licensing income, we
began receiving royalties in the fourth quarter of 2004. Royalty revenues,
included in net revenues on the consolidated statements of operations, were $3.0
million, $7.8 million, and $7.6 million, for the years ended December 31, 2008,
2007, and 2006, respectively. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Gross Profit and Margins
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Gross profit margins for the year ended
December 31, 2008 were 21.2%, as compared to 24.5% for year ended December 31,
2007. This decrease in gross profit margin reflects lower average selling
prices, negative foreign currency effects, generally higher precious metals and
raw materials costs, and a less favorable product mix. Gross profit margins for
the year ended December 31, 2008 also reflect losses on adverse purchase
commitments of $6.0 million.</FONT></P>
<P align=center><FONT face=serif size=2>-50- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Gross profit margins for the year ended
December 31, 2007 were 24.5%, as compared to 25.5% for the year ended December
31, 2006. This decrease in gross profit margin reflects lower average selling
prices, higher precious metals and raw materials costs, a less favorable product
sales mix, and some production inefficiencies. Gross profit margins for 2007
were also negatively impacted by the acquisition of the PCS business, which has
lower gross profit margins than legacy Vishay products. This decrease in gross
margin in 2007 is partially offset by the absence of certain charges recorded in
the prior year. Gross profit margin for 2006 reflects losses on tantalum
purchase commitments of $5.7 million, inventory write-downs and write-offs of
$9.6 million, and charges to resolve past quality issues of $2.9 million. The
improvement in gross margin attributable to the absence of these charges is more
than offset by lower average selling prices, higher precious metals and raw
materials costs, a less favorable product sales mix, and some production
inefficiencies.</FONT></P>
<P align=justify><FONT face=serif size=2>See &#147;Israeli Government Incentives&#148;
regarding Israeli government grants, which are recorded as a reduction to costs
of products sold. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Segments </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Analysis of revenues and gross profit
margins for our Semiconductors and Passive Components segments is provided
below. </FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Semiconductors</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>Net revenues of the Semiconductors
segment were as follows</FONT><I><FONT face=serif size=2> (dollars in
thousands): </FONT></I></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="14%" colSpan=8><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 1,460,826</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 1,489,600</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 1,291,432</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=2>Change versus
      prior year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(28,774</FONT><FONT size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>198,168</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Percentage change versus prior year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-1.9</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15.3</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="85%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=9><FONT size=2>Changes in
      Semiconductors segment net revenues were attributable to the
      following:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008 vs. 2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007 vs. 2006</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><B><FONT face=serif size=2>Change attributable to:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=2>Change in
      volume</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-3.4</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>4.1</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Decrease in average selling prices</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-4.7</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-3.2</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=2>Foreign currency
      effects</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>2.1</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1.8</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Acquisitions</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.0</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>12.9</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=serif size=2>Other</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>0.1</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>-0.3</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Net change</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-1.9</FONT><FONT size=2>%</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15.3</FONT><FONT size=2>%</FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="85%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=7></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=9><FONT size=2>Gross profit as a
      percentage of net revenues for the Semiconductors segment was as
      follows:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="85%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=7></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=7><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=serif size=2>Gross margin percentage</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>20.2</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>23.8</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>26.3</FONT><FONT size=2>%</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Changes in gross margin are largely
driven by changes in net revenues, but also reflect our continuing cost cutting
efforts. The decreases in gross profit margins in 2008 versus 2007 and in 2007
versus 2006 reflect lower average selling prices, higher precious metals and raw
materials costs, a less favorable product sales mix, and some production
inefficiencies. Gross profit margins for 2008 and 2007 were also negatively
impacted by the acquisition of the PCS business, which has lower gross profit
margins than legacy Vishay products.</FONT></P>
<P align=center><FONT face=serif size=2>-51- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Additionally, several items impact the
comparability of gross margins of the Semiconductors segment, as summarized in
the table below </FONT><I><FONT face=serif size=2>(in thousands):</FONT></I></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD noWrap align=center width="14%" colSpan=8><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Loss on purchase commitments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,766</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;<FONT face=serif><FONT size=2>-</FONT></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><FONT face=serif><FONT size=2>-</FONT></FONT><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Settlement of
      past quality issues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp;<FONT face=serif><FONT size=2>-</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp;<FONT face=serif><FONT size=2>-</FONT></FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,100</FONT>
  </TD></TR>
  <TR>
    <TD noWrap align=left width="86%">&nbsp;</TD>
    <TD noWrap align=center width="14%" colSpan=8></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=9>
      <P align=justify><I><U><FONT face=serif size=2>Passive
      Components</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
      <P align=justify><FONT face=serif size=2>Net revenues of the Passive
      Components segment were as follows</FONT><I><FONT face=serif size=2>
      (dollars in thousands):</FONT></I></P></TD></TR>
  <TR>
    <TD noWrap align=left width="86%">&nbsp;</TD>
    <TD noWrap align=center width="14%" colSpan=8></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD noWrap align=center width="14%" colSpan=8><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 1,361,385</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 1,343,666</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,290,045</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Change versus
      prior year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>17,719</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>53,621</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Percentage change versus prior year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.3</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.2</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="86%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=9><FONT size=2>Changes in Passive
      Components segment net revenues were attributable to the
    following:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="86%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008 vs. 2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007 vs. 2006</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><B><FONT face=serif size=2>Change attributable to:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Change in
      volume</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-1.7</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-0.6</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Decrease in average selling prices</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-1.1</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-0.3</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Foreign currency
      effects</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>3.2</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>3.6</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Acquisitions</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>0.9</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.5</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Other</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>0.0</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>0.0</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Net change</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1.3</FONT><FONT size=2>%</FONT>
</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4.2</FONT><FONT size=2>%</FONT>
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="86%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=7></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=9><FONT size=2>Gross profit as a
      percentage of net revenues for the Passive Components segment was as
      follows:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="86%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=7></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=7><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Gross margin percentage</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>22.1</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>25.4</FONT><FONT size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>24.8</FONT><FONT size=2>%</FONT> </TD></TR></TABLE><BR>
<P align=justify>
<P align=justify><FONT face=serif size=2>Changes in gross margin are largely
driven by changes in net revenues, but also reflect our continuing cost cutting
efforts. Several significant cost reduction programs have been initiated in all
Passive Components product lines, including combining facilities and shifting
production to lower cost regions. The impact of these cost savings plans has
been partially offset by the underutilization of capacity in commodity
products.</FONT></P>
<P align=justify><FONT face=serif size=2>The decrease in gross margin for 2008
compared to 2007 reflects lower average selling prices, negative foreign
currency effects, generally higher precious metals and raw materials costs, and
a less favorable product mix. </FONT></P>
<P align=center><FONT face=serif size=2>-52- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Additionally, several items impact the
comparability of gross margins of the Passive Components segment, as summarized
in the table below </FONT><I><FONT face=serif size=2>(in
thousands):</FONT></I></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="14%" colSpan=8><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Loss on purchase commitments</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,258 </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,687 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2>Write-downs of
      tantalum and palladium inventories</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>9,602
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Settlement of past quality issues</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,785 </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The improvement in gross margin for
2007 compared to 2006 is primarily due to the absence of these charges. The
improvements in gross margin attributable to the absence of these charges is
partially offset by lower sales volume, higher precious metals and raw materials
costs, and a less favorable product mix.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Selling, General, and
Administrative Expenses</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Selling, general, and administrative
(&#147;SG&amp;A&#148;) expenses are summarized as follows </FONT><I><FONT face=serif size=2>(dollars in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="17%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Total SG&amp;A expenses</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>450,879</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>439,017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>403,027</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>&nbsp; as a
      percentage of sales</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>16.0</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>15.5</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>15.6</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The increase in total SG&amp;A expenses
in the year ended December 31, 2008 versus the year ended December 31, 2007 is
generally attributable to a weaker U.S. dollar. The increase in total SG&amp;A
expenses in the year ended December 31, 2007 versus the year ended December 31,
2006 is largely attributable to increased revenues, as evidenced by a decrease
in SG&amp;A expenses as a percentage of sales. Several items included in
SG&amp;A expenses impact the comparability of these amounts, as summarized below
</FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="17%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Amortization of intangible assets</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>20,798</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>16,566</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>12,920</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Patent
      infringement case</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>6,600</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Transition services agreements</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Net gains on
      sales of assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(7,584</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(3,490</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(972</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Environmental remediation costs</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The increases in amortization expense
are principally due to the acquisitions of our partner&#146;s 51% interest in the
Indian transducers joint venture, Powertron GmbH, and the wet tantalum capacitor
business of KEMET Corporation in 2008 and the acquisitions of the PCS business
in 2007. Amortization expense also increased in 2008 due to the initiation of
amortization of certain tradenames after determining that these indefinite-lived
intangible assets were impaired.</FONT></P>
<P align=justify><FONT face=serif size=2>The transition services agreements were
associated with our acquisition of the PCS business.</FONT></P>
<P align=justify><FONT face=serif size=2>Of the $7.6 million net gains on sales
of assets in 2008, approximately $4.5 million was realized in a single
transaction. Of the $3.5 million net gains on sales of assets in 2007,
approximately $3.1 million was realized in a single transaction.</FONT></P>
<P align=justify><FONT face=serif size=2>SG&amp;A expenses for 2006 include $3.6
million of adjustments to increase the estimated cost of environmental
remediation obligations associated with the 2001 General Semiconductor
acquisition.</FONT></P>
<P align=center><FONT face=serif size=2>-53-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Restructuring and Severance Costs
and Related Asset Write-Downs</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our restructuring activities have been
designed to reduce both fixed and variable costs. These activities include the
closing of facilities and the termination of employees. Because costs are
recorded based upon estimates, actual expenditures for the restructuring
activities may differ from the initially recorded costs. If the initial
estimates are too low or too high, we could be required either to record
additional expenses in future periods or to reverse previously recorded
expenses. We anticipate that we will realize the benefits of our restructuring
through lower labor costs and other operating expenses in future periods. We
expect to continue to incur restructuring expenses to reduce our costs,
particularly in light of the current economic environment, as explained in &#147;Cost
Management&#148; above and in Note 4 to our consolidated financial
statements.</FONT></P>
<P align=justify><FONT face=serif size=2>We recorded restructuring and severance
costs of $62.5 million and related asset write-downs of $5.1 million during
2008. Most of the costs related to our planned 2008 restructuring projects were
recorded in the first quarter of 2008. In response to the economic downturn
during the latter half of 2008, we undertook significant measures to cut
costs.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Other Income
(Expense)</FONT></I></B></P>
<P align=justify><I><U><FONT face=serif size=2>2008 Compared to
2007</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Interest expense for the year ended
December 31, 2008 decreased by $4.4 million compared to the year ended December
31, 2007. This decrease is primarily due to the repayment of the convertible
subordinated notes on August 1, 2008 and lower interest rates on our variable
rate debt.</FONT></P>
<P align=justify><FONT face=serif size=2>On August 1, 2008, the holders of our
convertible subordinated notes had the option to require us to repurchase the
notes for the principal amount of the notes. Substantially all (99.6%) of the
holders of the notes exercised their option. As a result of this repurchase, we
recorded a loss on early extinguishment of debt to write-off unamortized debt
issuance costs of $13.6 million associated with the 2003 issuance of the
convertible subordinated notes. This noncash write-off is reported in a separate
line item in the consolidated statement of operations.</FONT></P>
<P align=justify><FONT face=serif size=2>The following table analyzes the
components of the line &#147;Other&#148; on the consolidated statements of operations
</FONT><I><FONT face=serif size=2>(in thousands):</FONT></I></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Change</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Foreign exchange loss</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(609</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,164</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,555</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Interest
      income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,642</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>19,419</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,777</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Dividend income</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>96</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>470</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(374</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Incentive from
      Chinese government</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>800</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,238</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(438</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,947</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(15</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,962</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>14,876</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>15,948</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>(1,072</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR></TABLE><BR>
<P align=justify><I><U><FONT face=serif size=2>2007 Compared to
2006</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Interest expense for the year ended
December 31, 2007 decreased by $3.6 million compared to the year ended December
31, 2006. This decrease is primarily due to the repayment of our Liquid Yield
Option&#153; Notes (&#147;LYONs&#148;) in June 2006 and decreases in the variable rate paid on
the exchangeable notes due 2102.</FONT></P>
<P align=justify><FONT face=serif size=2>On June 4, 2006, the holders of our
LYONs had the option to require us to repurchase the notes for their accreted
value on that date. All LYONs holders exercised their option. As a result of
this repurchase, we recorded a loss on early extinguishment of debt to write-off
unamortized debt issuance costs of $2.9 million associated with the LYONs. This
noncash write-off is reported in a separate line item in the consolidated
statement of operations.</FONT></P>
<P align=center><FONT face=serif size=2>-54-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The following table analyzes the
components of the line &#147;Other&#148; on the consolidated statements of operations
</FONT><I><FONT face=serif size=2>(in thousands): </FONT></I></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=7><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Change</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Foreign exchange loss</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,164</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,490</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,326</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Interest
      income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>19,419</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22,401</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,982</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Dividend income</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>470</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>261</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>209</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Incentive from
      Chinese government</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,238</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,238</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(15</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,247</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(1,262</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>15,948</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>17,419</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>(1,471</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Income Taxes</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The effective tax rate, based on income
(loss) from continuing operations before income taxes and minority interest, for
the year ended December 31, 2008 was -0.7%, as compared to 31.2% for the year
ended December 31, 2007, and 26.5% for the year ended December 31,
2006.</FONT></P>
<P align=justify><FONT face=serif size=2>Income tax expense for the years ended
December 31, 2008 and 2007 include certain discrete tax items for changes in
uncertain tax positions, valuation allowances, and related items, and, in 2008,
actual and anticipated repatriation of cash to the United States. These items
total $36.9 million and $8.3 million in 2008 and 2007, respectively.</FONT></P>
<P align=justify><FONT face=serif size=2>Additionally, the effective tax rate
for the year ended December 31, 2008 is largely impacted by the goodwill and
indefinite-lived intangible asset impairment charges recorded in 2008. The vast
majority of our goodwill is not deductible for income tax purposes. We
recognized tax benefits of $55.2 million during 2008, associated with the
goodwill and indefinite-lived intangible asset impairment charges.</FONT></P>
<P align=justify><FONT face=serif size=2>In connection with the repurchase of
the convertible subordinated notes on August 1, 2008, we repatriated
approximately $250 million of cash from non-U.S. subsidiaries, incurring
additional tax expense. We expect that we will need to repatriate additional
cash to repay the term loan outstanding under our credit facility, and have
recorded additional tax expense in 2008 on this expected transaction because
such earnings are not deemed to be indefinitely reinvested outside of the United
States. Except for this expected cash need, cash and profits generated by
foreign subsidiaries are expected to be reinvested outside of the United States
indefinitely.</FONT></P>
<P align=justify><FONT face=serif size=2>We operate in an international
environment with significant operations in various locations outside the U.S.
Accordingly, the consolidated income tax rate is a composite rate reflecting our
earnings and the applicable tax rates in the various locations where we operate.
Part of our strategy is to achieve cost savings through the transfer and
expansion of manufacturing operations to countries where we can benefit from
lower labor costs and available tax and other government-sponsored incentives.
Accordingly, our effective tax rate is generally less than the U.S. statutory
tax rate. Changes in the effective tax rate are largely attributable to changes
in the mix of pretax income among our various taxing jurisdictions.</FONT></P>
<P align=justify><FONT face=serif size=2>The effective tax rates for 2008, 2007,
and 2006 also reflect the fact that we could not recognize for accounting
purposes the tax benefit of losses incurred in certain jurisdictions, although
these losses are available to offset future taxable income. Under applicable
accounting principles, we may not recognize deferred tax assets for loss
carryforwards in jurisdictions where there is a recent history of cumulative
losses, where there is no taxable income in the carryback period, where there is
insufficient evidence of future earnings to overcome the loss history and where
there is no other positive evidence, such as the likely reversal of taxable
temporary differences, that would result in the utilization of loss
carryforwards for tax purposes.</FONT></P>
<P align=justify><FONT face=serif size=2>Additional information about income
taxes is included in Note 5 to our consolidated financial statements.</FONT></P>
<P align=center><FONT face=serif size=2>-55-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Financial Condition, Liquidity, and
Capital Resources</FONT></B></P>
<P align=justify><FONT face=serif size=2>A worldwide financial crisis became
more pronounced and intensified significantly in the latter half of 2008. This
has resulted in significant volatility in capital and commodities markets,
decreased access to credit markets, and produced recessionary pressures through
most of the world&#146;s economies. </FONT></P>
<P align=justify><FONT face=serif size=2>We believe that Vishay has adequate
financial resources to weather the current recessionary environment, and we
remain confident for the long-term prospects for the electronics industry.
However, the factors driving the current economic crisis are different than in
previous recessions, and as a result, there is limited historical experience
available to guide our business strategy. </FONT></P>
<P align=justify><FONT face=serif size=2>We focus on our ability to generate
cash flows from operations. The cash generated from operations is used to fund
our capital expenditure plans, and cash in excess of our capital expenditure
needs is available to fund our acquisition strategy and to reduce debt levels.
Vishay has generated cash flows from operations in excess of $200 million in
each of the past 7 years, and cash flows from operations in excess of $100
million in each of the past 14 years. </FONT></P>
<P align=justify><FONT face=serif size=2>We refer to the amount of cash
generated from operations in excess of our capital expenditure needs and net of
proceeds from the sale of assets as &#147;free cash,&#148; a measure which management uses
to evaluate our ability to fund acquisitions and repay debt. Vishay has
generated positive &#147;free cash&#148; in each of the past 12 years, and &#147;free cash&#148; in
excess of $80 million in each of the past 7 years. In light of the current
economic slow down, we intend to continue to focus on the generation of free
cash, including an emphasis on cost controls. There is no assurance, however,
that we will be able to continue to generate free cash during the current
downturn. </FONT></P>
<P align=justify><FONT face=serif size=2>We utilized some of the cash generated
from operations in prior years to reduce our debt levels in 2008. Substantially
all of this cash was repatriated to the United States from our non-U.S.
subsidiaries. As more fully described in Note 6 to our consolidated financial
statements, on August 1, 2008, Vishay repurchased substantially all of the
convertible subordinated notes due 2023 for an aggregate purchase price of
$498.1 million. The purchase price was paid in cash and funded from
approximately $250 million of cash on-hand, $125 million of borrowings under the
revolving credit facility, and $125 million from a new term loan.</FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes the
components of net debt at December 31, 2008 and December 31, 2007
</FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=2>December 31,</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=2>December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Credit facility - revolving debt</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>125,000 </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Credit facility
      - term loan</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>112,500
    </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Exchangeable unsecured notes, due 2102</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>105,000 </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>105,000 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Convertible
      subordinated notes, due 2023</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,870 </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>500,000
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Other debt</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,305&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>3,583 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Total
    debt</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      346,675 </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608,583 </FONT></TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Cash and cash equivalents</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>324,164 </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>537,295 </FONT></TD></TR>
  <TR>
    <TD noWrap width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Net debt</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>22,511 </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>71,288 </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Measurements such as &#147;free cash&#148; and
&#147;net debt&#148; do not have uniform definitions and are not recognized in accordance
with generally accepted accounting principles (&#147;GAAP&#148;). Such measures should not
be viewed as alternatives to GAAP measures of performance or liquidity. However,
management believes that &#147;free cash&#148; is a meaningful measure of our ability to
fund acquisitions and repay debt, and that an analysis of &#147;net debt&#148; assists
investors in understanding aspects of our cash and debt management. These
measures, as calculated by Vishay, may not be comparable to similarly titled
measures used by other companies.</FONT></P>
<P align=center><FONT face=serif size=2>-56-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The early extinguishment of the
convertible subordinated notes in August 2008 will have a negligible impact on
future net interest expense, as both interest expense and interest income will
decrease.</FONT></P>
<P align=justify><FONT face=serif size=2>Over 95% of the December 31, 2008 cash
and cash equivalents balance was held by our non-U.S. subsidiaries. We expect
that we will need to repatriate additional cash to repay a portion of the term
loan outstanding under our credit facility. At the present time, we expect the
remaining cash and profits generated by foreign subsidiaries will continue to be
reinvested outside of the United States indefinitely. If additional cash needed
to be repatriated to the United States, we would be subject to additional U.S.
income taxes (subject to an adjustment for foreign tax credits), state income
taxes, incremental foreign income taxes, and withholding taxes payable to
various foreign countries.</FONT></P>
<P align=justify><FONT face=serif size=2>Our financial condition as of December
31, 2008 continued to be strong, with a current ratio (current assets to current
liabilities) of 2.9 to 1, the same as of December 31, 2007. Our ratio of total
debt to stockholders&#146; equity was 0.22 to 1 at December 31, 2008, as compared to
0.18 to 1 as of December 31, 2007. The change in this ratio reflects both the
reduction of debt subsequent to the repurchase of the convertible subordinated
notes in August 2008 and also the reduction of equity resulting from the
noncash goodwill and indefinite-lived intangible asset impairment charges
recorded during 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>Cash flows provided by continuing
operating activities were $267.5 million for the year ended December 31, 2008,
as compared to cash flows provided by operations of $354.0 million for the year
ended December 31, 2007. This decrease is principally due to less favorable
operating results (adjusted for noncash expenses and charges), partially offset
by smaller changes in net working capital during the year ended December 31,
2008 versus the prior year. Net working capital of the acquired PCS business
increased by $68.2 million between the date of acquisition and December 31,
2007, which had a negative impact on reported cash flows from continuing
operating activities for the year ended December 31, 2007. We acquired the PCS
business with very little net working capital. Net revenues from PCS business
product lines since the date of acquisition have generated a significant
increase in accounts receivable.</FONT></P>
<P align=justify><FONT face=serif size=2>Cash used by discontinued operating
activities of $12.8 million for year ended December 31, 2008 primarily reflects
receivables collected by Vishay and remitted to the purchaser of the ASBU
business pursuant to the transaction agreement. Cash provided by discontinued
investing activities for the year ended December 31, 2008 reflects the proceeds
of sale of the ASBU business, net of capital spending for information technology
systems. Cash used by discontinued operating activities of $10.2 million for the
year ended December 31, 2007 primarily reflects an increase in working capital
of the ASBU business.</FONT></P>
<P align=justify><FONT face=serif size=2>Cash paid for property and equipment
for the year ended December 31, 2008 was $152.0 million, as compared to our
original plan of approximately $170 million, and as compared to $200.0 million
for the year ended December 31, 2007. To preserve cash, we significantly
curtailed our capital spending in the latter half of 2008. Our total capital
expenditures are projected to be significantly lower in 2009 as a result of the
economic uncertainty. We estimate that 2009 capital expenditures will be less
than $70 million. This reduced level of annual capital spending is temporary and
not sustainable in an expanding economy.</FONT></P>
<P align=justify><FONT face=serif size=2>Cash paid for acquisitions for the year
ended December 31, 2008 totaled $74.2 million for the acquisitions of our
partner&#146;s 51% interest in a transducer manufacturing joint venture, Powertron
GmbH, and the KEMET wet tantalum business. This amount also includes a $15
million loan extended to KEMET as part of the wet tantalum business acquisition.
Cash paid for acquisitions for the year ended December 31, 2007 was $331.8
million, representing the acquisitions of the PCS business and PM Group, net of
cash acquired. Proceeds from sale of businesses of $18.7 million include
approximately $16.1 million from the sale of PM Group&#146;s electrical contracting
business.</FONT></P>
<P align=center><FONT face=serif size=2>-57-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>We maintain a credit facility, which
provides a revolving commitment of up to $250 million through April 20, 2012. As
more fully described in Note 6 to the consolidated financial statements, we
entered into an amendment to this credit facility to also provide a term loan
commitment up to $125 million. This term loan commitment was drawn in July 2008
to fund a portion of the repurchase of the convertible subordinated notes and
$112.5 million remains outstanding at December 31, 2008. The first principal
payment on this term loan was due on January 1, 2009, and was made on December
31, 2008. We also utilized $125 million of our revolving credit facility to fund
a portion of the repurchase of the convertible subordinated notes, which also
remains outstanding at December 31, 2008. At December 31, 2007, there were no
amounts outstanding under the credit facility.</FONT></P>
<P align=justify><FONT face=serif size=2>Interest on the credit facility is
payable at prime or other variable interest rate options. We are required to pay
facility commitment fees. The credit facility also restricts us from paying cash
dividends and requires us to comply with other covenants, including the
maintenance of specific financial measures and ratios.</FONT></P>
<P align=justify><FONT face=serif size=2>The financial maintenance covenants
include (a) tangible net worth (as defined in the credit facility) of $1 billion
plus 50% of net income (without offset for losses) and 75% of net proceeds of
equity offerings since December 31, 2006; (b) a leverage ratio of not more than
3.50 to 1; (c) a fixed charge coverage ratio of not less than 2.50 to 1; and a
senior debt (as defined in the credit facility) to consolidated EBITDA ratio of
not more than 2.00 to 1. The computation of these ratios is more fully described
in Article 7 of the Vishay Intertechnology, Inc. Fourth Amended and Restated
Credit Agreement, which has been filed with the SEC as Exhibit 10.1 to our
current report on Form 8-K filed June 25, 2008, and is hereby incorporated by
reference.</FONT></P>
<P align=justify><FONT face=serif size=2>We were in compliance with all
covenants at December 31, 2008. Our tangible net worth, calculated pursuant to
the terms of the credit facility, was $1,294 million, which is $229 million more
than the minimum required under the related credit facility covenant. Our
leverage ratio, fixed charge coverage ratio, and senior debt ratio were 0.98 to
1, 9.36 to 1, and 0.70 to 1, respectively.</FONT></P>
<P align=justify><FONT face=serif size=2>Borrowings under the credit facility
are secured by pledges of stock in certain significant subsidiaries and certain
guarantees by significant subsidiaries. The subsidiaries would be required to
perform under the guarantees in the event that Vishay failed to make principal
or interest payments under the credit facility. Certain of our subsidiaries are
permitted to borrow under the credit facility. Any borrowings by these
subsidiaries under the credit facility are guaranteed by Vishay.</FONT></P>
<P align=justify><FONT face=serif size=2>As described above, we have utilized
the credit facility, including the new term loan commitment, to repurchase the
convertible subordinated notes in August 2008. The timing and location of
scheduled payments have also required us to draw on our revolving credit
facilities from time to time over the past year. While the timing and location
of scheduled payments for certain liabilities will require us to draw additional
amounts on our credit facility from time to time, for the next twelve months,
management expects that cash on-hand and cash flows from operations will be
sufficient to meet our normal operating requirements, to meet our obligations
under restructuring and acquisition integration programs, to fund scheduled debt
maturities, and to fund our research and development and capital expenditure
plans. Acquisition activity may require additional borrowing under our credit
facility or may otherwise require us to incur additional debt.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Economic Outlook and Impact on
Operations and Future Financial Results</FONT></B></P>
<P align=justify><FONT face=serif size=2>The worldwide financial crisis will
have direct and indirect impacts on our business operations and the amounts
reported in our consolidated financial statements. Many of these impacts are
related to inherent risks of our business, as more fully described in Part I,
Item 1A, &#147;Risk Factors,&#148; of this Annual Report on Form 10-K. Specifically, these
impacts could include, but are not limited to, the following:</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Orders, Revenues, and
Margins</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>A decline in product demand on a global
basis could result in order cancellations and deferrals, lower total revenues,
and lower average selling prices. Our customers may cancel orders if business is
weak and their inventories are excessive. We have experienced substantial
cancellations and/or deferrals of orders to future periods in the current
economic environment. A slowdown in demand or recessionary trends in the global
economy make it more difficult for us to predict our future sales and manage our
operations.</FONT></P>
<P align=center><FONT face=serif size=2>-58-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Declines in demand are driven by market
conditions in the end-use markets for our products. Changes in the demand mix,
needed technologies, and these end-use markets may adversely affect our ability
to match our products, inventory, and capacity to meet customer demand. This may
result in a material increase in excess or obsolete inventory and excess
capacity, which will reduce gross margins.</FONT></P>
<P align=justify><FONT face=serif size=2>Furthermore, a reduction in sales
volume may, in turn, result in a reduction of production volume. A reduction in
production volume would reduce the number of units available to absorb fixed
costs, increasing the costs of individual units produced and resulting in lower
gross margins when those units are sold.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Prices of Raw
Materials</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The prices of certain raw materials
used in our products, particularly precious metals, are highly volatile. From
time to time, we enter into purchase commitments to acquire these materials at
fixed prices. Our policy is to enter into short-term commitments to purchase
defined portions of annual consumption of these metals if market prices decline
below budget. For periods when the prices of these materials are declining, we
may be required to record losses on adverse purchase commitments, as we did in
the fourth quarter of 2008 as a result of rapid declines in the market prices
for copper, palladium, and certain other metals. Such declines might also
require us to write down our inventory carrying costs for these raw materials,
because we record our inventory at the lower of cost or market. Depending on the
extent of the difference between market price and our carrying cost or committed
purchase price, this write-down could have a material adverse effect on our net
earnings. For periods when the prices of these materials are increasing, we may
be unable to pass on the increased cost to our customers, which would result in
decreased margins for the products in which these materials are used.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Collectibility of Accounts
Receivable</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Due to Vishay&#146;s large number of
customers and their dispersion across many countries and industries, we have
limited exposure to concentrations of credit risk. However, further
deterioration of economic conditions could result in customers defaulting on
payment or delaying payment, which could have a material impact on our cash
flows and results of operations.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Acquisitions</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our growth strategy historically has
included expansion through acquisition of other manufacturers of electronic
components that have established positions in major markets, reputations for
product quality and reliability, and product lines with which we have
substantial marketing and technical expertise. In response to the uncertain
economic conditions, we do not plan to actively pursue acquisitions, but will
consider special opportunities should they arise. The failure to pursue
acquisitions could impede our future growth. Furthermore, if a special
opportunity should arise, our ability to finance the acquisition may be limited,
particularly in light of the current credit crisis.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Access to Capital
Markets</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In the United States, we presently have
a revolving credit facility with approximately $114 million of unused borrowing
capacity at December 31, 2008. We also have other committed and uncommitted
lines of credit available on a short-term basis in various countries around the
world. In light of the current environment, credit markets are functioning
differently than in the past, with key interest rate spreads increasing
substantially, and banks tightening lending standards. If Vishay were to require
additional capital, either to sustain normal operations, fund debt maturities,
or to pursue a strategic acquisition, we may be unable to obtain financing on
terms which we consider acceptable, if at all.</FONT></P>
<P align=center><FONT face=serif size=2>-59-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Interest Rates</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>We are exposed to changes in interest
rates as a result of our borrowing activities and our cash balances. Our credit
facility and our exchangeable notes due 2102 bear interest at variable rates
based on LIBOR. LIBOR fluctuated significantly during the period from June to
December 2008, from a low of 1.4% to a high of 4.8%, and in early 2009, when it
reached a low of 0.4%. A significant increase in LIBOR would significantly
increase our interest expense. A general increase in interest rates would be
largely offset by an increase in interest income earned on our cash balances.
However, their can be no assurance that the interest rate earned on cash
balances will move in tandem with the interest rate paid on our variable-rate
debt.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Impairment of
Assets</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>During 2008, we have recorded material
impairment charges to reduce the carrying value of our goodwill to zero, and to
reduce the carrying value of certain intangible assets and certain property and
equipment. These impairments are generally measured based on expected future
cash flows. A continued decline in market conditions could require us to assess
whether or not our assets are further impaired, and may require additional,
material impairment charges.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Capital
Expenditures</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>To preserve cash, we plan to defer
certain capital expenditures. This could limit our new product introductions or
our ability to meet customer demands. As a result, when the economy rebounds, we
may not have adequate manufacturing capacity, or we may have difficulty
expanding our manufacturing capacity, to satisfy demand.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Research and
Development</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our regular R&amp;D programs are
continuing and we will continue to roll out the new products that the market
demands. Some of our R&amp;D activities, however, have very long-term goals. To
reduce costs, we plan to defer certain projects.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Pension and Other Postretirement
Benefits</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Accounting for defined benefit pension
and other postretirement plans involves numerous assumptions and estimates. See
&#147;Critical Accounting Policies and Estimates &#150; Pension and Other Postretirement
Benefits&#148; above for a further discussion of the expected impact on 2009 net
periodic pension cost.</FONT></P>
<P align=justify><FONT face=serif size=2>Events in the financial markets have
led to declines in the fair value of investment securities held by our pension
plans. Negative investment returns could ultimately affect the funded status of
the plans, requiring additional cash contributions.</FONT></P>
<P align=justify><FONT face=serif size=2>In December 2008, the President of the
United States signed the Worker, Retiree, and Employer Recovery Act of 2008
(&#147;WRERA&#148;). WRERA provides certain relief from defined benefit plan funding
requirements. We are still evaluating the impact of WRERA on our U.S. defined
benefit pension plans. We anticipate making contributions to U.S. defined
benefit pension plans of between $20 million and $25 million in 2009, although
this amount could materially change based on our evaluation of WRERA.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Restructuring</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Due to the recessionary pressures, we
expect to restructure our operations to reduce our cost structure and to remain
competitive. In such restructuring programs, we seek to eliminate redundant
facilities and staff positions and move operations, where possible, to
jurisdictions with lower labor costs. During this process, we may experience
under-utilization of certain plants in high-labor-cost regions and capacity
constraints in plants located in low-labor-cost regions. This under-utilization
may result initially in production inefficiencies and higher costs. These costs
include those associated with compensation in connection with work force
reductions and increased depreciation costs in connection with the initiation or
expansion of production in lower-labor-cost regions. In addition, as we
implement transfers of certain of our operations we may experience strikes or
other types of labor unrest as a result of lay-offs or termination of our
employees in high-labor-cost countries.</FONT></P>
<P align=center><FONT face=serif size=2>-60-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Income Taxes</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>We have recorded deferred tax assets
representing future tax benefits, but may not be able to generate sufficient
income to realize these future tax benefits in certain jurisdictions. A
sustained decline in economic conditions could affect the ultimate realizability
of these deferred tax assets and could require us to record a valuation
allowance for these deferred tax assets.</FONT></P>
<P align=justify><FONT face=serif size=2>Based on our anticipated U.S. cash
requirements, we expect that we will need to repatriate additional cash to repay
the term loan outstanding under our credit facility, and have recorded
additional tax expense in 2008 on this expected transaction because such
earnings are not deemed to be indefinitely reinvested outside of the United
States. Depending on the length and severity of the recession, we may have
additional U.S. cash needs which may require us to repatriate additional cash
from our non-U.S. subsidiaries and incur additional tax expense.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Foreign
Currency</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Foreign currency exchange rates have
fluctuated significantly over the past year. We are exposed to foreign currency
exchange rate risks, particularly due to transactions in currencies other than
the functional currencies of certain subsidiaries. Economic uncertainty in the
current environment exacerbates the possibility of significant adverse movements
in foreign currency exchange rates which could, in turn, have a significantly
adverse effect on our operating results. See also &#147;Foreign Currency Translation&#148;
above for additional discussion and analysis of the effects of foreign
currency.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Contractual
Commitments</FONT></B></P>
<P align=justify><FONT face=serif size=2>As of December 31, 2008 we had
contractual obligations as follows </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=11><B><FONT face=serif size=2>Payments due by
  period</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Less than</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>1-3</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>4-5</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>After 5</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Total</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>1 year</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>years</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>years</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Long-term debt</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>346,675</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,044</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>100,187</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>125,918</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>107,526 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Interest
      payments on long-term debt</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>161,985</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>9,437</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>14,432</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>4,287</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>133,829
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Operating leases</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>135,636</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>25,400</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>40,812</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>26,208</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>43,216 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Expected pension
      and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; postretirement plan
      funding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>342,836</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>29,522</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>60,111</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>66,529</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>186,674
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Estimated costs to complete</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>construction
      in progress</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21,400</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6,600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Uncertain tax
      positions</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>47,778</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>2,023</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>45,755
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Purchase commitments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>116,087</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>61,608</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>36,274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,205</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Total
      contractual cash obligations</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;1,172,397</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      155,834</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      258,416</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      241,147</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      517,000 </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Commitments for interest payments on
long-term debt are based on the stated maturity dates of each agreement, one of
which bears a maturity date of 2102. Various factors could have a material
effect on the amount of future interest payments. Among other things, interest
commitments are based on the rate prevailing at December 31, 2008, but actual
rates are variable and are certain to change over time. Also, approximately $105
million of our outstanding debt is exchangeable for common stock at the option
of the holder, although the price of our common stock is currently substantially
below the level at which conversion would be economical. Commitments for
interest payments on long-term debt also include commitment fees under our
revolving credit facility, which expires in April 2012.</FONT></P>
<P align=center><FONT face=serif size=2>-61-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Our consolidated balance sheet at
December 31, 2008 includes approximately $47.8 million of liabilities associated
with uncertain tax positions in multiple taxing jurisdictions where we conduct
business. Of this amount, $2.0 million is expected to be paid in less than one
year. Due to the uncertain and complex application of tax regulations, combined
with the difficulty in predicting when tax audits throughout the world may be
concluded, with the exception of the $2.0 million described above, we cannot
make reliable estimates of the timing of cash outflows relating to these
liabilities. Accordingly, the remaining uncertain tax positions were classified
as payments due after five years.</FONT></P>
<P align=justify><FONT face=serif size=2>The purchase commitments in the table
above principally include certain metals and silicon wafers. The purchase
commitments for certain metals are at prices in excess of currently quoted
market prices.</FONT></P>
<P align=justify><FONT face=serif size=2>We maintain long-term foundry
agreements with subcontractors to ensure access to external front-end capacity
for our semiconductor products. The purchase commitments in the table above
include the estimated minimum commitments for silicon wafers under these
agreements. Our actual purchases in future periods are expected to be greater
than these minimum commitments.</FONT></P>
<P align=justify><FONT face=serif size=2>Generally accepted accounting
principles require that management evaluate if purchase commitments are at
prices in excess of current market price. The purchase commitments for silicon
wafers described above are for the manufacture of proprietary products using
Vishay Siliconix-owned technology licensed to this subcontractor by Siliconix,
and accordingly, management can only estimate the &#147;market price&#148; of the wafers
which are the subject of these commitments. Management believes that these
commitments are at prices which are not in excess of estimated current market
prices.</FONT></P>
<P align=justify><FONT face=serif size=2>For a further discussion of our
long-term debt, pensions and other postretirement benefits, leases, uncertain
tax positions, and purchase commitments, see Notes 5, 6, 11, 13, and 14 to our
consolidated financial statements.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Inflation</FONT></B></P>
<P align=justify><FONT face=serif size=2>Normally, inflation does not have a
significant impact on our operations as our products are not generally sold on
long-term contracts. Consequently, we can adjust our selling prices, to the
extent permitted by competition, to reflect cost increases caused by
inflation.</FONT></P>
<P align=justify><FONT face=serif size=2>See also Item 7A, &#147;Quantitative and
Qualitative Disclosures About Market Risk &#150; Commodity Price Risk&#148; for additional
related information.</FONT></P>
<P align=center><FONT face=serif size=2>-62-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Recent Accounting
Pronouncements</FONT></B></P>
<P align=justify><FONT face=serif size=2>As more fully described in Note 1 to
our consolidated financial statements, several new accounting pronouncements
became effective in 2008 or will become effective in future periods.</FONT></P>
<P align=justify><FONT face=serif size=2>The adoption of SFAS No. 141-R,
</FONT><I><FONT face=serif size=2>Business Combinations</FONT></I><FONT face=serif size=2>, effective January 1, 2009, will change the manner in which
Vishay accounts for acquisitions. While this new standard will impact all
companies that make acquisitions, certain aspects of the new standard will have
a particular impact on Vishay.</FONT></P>
<P align=justify><FONT face=serif size=2>A primary tenet of our business
strategy has been the expansion within the electronic components industry
through the acquisition of other manufacturers of electronic components that
have established positions in major markets, reputations for product quality and
reliability, and product lines with which we have substantial marketing and
technical expertise. Although we will not actively pursue acquisitions in the
current uncertain economic environment, we expect to resume acquisition activity
when the economy rebounds. Our acquisition strategy relies upon reducing
selling, general, and administrative expenses through the integration or
elimination of redundant sales offices and administrative functions at acquired
companies, and achieving significant production cost savings through the
transfer and expansion of manufacturing operations to countries where we can
benefit from lower labor costs and available tax and other government-sponsored
incentives.</FONT></P>
<P align=justify><FONT face=serif size=2>Under present accounting standards,
plant closure and employee termination costs that we incur in connection with
our acquisition activities are included in the costs of our acquisitions and do
not affect earnings or losses on our consolidated statement of operations. SFAS
No. 141-R will require such costs to be recorded as expenses in our consolidated
statement of operations, as such expenses are incurred.</FONT></P>
<P align=justify><FONT face=serif size=2>The adoption of FSP APB 14-1,
</FONT><I><FONT face=serif size=2>Accounting for Convertible Debt Instruments
That May be Settled in Cash upon Conversion (including partial cash
settlement)</FONT></I><FONT face=serif size=2> on January 1, 2009 will require
retroactive restatement of interest expense for the years ended December 31,
2007 and 2008. For Vishay, this would represent imputed interest expense related
to the convertible subordinated notes due 2023, which were substantially all
repurchased in August 2008. The impact of FSP APB 14-1 on the remaining
outstanding convertible notes is expected to be immaterial to future periods.
Vishay will report an increase in interest expense associated with these notes
for the full year of 2007 and the first three quarters of 2008. Vishay estimates
that the retrospective application of this FSP will reduce reported net earnings
for the year ended December 31, 2007 by approximately $23 million, and increase
the reported net loss for the year ended December 31, 2008 by approximately $1
million.</FONT></P>
<P align=justify><FONT face=serif size=2>Except as described above, the adoption
of the new standards described in Note 1 to our consolidated financial
statements is not expected to have a material effect on our financial position,
results of operations, or liquidity.</FONT></P>
<P align=center><FONT face=serif size=2>-63-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Item 7A</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></U></B></P>
<P align=justify><B><FONT face=serif size=2>Market Risk
Disclosure</FONT></B></P>
<P align=justify><FONT face=serif size=2>We are exposed to certain financial
risks, including fluctuations in foreign currency exchange rates, interest
rates, and commodity prices. We manage our exposure to these market risks
through internally established policies and procedures and, when deemed
appropriate, through the use of derivative financial instruments. Our policies
do not allow speculation in derivative instruments for profit or execution of
derivative instrument contracts for which there are no underlying exposures. We
do not use financial instruments for trading purposes and we are not a party to
any leveraged derivatives. We monitor our underlying market risk exposures on an
ongoing basis and believe that we can modify or adapt our hedging strategies as
needed.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Interest Rate Risk</FONT></B></P>
<P align=justify><FONT face=serif size=2>We are exposed to changes in interest
rates as a result of our borrowing activities and our cash balances. On a
selective basis, we have in the past entered into interest rate swap or cap
agreements to reduce the potential negative impact that increases in interest
rates could have on our outstanding variable rate debt. As of December 31, 2008,
2007, and 2006 we did not have any outstanding interest rate swap or cap
agreements.</FONT></P>
<P align=justify><FONT face=serif size=2>We are exposed to changes in interest
rates on substantially all of our outstanding debt. The exchangeable notes, of
which $105 million are outstanding, bear interest at LIBOR (reset
quarterly).</FONT></P>
<P align=justify><FONT face=serif size=2>The interest paid on our credit
facility is based on a LIBOR spread. At December 31, 2008, we had $125 million
outstanding under the revolving credit facility and $112.5 million outstanding
under the term loan facility, due to the repurchase of the convertible
subordinated notes on August 1, 2008. The present amounts outstanding under the
revolving credit facility bear interest at LIBOR plus 1.00%, and the term loan
bears interest at LIBOR plus 2.50%.</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, we have $324
million of cash and cash equivalents, which accrues interest at various variable
rates.</FONT></P>
<P align=justify><FONT face=serif size=2>Based on the debt and cash positions at
December 31, 2008, we would expect a 50 basis point increase or decrease in
interest rates to increase or decrease our annualized net earnings by
approximately $0.7 million.</FONT></P>
<P align=justify><FONT face=serif size=2>See Note 6 to our consolidated
financial statements for additional information about our long-term debt. Also
see &#147;Economic Outlook and Impact on Operations and Future Financial Results&#148;
included in Item 7, &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148; for additional discussion of market risks.</FONT></P>
<P align=center><FONT face=serif size=2>-64-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Foreign Exchange Risk</FONT></B></P>
<P align=justify><FONT face=serif size=2>We are exposed to foreign currency
exchange rate risks, particularly due to market values of transactions in
currencies other than the functional currencies of certain subsidiaries. From
time to time, we utilize forward contracts to hedge a portion of projected cash
flows from these exposures. As of December 31, 2008, we did not have any
outstanding foreign currency forward exchange contracts.</FONT></P>
<P align=justify><FONT face=serif size=2>Our significant foreign subsidiaries
are located in Germany, Israel, and Asia. We finance our operations in Europe
and certain locations in Asia in local currencies. Our operations in Israel and
most significant locations in Asia are largely financed in U.S. dollars, but
these subsidiaries also have significant transactions in local currencies. Our
exposure to foreign currency risk is mitigated to the extent that the costs
incurred and the revenues earned in a particular currency offset one another.
Our exposure to foreign currency risk is more pronounced in situations where,
for example, production labor costs are predominantly paid in local currencies
while the sales revenue for those products is denominated in U.S. dollars. This
situation is particularly evident for products produced in Israel, the Czech
Republic, and China.</FONT></P>
<P align=justify><FONT face=serif size=2>We estimate that a 10% movement in the
value of the U.S. dollar against all foreign currencies would impact our net
earnings by approximately $3.7 million, although individual line items in our
consolidated statement of operations would be materially affected. For example,
a 10% weakening in all foreign currencies would increase the U.S. dollar
equivalent of operating income generated in foreign currencies, which would be
offset by foreign exchange losses of our foreign subsidiaries that have
significant transactions in U.S. dollars or have the U.S. dollar as their
functional currency.</FONT></P>
<P align=justify><FONT face=serif size=2>If the U.S. dollar strengthened or
weakened by 10% versus each of the following foreign currencies, with all other
currencies being held constant, we estimate that our net earnings would increase
(decrease) as follows </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=3><B><FONT face=serif size=2>10% Strengthening</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=3><B><FONT face=serif size=2>10% Weakening</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><B><FONT face=serif size=2>Currency:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=serif size=2>Euro</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>(4,200</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>4,200</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face=serif size=2>Israeli shekel</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>6,600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>(6,600</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=serif size=2>British
      pound</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>(1,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>1,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face=serif size=2>Taiwan dollar</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>(800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=serif size=2>Chinese
      renminbi</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>600</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>(600</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face=serif size=2>Singapore dollar</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>(500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=serif size=2>Hong Kong
      dollar</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>400</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>(400</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face=serif size=2>Czech koruna</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>(400</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>400</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=serif size=2>Hungarian
      forint</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>(300</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="15%"><FONT face=serif size=2>300</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face=serif size=2>Philippines peso</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>300</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>(300</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=serif size=2>All other
      currencies, net</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="15%"><FONT face=serif size=2>1,400</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="15%"><FONT face=serif size=2>(1,400</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" bgColor=#c0c0c0><FONT face=serif size=2>All currencies simultaneously</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>3,700</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="15%" bgColor=#c0c0c0><FONT face=serif size=2>(3,700</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>A change in the mix of the currencies
in which we transact our business could have a material effect on the estimated
impact of the hypothetical 10% movement in the value of the U.S. dollar.
Furthermore, the timing of cash receipts and disbursements could result in
materially different actual results versus the hypothetical 10% movement in the
value of the U.S. dollar, particularly if there are significant changes in
exchange rates in a short period of time.</FONT></P>
<P align=center><FONT face=serif size=2>-65-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Commodity Price Risk</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>Although most materials incorporated in
our products are available from a number of sources, certain materials are
available only from a relatively limited number of suppliers or are subject to
significant price volatility. Our results of operations may be materially and
adversely affected if we have difficulty obtaining these raw materials, the
quality of available raw materials deteriorates, or there are significant price
changes for these raw materials. For periods in which the prices of these raw
materials are rising, we may be unable to pass on the increased cost to our
customers which would result in decreased margins for the products in which they
are used. For periods in which the prices are declining, we may be required to
write down our inventory carrying cost of these raw materials, since we record
our inventory at the lower of cost or market. Depending on the extent of the
difference between market price and our carrying cost, this write-down could
have a material adverse effect on our net earnings. We also may need to record
losses for adverse purchase commitments for these materials in periods of
declining prices. </FONT></P>
<P align=justify><FONT face=serif size=2>We are a major consumer of the world&#146;s
annual production of tantalum, a metal used in the manufacturing of tantalum
capacitors. There are few suppliers that process tantalum ore into capacitor
grade tantalum powder. We are acquiring tantalum raw material from all of them
under short-term commitments. See Note 14 to our consolidated financial
statements for information on our previous long-term tantalum purchase
commitments, which expired in 2006. </FONT></P>
<P align=justify><FONT face=serif size=2>Palladium, a metal used to produce
multi-layer ceramic capacitors, is currently found primarily in South Africa and
Russia. Palladium is a commodity metal that is subject to price volatility. We
periodically enter into short-term commitments to purchase palladium.
</FONT></P>
<P align=justify><FONT face=serif size=2>Certain metals used in the manufacture
of our products are traded on active markets, and can be subject to significant
price volatility. Our policy is to enter into short-term commitments to purchase
defined portions of annual consumption of these metals if market prices decline
below budget. For much of 2008, these metals were trading near all-time
record-high prices. During the fourth quarter of 2008, as metals prices declined
significantly from these record-high prices, we entered into commitments to
purchase a portion of our estimated 2009 metals needs, principally for copper
and palladium. After entering into these commitments, the market prices for
these metals continued to decline. As a result, we recorded losses on these
adverse purchase commitments during the fourth quarter of 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>We estimate that a 10% increase or
decrease in the costs of raw materials subject to commodity price risk would
decrease or increase our net earnings by $8.6 million, assuming that such
changes in our costs have no impact on the selling prices of our products and
that we have no pending commitments to purchase metals at fixed prices.
</FONT></P>
<P align=justify><FONT face=serif size=2>The declines in metals prices
experienced during the latter half of 2008 were more significant than the
hypothetical 10% change in prices cited above. For example, the market price of
copper at December 31, 2008 was over 60% lower than the record-high price
attained earlier in 2008. Our purchase commitments as of December 31, 2008 only
represent a portion of our 2009 metals needs. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%">
      <P align=justify><B><U><FONT face=serif size=2>Item
      8</FONT></U></B><B><FONT face=serif size=2>.</FONT></B></P></TD>
    <TD vAlign=top noWrap width="98%"><FONT size=2><FONT face=serif>&nbsp;<B><FONT face=serif size=2><U>FINANCIAL STATEMENTS AND
      SUPPLEMENTARY DATA</U></FONT></B></FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="99%" colSpan=2>
      <P align=justify><FONT face=serif size=2>The financial statements required
      by this Item are included herein, commencing on page F-1 of this
      report.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"><STRONG><FONT size=2><U>Item 9</U><FONT face=serif>.</FONT></FONT></STRONG></TD>
    <TD vAlign=top noWrap width="98%">
      <P align=justify><FONT face=serif size=2>&nbsp;<U><B>CHANGES IN AND
      DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE</B></U></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="98%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="99%" colSpan=2>
      <P align=justify><FONT face=serif size=2>None.
</FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;</P>
<P align=center><FONT face=serif size=2>-66- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Item 9A</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>CONTROLS AND
PROCEDURES</FONT></U></B><FONT face=serif> </FONT></P>
<P align=justify><B><FONT face=serif size=2>Conclusion Regarding the
Effectiveness of Disclosure Controls and Procedures</FONT></B></P>
<P align=justify><FONT face=serif size=2>An evaluation was performed under the
supervision and with the participation of our management, including the Chief
Executive Officer (&#147;CEO&#148;) and Chief Financial Officer (&#147;CFO&#148;), of the
effectiveness of the design and operation of our disclosure controls and
procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e)
promulgated under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;). Based on that evaluation, our CEO and CFO concluded that our disclosure
controls and procedures were effective as of the end of the period covered by
this annual report to ensure that information required to be disclosed in
reports that we file or submit under the Exchange Act are: (1) recorded,
processed, summarized, and reported within the time periods specified in the
SEC&#146;s rules and forms; and (2) accumulated and communicated to our management,
including our CEO and CFO, as appropriate to allow timely decisions regarding
required disclosure.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Management&#146;s Report on Internal
Control Over Financial Reporting</FONT></B></P>
<P align=justify><FONT face=serif size=2>Our management is responsible for
establishing and maintaining adequate internal control over financial reporting,
as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the
supervision and with the participation of our management, including our CEO and
CFO, we conducted an evaluation of the effectiveness of our internal control
over financial reporting as of December 31, 2008 based on the framework set
forth in </FONT><I><FONT face=serif size=2>Internal Control - Integrated
Framework </FONT></I><FONT face=serif size=2>issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on that evaluation,
our management concluded that our internal control over financial reporting was
effective as of December 31, 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>Our independent registered public
accounting firm, Ernst &amp; Young LLP, has audited our consolidated financial
statements as of December 31, 2008 and 2007, and for each of the three years in
the period ended December 31, 2008, and has expressed an unqualified opinion on
those consolidated financial statements, as stated in their report which is
included herein on page F-2. Ernst &amp; Young LLP has also issued an
attestation report on the effectiveness of our internal control over financial
reporting, as stated in their report which is included herein on page F-3.
</FONT></P>
<P align=justify><B><FONT face=serif size=2>Changes in Internal Control Over
Financial Reporting </FONT></B></P>
<P align=justify><FONT face=serif size=2>There were no changes in our internal
control over financial reporting during the period covered by this report that
have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Certifications </FONT></B></P>
<P align=justify><FONT face=serif size=2>The certifications of our CEO and CFO
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibits
31.1 and 31.2 to this Annual Report on Form 10-K. We have also filed with the
New York Stock Exchange the most recent Annual Certification as required by
Section 303A.12(a) of the New York Stock Exchange Listed Company
Manual.</FONT></P>
<P align=justify><B><U><FONT face=serif size=2>Item 9B</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>OTHER
INFORMATION</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>None. </FONT></P>
<P align=center><FONT face=serif size=2>-67- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><U><FONT face=serif size=2>PART III</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><U><FONT face=serif size=2>Item 10</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>DIRECTORS,
EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>We have a code of ethics applicable to
our Chief Executive Officer, Chief Financial Officer, Principal Accounting
Officer or Controller, and financial managers. The text of this code has been
posted on our website. To view the code, go to our website at ir.vishay.com and
click on Corporate Governance. You can obtain a printed copy of this code, free
of charge, by contacting us at the following address: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Corporate
      Investor Relations</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Vishay
      Intertechnology, Inc.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>63 Lancaster
      Avenue</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face=serif size=2>Malvern, PA
      19355-2143</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>It is our intention to satisfy the
disclosure requirement under Item 5.05 of Form 8-K regarding any amendment to,
or any waiver from, a provision of this code by posting such information on our
website, at the aforementioned address and location. </FONT></P>
<P align=justify><FONT face=serif size=2>Certain information required under this
Item with respect to our Executive Officers is set forth in Part I hereof under
the caption &#147;Executive Officers of the Registrant.&#148;</FONT></P>
<P align=justify><FONT face=serif size=2>Other information required under this
Item will be contained in our definitive proxy statement, which will be filed
within 120 days of December 31, 2008, our most recent fiscal year end, and is
incorporated herein by reference. </FONT></P>
<P align=justify><B><U><FONT face=serif size=2>Item 11</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>EXECUTIVE
COMPENSATION</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Information required under this Item
will be contained in our definitive proxy statement, which will be filed within
120 days of December 31, 2008, our most recent fiscal year end, and is
incorporated herein by reference. </FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><STRONG><FONT size=2><FONT face=serif><U>Item 12</U>.&nbsp;</FONT></FONT></STRONG></TD>
    <TD vAlign=top width="98%">
      <P align=justify><FONT face=serif size=2><STRONG><U>SECURITY OWNERSHIP OF
      CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
      MATTERS</U></STRONG></FONT></P></TD></TR></TABLE>
<P align=justify><FONT face=serif size=2>Information required under this Item
will be contained in our definitive proxy statement, which will be filed within
120 days of December 31, 2008, our most recent fiscal year end, and is
incorporated herein by reference. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><STRONG><FONT size=2><FONT face=serif><U>Item 13</U>.&nbsp;</FONT></FONT></STRONG></TD>
    <TD vAlign=top width="98%">
      <P align=justify><FONT face=serif size=2><STRONG><U>CERTAIN RELATIONSHIPS
      AND RELATED TRANSACTIONS, AND DIRECTOR
    INDEPENDENCE</U></STRONG></FONT></P></TD></TR></TABLE>
<P align=justify><FONT face=serif size=2>Information required under this Item
will be contained in our definitive proxy statement, which will be filed within
120 days of December 31, 2008, our most recent fiscal year end, and is
incorporated herein by reference. </FONT></P>
<P align=justify><B><U><FONT face=serif size=2>Item 14</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>PRINCIPAL
ACCOUNTING FEES AND SERVICES</FONT></U></B><B><FONT face=serif size=2>
</FONT></B><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>Information required under this Item
will be contained in our definitive proxy statement, which will be filed within
120 days of December 31, 2008, our most recent fiscal year end, and is
incorporated herein by reference. </FONT></P>
<P align=center><FONT face=serif size=2>-68- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><U><FONT face=serif size=2>PART IV</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><U><FONT face=serif size=2>Item 15</FONT></U></B><B><FONT face=serif size=2>. </FONT></B><B><U><FONT face=serif size=2>EXHIBITS, FINANCIAL
STATEMENT SCHEDULES</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>(a) </FONT><U><FONT face=serif size=2>Documents Filed as Part of Form 10-K</FONT></U><FONT face=serif size=2>
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%" colSpan=3>
      <P align=justify><U><FONT face=serif size=2>Financial
      Statements</FONT></U></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%" colSpan=3>
      <P align=justify><FONT face=serif size=2>The Consolidated Financial
      Statements for the year ended December 31, 2008 are filed herewith. See
      Index to the Consolidated Financial Statements on page F-1 of this
      report.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%" colSpan=3>
      <P align=justify><U><FONT face=serif size=2>Financial Statement
      Schedules</FONT></U></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%" colSpan=3>
      <P align=justify><FONT face=serif size=2>All financial statement schedules
      for which provision is made in the applicable accounting regulation of the
      Securities and Exchange Commission are not required under the related
      instructions or are inapplicable and therefore have been
      omitted.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%" colSpan=3>
      <P align=justify><U><FONT face=serif size=2>Exhibits</FONT></U></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Master Purchase Agreement dated
      as of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of International Rectifier Canada Limited, International
      Rectifier Electronic Motion Systems Ltd., IR Germany Holdings GmbH,
      International Rectifier (India) Limited, International Rectifier
      Corporation Italiana S.p.A. and Xi&#146;an IR Micro-Electronics Co., Ltd. and
      certain of the assets of International Rectifier Corporation. Incorporated
      by reference to Exhibit 2.1 to International Rectifier Corporation&#146;s
      current report on Form 8-K filed November 14, 2006.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Asset Purchase Agreement dated as
      of November 8, 2006, by and among Vishay Intertechnology, Inc.,
      International Rectifier Corporation, and International Rectifier Southeast
      Asia Pte, Ltd. with respect to certain assets of International Rectifier&#146;s
      Power Control Systems Business. Incorporated by reference to Exhibit 2.2
      to International Rectifier Corporation&#146;s current report on Form 8-K filed
      November 14, 2006.&nbsp;</FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.3</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Stock Purchase Agreement dated as
      of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of International Rectifier Electronic Motion Systems Ltd.
      Incorporated by reference to Exhibit 2.3 to International Rectifier
      Corporation&#146;s current report on Form 8-K filed November 14,
      2006.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.4</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Stock Purchase Agreement dated as
      of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of International Rectifier Canada Limited. Incorporated by
      reference to Exhibit 2.4 to International Rectifier Corporation&#146;s current
      report on Form 8-K filed November 14, 2006.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.5</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Stock Purchase Agreement dated as
      of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of IR Germany Holdings GmbH. Incorporated by reference to
      Exhibit 2.5 to International Rectifier Corporation&#146;s current report on
      Form 8-K filed November 14, 2006.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.6</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Stock Purchase Agreement dated as
      of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of International Rectifier (India) Limited. Incorporated by
      reference to Exhibit 2.6 to International Rectifier Corporation&#146;s current
      report on Form 8-K filed November 14, 2006.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap align=left><FONT face=serif size=2>2.7</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face=serif size=2>Stock Purchase Agreement dated as
      of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of International Rectifier Corporation Italiana S.p.A.
      Incorporated by reference to Exhibit 2.3 to International Rectifier
      Corporation&#146;s current report on Form 8-K filed November 14,
      2006.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>-69- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=right width="1%">&nbsp;&nbsp;</TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>2.8</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Stock Purchase Agreement dated as
      of November 8, 2006, by and between Vishay Intertechnology, Inc. and
      International Rectifier Corporation with respect to all outstanding
      capital stock of Xi&#146;an IR Micro-Electronics Co., Ltd. Incorporated by
      reference to Exhibit 2.8 to International Rectifier Corporation&#146;s current
      report on Form 8-K filed November 14, 2006.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>2.9*</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Amendment and Waiver Agreement,
      dated as of March 30, 2007, by and between Vishay Intertechnology, Inc.,
      Siliconix inc., V.I.E.C., Ltd., Vishay Europe GmbH, Siliconix
      Semiconductor, Inc. (acting in its function as managing partner of the
      limited partnership, Siliconix Technology C.V.), Vishay Americas, Inc.,
      Vishay Asia Logistics Pte. Ltd., and International Rectifier Corporation,
      International Rectifier Southeast Asia Pte, Ltd and IR International
      Holdings China, Inc. Incorporated by reference to Exhibit 2.1 to
      International Rectifier Corporation&#146;s current report on Form 8-K filed
      April 9, 2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>2.10</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Asset Purchase Agreement dated as
      of September 15, 2008, by and between KEMET Electronics Corporation (a
      wholly-owned subsidiary of KEMET Corporation) and Siliconix Technology
      C.V. (a wholly-owned subsidiary of Vishay Intertechnology, Inc.).
      Incorporated by reference to Exhibit 2.1 to our quarterly report on Form
      10-Q for the fiscal quarter ended September 27, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>3.1</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Amended and Restated Certificate
      of Incorporation of Vishay Intertechnology, Inc. dated May 28, 2008.
      Incorporated by reference to Exhibit 3.1 to our current report on Form 8-K
      filed May 28, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>3.2</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Amended and Restated Bylaws dated
      May 28, 2008. Incorporated by reference to Exhibit 3.2 to our current
      report on Form 8-K filed May 28, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>4.1</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Warrant Agreement between Vishay
      Intertechnology, Inc. and American Stock Transfer &amp; Trust Co., dated
      December 13, 2002. Incorporated by reference to Exhibit 4.1 to our current
      report on Form 8-K filed December 23, 2002.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>4.2</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Note Instrument, dated as of
      December 13, 2002. Incorporated by reference to Exhibit 4.3 to our current
      report on Form 8-K filed December 23, 2002.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>4.3</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Indenture, dated as of August 6,
      2003, by and between Vishay Intertechnology, Inc. and Wachovia Bank,
      National Association. Incorporated by reference to Exhibit 4.1 to our
      Registration Statement on Form S-3 (No. 333-110259) filed on November 5,
      2003.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.1</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Vishay Intertechnology Section
      162(m) Cash Bonus Plan. Incorporated by reference to Annex B to our Proxy
      Statement, dated April 7, 2004, for our 2004 Annual Meeting of
      Stockholders.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.2</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Vishay Intertechnology Senior
      Executive Phantom Stock Plan. Incorporated by reference to Annex C to our
      Proxy Statement, dated April 7, 2004, for our 2004 Annual Meeting of
      Stockholders.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.3</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Vishay Intertechnology, Inc.
      Fourth Amended and Restated Credit Agreement, dated as of June 24, 2008.
      Incorporated by reference to Exhibit 10.1 to our current report on Form
      8-K filed June 25, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.4</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>First Amendment to the Vishay
      Intertechnology, Inc. Fourth Amended and Restated Credit Agreement.
      Incorporated by reference to Exhibit 10.1 to our current report on Form
      8-K filed December 16, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.5</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Vishay Intertechnology, Inc. 1998
      Stock Option Program. Incorporated by reference to our Proxy Statement,
      dated April 16, 1998, for our 1998 Annual Meeting of
      Stockholders.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.6</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Amendment to Section 4.1 of
      Vishay&#146;s 1998 Stock Option Program. Incorporated by reference to Proposal
      Three, included in our Proxy Statement, dated April 16, 2007, for our 2007
      Annual Meeting of Stockholders.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.7</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>General Semiconductor, Inc.
      Amended and Restated 1998 Long-Term Incentive Plan as amended on February
      7, 2001. Incorporated by reference to Exhibit 10.9 to General
      Semiconductor&#146;s annual report on Form 10-K for the year ended December 31,
      2000.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.8</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Vishay Intertechnology, Inc. 2007
      Stock Incentive Program (as amended and restated effective April 2008).
      Incorporated by reference to Annex A to our Proxy Statement, dated April
      16, 2008, for our 2008 Annual Meeting of Stockholders.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.9</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="95%">
      <P align=justify><FONT face=serif size=2>Money Purchase Plan Agreement of
      Measurements Group, Inc. Incorporated by reference to Exhibit 10(a)(6) to
      Amendment No. 1 to our Registration Statement on Form S-7 (No.
      2-69970).</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>-70- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%">&nbsp;&nbsp;</TD>
    <TD vAlign=top align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.10</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Securities Investment and
      Registration Rights Agreement by and among Vishay Intertechnology, Inc.
      and the Original Holders (as defined), dated as of December 13, 2002.
      Incorporated by reference to Exhibit 4.4 to our current report on Form 8-K
      filed December 23, 2002.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.11</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Note Purchase Agreement between
      Vishay Intertechnology, Inc. and Subscribers (as defined), dated as of
      December 13, 2002. Incorporated by reference to Exhibit 4.2 to our current
      report on Form 8-K filed December 23, 2002.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.12</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Put and Call Agreement between
      Vishay Intertechnology, Inc. and the Initial Holders (as defined), dated
      as of December 13, 2002. Incorporated by reference to Exhibit 4.5 to our
      current report on Form 8-K filed December 23, 2002.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.13</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Employment agreement, between
      Vishay Intertechnology, Inc. and Dr. Felix Zandman. Incorporated by
      reference to Exhibit 10.1 to our quarterly report on Form 10-Q for the
      fiscal quarter ended October 2, 2004.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.14</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Employment agreement, between
      Vishay Israel Ltd. (a wholly owned subsidiary of Vishay Intertechnology,
      Inc.) and Marc Zandman. Incorporated by reference to Exhibit 10.2 to our
      quarterly report on Form 10-Q for the fiscal quarter ended October 2,
      2004.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.15</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Employment agreement, between
      Vishay Europe GmbH (an indirect wholly owned subsidiary of Vishay
      Intertechnology, Inc.) and Dr. Gerald Paul. Incorporated by reference to
      Exhibit 10.3 to our quarterly report on Form 10-Q for the fiscal quarter
      ended October 2, 2004.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.16</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Employment agreement, between
      Vishay Intertechnology, Inc. and Richard N. Grubb. Incorporated by
      reference to Exhibit 10.4 to our quarterly report on Form 10-Q for the
      fiscal quarter ended October 2, 2004.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.17</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Consulting and Non-Competition
      Agreement between Vishay Intertechnology, Inc. and Richard N.
      Grubb.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.18</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Employment agreement, between
      Vishay Israel Ltd. (a wholly owned subsidiary of Vishay Intertechnology,
      Inc.) and Ziv Shoshani. Incorporated by reference to Exhibit 10.5 to our
      quarterly report on Form 10-Q for the fiscal quarter ended October 2,
      2004.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.19</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Employment agreement, between
      Vishay Intertechnology, Inc. and Dr. Lior E. Yahalomi. Incorporated by
      reference to Exhibit 10.1 to our current report on Form 8-K/A filed
      December 10, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.20</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Technology License Agreement,
      dated as of April 1, 2007, by and between International Rectifier
      Corporation and Vishay Intertechnology, Inc. Incorporated by reference to
      Exhibit 99.1 to International Rectifier Corporation&#146;s current report on
      Form 8-K filed April 9, 2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.21</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Technology License Back
      Agreement, dated as of April 1, 2007, by and between Vishay
      Intertechnology, Inc. and International Rectifier Corporation.
      Incorporated by reference to Exhibit 99.2 to International Rectifier
      Corporation&#146;s current report on Form 8-K filed April 9,
  2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.22</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Trademark License Agreement,
      dated as of April 1, 2007, by and between International Rectifier
      Corporation and Vishay Intertechnology, Inc. Incorporated by reference to
      Exhibit 99.3 to International Rectifier Corporation&#146;s current report on
      Form 8-K filed April 9, 2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.23</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>IR Trademark License Agreement,
      dated as of April 1, 2007, by and between International Rectifier
      Corporation and Vishay Intertechnology, Inc. Incorporated by reference to
      Exhibit 99.4 to International Rectifier Corporation&#146;s current report on
      Form 8-K filed April 9, 2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.24</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Amended and Restated Transition
      Services Agreement, dated as of April 1, 2007, by and between
      International Rectifier Corporation and Vishay Intertechnology, Inc.
      Incorporated by reference to Exhibit 99.5 to International Rectifier
      Corporation&#146;s current report on Form 8-K filed April 9,
  2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.25*</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Transition Product Services
      Agreement, dated as of April 1, 2007, by and between International
      Rectifier Corporation, International Rectifier Southeast Asia Pte. Ltd.,
      Vishay Intertechnology, Inc., and Vishay Asia Logistics Pte. Ltd.
      Incorporated by reference to Exhibit 99.6 to International Rectifier
      Corporation&#146;s current report on Form 8-K filed April 9,
  2007.</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-71- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.26</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Transition Buy Back Die Supply
      Agreement, dated as of April 1, 2007, by and between International
      Rectifier Corporation and Vishay Intertechnology, Inc. Incorporated by
      reference to Exhibit 99.7 to International Rectifier Corporation&#146;s current
      report on Form 8-K filed April 9, 2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.27</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Transition IGBT/Auto Die Supply
      Agreement, dated as of April 1, 2007, by and between International
      Rectifier Corporation and Vishay Intertechnology, Inc. Incorporated by
      reference to Exhibit 99.8 to International Rectifier Corporation&#146;s current
      report on Form 8-K filed April 9, 2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.28</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Indemnification Escrow Agreement,
      dated as of April 1, 2007, by and among Vishay Intertechnology, Inc.,
      International Rectifier Corporation and Union Bank of California, N.A., as
      escrow agent. Incorporated by reference to Exhibit 99.9 to International
      Rectifier Corporation&#146;s current report on Form 8-K filed April 9,
      2007.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.29</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Loan Agreement dated as of
      September 15, 2008, between KEMET Electronics Corporation and Vishay
      Intertechnology, Inc. Incorporated by reference to Exhibit 10.1 to our
      quarterly report on Form 10-Q for the fiscal quarter ended September 27,
      2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>10.30</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Pledge and Security Agreement
      dated as of September 15, 2008 made by KEMET Electronics Corporation in
      favor of Vishay Intertechnology, Inc. Incorporated by reference to Exhibit
      10.1 to our quarterly report on Form 10-Q for the fiscal quarter ended
      September 27, 2008.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>21</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Subsidiaries of the
      Registrant.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>23.1</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Consent of Independent Registered
      Public Accounting Firm.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>31.1</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Certification pursuant to Rules
      13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as
      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 &#150; Chief
      Executive Officer.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>31.2</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Certification pursuant to Rules
      13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as
      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 &#150; Chief
      Financial Officer.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>32.1</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Certification Pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002 &#150; Chief Executive Officer.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%">&nbsp; </TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>32.2</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=justify><FONT face=serif size=2>Certification Pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002 &#150; Chief Financial
  Officer.</FONT></P></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%">
      <P align=justify><FONT face=serif size=2>* International Rectifier
      Corporation has requested confidential treatment with respect to certain
      portions of this agreement, which have been omitted from the exhibit. The
      omitted portions have been filed separately by International Rectifier
      with the Securities and Exchange Commission. Certain schedules have been
      omitted in reliance upon Item 601(b)(2) of Regulation S-K. Vishay agrees
      to furnish the SEC, supplementally, a copy of any omitted schedule upon
      request.</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-72- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><U><FONT face=serif size=2>SIGNATURES</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Pursuant to the requirement 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>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><FONT face=serif size=2>VISHAY
      INTERTECHNOLOGY, INC.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>By:<FONT size=3>&nbsp;&nbsp;</FONT></FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT face=serif size=2>/s/ Gerald Paul</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>Dr. Gerald
      Paul</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>President and
      Chief Executive Officer</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>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 below. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><U><FONT face=serif size=2>Signature</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="35%"><B><U><FONT face=serif size=2>Title</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="24%"><B><U><FONT face=serif size=2>Date</FONT></U></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><I><FONT face=serif size=2>Principal
      Executive Officer:</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Gerald Paul</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>President, Chief
      Executive Officer, and Director</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Dr. Gerald
      Paul</FONT>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2></FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="35%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><I><FONT face=serif size=2>Principal
      Financial Officer:</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Lior E. Yahalomi</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Executive Vice
      President and Chief Financial Officer</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Dr. Lior E.
      Yahalomi</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2></FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><I><FONT face=serif size=2>Principal
      Accounting Officer:</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Lori Lipcaman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Executive Vice
      President and Chief Accounting Officer</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Lori
      Lipcaman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2></FONT></TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><I><FONT face=serif size=2>Board of
      Directors:</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Felix Zandman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Executive
      Chairman of the Board of Directors</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Dr. Felix
      Zandman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2></FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Marc Zandman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Vice-Chairman of
      the Board of Directors</FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Marc
      Zandman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2></FONT></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Zvi Grinfas</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Zvi
      Grinfas</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Eli Hurvitz</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Eli
      Hurvitz</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Abraham Ludomirski</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Abraham
      Ludomirski</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-73- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Wayne M. Rogers</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Wayne M.
      Rogers</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Ronald M. Ruzic</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Ronald M.
      Ruzic</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Ziv Shoshani</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Ziv
      Shoshani</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Thomas C. Wertheimer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Thomas C.
      Wertheimer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%"><FONT face=serif size=2>/s/ Ruta Zandman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2>Ruta
      Zandman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-74- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=4>Vishay Intertechnology,
Inc.</FONT></B></P>
<P align=center><FONT face=serif size=2><B>Index to Consolidated Financial
Statements </B></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>Reports of Independent Registered Public Accounting
      Firm</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>F-2</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>Audited Consolidated Financial Statements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face=serif size=2>Consolidated
      Balance Sheets</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>F-4</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>Consolidated Statements of Operations</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>F-6</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face=serif size=2>Consolidated
      Statements of Cash Flows</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>F-7</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>Consolidated Statements of Stockholders&#146; Equity</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>F-8</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face=serif size=2>Notes to
      Consolidated Financial Statements</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>F-10</FONT>
  </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>Report of Independent Registered
Public Accounting Firm<BR>on the Consolidated Financial Statements
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The Board of Directors and Stockholders
of Vishay Intertechnology, Inc.:</FONT><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We have audited the accompanying
consolidated balance sheets of Vishay Intertechnology, Inc. as of December 31,
2008 and 2007, and the related consolidated statements of operations,
stockholders&#146; equity, and cash flows for each of the three years in the period
ended December 31, 2008. These financial statements are the responsibility of
the Company&#146;s management. Our responsibility is to express an opinion on these
financial statements based on our audits. </FONT></P>
<P align=justify><FONT face=serif size=2>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.
</FONT></P>
<P align=justify><FONT face=serif size=2>In our opinion, the financial
statements referred to above present fairly, in all material respects, the
consolidated financial position of Vishay Intertechnology, Inc. at December 31,
2008 and 2007, and the consolidated results of its operations and its cash flows
for each of the three years in the period ended December 31, 2008, in conformity
with U.S. generally accepted accounting principles. </FONT></P>
<P align=justify><FONT face=serif size=2>As discussed in Note 5 to the
consolidated financial statements, effective January 1, 2007, Vishay
Intertechnology, Inc. adopted Financial Accounting Standards Board
Interpretation No. 48, </FONT><I><FONT face=serif size=2>Accounting for
Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109.
</FONT></I><FONT face=serif size=2>Also, as discussed in Note 11 to the
consolidated financial statements, Vishay Intertechnology, Inc. changed its
method of accounting for defined benefit pension and postretirement plans in
accordance with guidance provided in Statement of Financial Accounting Standards
No. 158,</FONT><I><FONT face=serif size=2> Employers&#146; Accounting for Defined
Benefit Pension and Other Postretirement Plans&#151;An Amendment of FASB No. 87, 88,
106 and 132(R)</FONT></I><FONT face=serif size=2>, as of December 31, 2006.
</FONT></P>
<P align=justify><FONT face=serif size=2>We also have audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States), Vishay Intertechnology, Inc.&#146;s internal control over financial
reporting as of December 31, 2008, based on criteria established in
</FONT><I><FONT face=serif size=2>Internal Control&#150;Integrated
Framework</FONT></I><FONT face=serif size=2> issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our report dated
February 26, 2009 expressed an unqualified opinion thereon. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>/s/ Ernst &amp;
      Young LLP</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Philadelphia,
      Pennsylvania</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>Report of Independent Registered
Public Accounting Firm<BR>on Internal Control over Financial Reporting
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The Board of Directors and Stockholders
of Vishay Intertechnology, Inc.:</FONT><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>We have audited the internal control
over financial reporting of Vishay Intertechnology, Inc. as of December 31,
2008, based on criteria established in </FONT><I><FONT face=serif size=2>Internal Control&#151;Integrated Framework</FONT></I><FONT face=serif size=2>
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(the COSO criteria). Vishay Intertechnology, Inc.&#146;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&#146;s Report on Internal Control Over
Financial Reporting. Our responsibility is to express an opinion on the
company&#146;s internal control over financial reporting based on our
audit.</FONT></P>
<P align=justify><FONT face=serif size=2>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 included obtaining
an understanding of internal control over financial reporting, assessing the
risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and
performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinion. </FONT></P>
<P align=justify><FONT face=serif size=2>A company&#146;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&#146;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&#146;s
assets that could have a material effect on the financial statements.
</FONT></P>
<P align=justify><FONT face=serif size=2>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
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. </FONT></P>
<P align=justify><FONT face=serif size=2>In our opinion, Vishay Intertechnology,
Inc. maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2008, based on</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>the COSO criteria. </FONT></P>
<P align=justify><FONT face=serif size=2>We also have audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States), the consolidated balance sheets of Vishay Intertechnology, Inc. as of
December 31, 2008 and 2007, and the related consolidated statements of
operations, stockholders&#146; equity, and cash flows for each of the three years in
the period ended December 31, 2008 of Vishay Intertechnology, Inc. and our
report dated February 26, 2009 expressed an unqualified opinion thereon.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp; </TD>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>/s/ Ernst &amp;
      Young LLP</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Philadelphia,
      Pennsylvania</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>February 26,
      2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2><B>VISHAY INTERTECHNOLOGY,
INC.</B></FONT><BR><FONT face=serif size=2>Consolidated Balance
Sheets<BR></FONT><I><FONT face=serif size=2>(In thousands, except share
amounts)</FONT></I></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>December 31,</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><B><FONT face=serif size=2>Assets</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=2>Current
      assets:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Cash and cash equivalents</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>324,164</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>537,295</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Accounts receivable, net of allowances for
      doubtful</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>accounts of $3,310 and $6,133,
      respectively</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>311,197</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>441,772</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Inventories:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Finished goods</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>173,280</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>159,713</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Work in process</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>211,320</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>224,667</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Raw materials</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>153,419</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>170,329</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Deferred income taxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>15,251</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>26,426</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prepaid expenses and other current assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>139,903</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>153,988</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Assets held for sale (see Note 2)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>-</STRONG></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>28,611</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=2>Total current
      assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>1,328,534</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>1,742,801</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Property and equipment, at cost:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Land</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>98,827</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>101,938</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Buildings and improvements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>508,579</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>485,342</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Machinery and equipment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>2,091,124</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>2,001,390</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Construction in progress</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>80,857</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>101,659</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Allowance for depreciation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>(1,617,225</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>(1,469,331</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,162,162</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>1,220,998</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Goodwill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>-</STRONG></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>1,676,497</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Other intangible assets, net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>177,782</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>192,591</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Other assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>147,482</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>162,348</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total assets</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><B><FONT face=serif size=2>2,815,960</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=serif size=2>4,995,235</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Continues on following
page.</FONT></I></B></P>
<P align=center><FONT face=serif size=2>F-4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>VISHAY INTERTECHNOLOGY, INC.
<BR></FONT></B><FONT face=serif size=2>Consolidated Balance Sheets
(continued)<BR></FONT><I><FONT face=serif size=2>(In thousands, except share
amounts)</FONT></I></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>December 31,</FONT></B> </TD>
    <TD noWrap align=center width="4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="4%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=serif size=2>Liabilities and stockholders&#146; equity</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Current
      liabilities:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Notes payable to banks</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>11,293</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>30</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Trade accounts payable</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>104,608</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>173,039</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Payroll and related expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>117,197</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>140,879</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other accrued expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>191,086</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>235,728</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income taxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>24,901</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>34,653</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Current portion of long-term debt</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>13,044</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,346</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Liabilities related to assets held for sale (see Note
      2)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>11,253</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Total current
      liabilities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>462,129</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>596,928</FONT>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Long-term debt, less current portion</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>333,631</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>607,237</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Deferred income
      taxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>18,842</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>24,216</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Deferred grant income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,143</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,044</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=serif size=2>Other
      liabilities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>123,207</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>122,958</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Accrued pension and other postretirement costs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>325,112</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>280,713</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Minority interest</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,038</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,364</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Commitments and contingencies</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=2>Stockholders&#146; equity:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Preferred stock, par value $1.00 per share:</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>authorized - 1,000,000 shares; none issued</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Common stock, par value $0.10 per share:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>authorized - 300,000,000 shares; 172,200,536 and
      171,989,392</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>shares outstanding after deducting 274,173 shares
      in</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>treasury</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>17,220</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>17,199</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Class B convertible common stock, par value $0.10 per
      share:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>authorized - 40,000,000 shares; 14,352,888 and
      14,352,888</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>shares outstanding after deducting 279,453 shares
      in</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>treasury</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,435</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,435</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>Capital in excess of par value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,256,075</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,252,296</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;<FONT face=serif size=2>(Accumulated deficit) retained earnings</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(805,841</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>925,575</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>Accumulated other comprehensive income (loss)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>75,969</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>160,270</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>1,544,858</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>3,356,775</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,815,960</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,995,235</FONT>
</TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>See accompanying
notes.</FONT></I></B></P>
<P align=center><FONT face=serif size=2>F-5 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>VISHAY INTERTECHNOLOGY, INC.
<BR></FONT></B><FONT face=serif size=2>Consolidated Statements of
Operations<BR></FONT><I><FONT face=serif size=2>(In thousands, except for per
share)</FONT></I></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; </TD>
    <TD noWrap align=center width="19%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,822,211</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,833,266</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,581,477</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Costs of
      products sold</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>2,219,220</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>2,138,438</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,916,658</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Loss on purchase commitments</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,024</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,687</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Gross
      profit</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>596,967</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>694,828</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>659,132</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Selling, general, and administrative expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>450,879</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>439,017</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>403,027</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Restructuring
      and severance costs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>62,537</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>14,681</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>40,220</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Asset write-downs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,073</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,869</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>6,685</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Impairment of
      goodwill and indefinite-lived intangibles</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,723,174</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Terminated tender offer expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,000</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Contract
      termination charge</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>18,893</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Operating income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,648,696</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>218,368</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>209,200</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Other income (expense):</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest expense</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(24,264</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(28,652</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(32,215</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Loss on
      early extinguishment of debt</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(13,601</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(2,854</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>14,876</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>15,948</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>17,419</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(22,989</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(12,704</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(17,650</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Income (loss)
      from continuing operations before</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#ffffff>&nbsp; &nbsp; &nbsp;
      &nbsp; <FONT face=serif size=2>taxes and minority interest</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(1,671,685</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>205,664</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>191,550</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Income tax expense</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>11,187</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>64,133</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>50,836</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Minority
      interest</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>718</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>1,180</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>978</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Income (loss) from continuing operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,683,590</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>140,351</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>139,736</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Loss from discontinued operations, net of tax</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(47,826</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,587</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Net earnings
      (loss)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>(1,731,416</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>130,764</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>139,736</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Basic earnings (loss) per share:*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Continuing operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.03</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Discontinued operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(0.26</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net earnings (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.29</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.70</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Diluted earnings (loss) per share:*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Continuing operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.03</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.74</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.73</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Discontinued operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(0.26</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net earnings (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.29</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.69</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.73</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Weighted average shares outstanding - basic</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>186,403</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>185,646</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>184,400</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Weighted average shares outstanding - diluted</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>186,403</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>198,226</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>210,316</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>See accompanying
notes.</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>* May not add due to rounding.
</FONT></P>
<P align=center><FONT face=serif size=2>F-6 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P><FONT size=2><STRONG>VISHAY INTERTECHNOLOGY, INC.<BR></STRONG>Consolidated
Statements of Cash Flows<BR><EM>(In thousands)</EM></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; </TD>
    <TD align=center width="19%" colSpan=11><B><FONT face=serif size=1>Years
      ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>2008</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>2007</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><B><FONT face=serif size=1>Continuing operating activities</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Net earnings
      (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>$</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(1,731,416</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>130,764</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$<FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>139,736</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Adjustments to reconcile net earnings (loss) to net cash provided
      by operating activities:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Loss on discontinued operations, net of tax</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>47,826</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>9,587</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Impairment of goodwill and indefinite-lived
      intangibles, net of tax</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,668,036</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Depreciation and amortization</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>221,751</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>214,691</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>196,963</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Gain on disposal of property and
      equipment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(7,584</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,490</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(972</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Minority interest in net earnings of consolidated
      subsidiaries</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>718</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,180</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>978</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Accretion of interest on convertible
      debentures</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,700</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Write-downs of tantalum and palladium inventories</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>9,602</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Contract termination charge</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>18,893</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Inventory write-offs for obsolescence</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>38,478</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>25,766</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>27,773</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Changes in purchase commitment
      liability</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>6,024</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(19,741</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Pensions and other postretirement benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>24,017</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>20,981</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>27,978</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Loss on early extinguishment of
      debt</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>13,601</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,854</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Asset write-downs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>5,073</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,869</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>6,685</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Deferred grant income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(1,386</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(4,837</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(6,041</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=1>Deferred income taxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(12,771</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>17,202</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>9,249</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=1>Other</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>24,885</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,268</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,334</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Net change in
      operating assets and liabilities, net of effects of businesses
      acquired</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>(29,797</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(77,326</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(49,632</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net cash provided by continuing operating activities</FONT>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>267,455</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>354,012</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>349,466</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><FONT face=serif size=1>Continuing
      investing activities</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Capital expenditures</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(151,994</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(200,027</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(183,298</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Redemption of
      short-term investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>9,925</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Proceeds from sale of property and equipment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>17,696</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,720</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>9,053</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Purchase of
      businesses, net of cash acquired</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(74,234</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(331,784</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(14,989</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Proceeds from sale of business</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>18,667</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>750</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Other investing
      activities</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>450</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(8,562</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net cash used in continuing investing activities</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(208,082</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(514,986</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(178,559</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><FONT face=serif size=1>Continuing
      financing activities</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Proceeds from long-term borrowings, net of issuance
      costs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>123,379</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>75</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Principal
      payments on long-term debt and capital leases</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(514,053</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(3,854</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(152,973</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net proceeds (payments) on revolving credit lines</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>125,000</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,356</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(46</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Net changes in
      short-term borrowings</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>10,635</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(595</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(2,948</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Proceeds from stock options exercised</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>617</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>20,694</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,327</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Net cash
      provided by (used in) continuing financing activities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(254,422</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>14,889</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(152,565</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Effect of exchange rate changes on cash and cash
      equivalents</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(6,759</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>23,306</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>30,667</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>(Decrease)
      increase in cash and cash equivalents from continuing
      activities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(201,808</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(122,779</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>49,009</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net cash used by discontinued operating activities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(12,753</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(10,179</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Net cash
      provided (used) by discontinued investing activities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>1,430</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,333</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net cash used by discontinued financing activities</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Net cash used by
      discontinued operations</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>(11,323</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(11,512</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Net (decrease) increase in cash and cash equivalents</FONT>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(213,131</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(134,291</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>49,009</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=1>Cash and cash
      equivalents at beginning of year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=1>537,295</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>671,586</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>622,577</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=1>Cash and cash equivalents at end of year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>324,164</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>537,295</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$<FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>671,586</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><I><FONT face=serif size=2>See
      accompanying notes.</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-7 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>VISHAY</FONT></B><B><FONT face=serif size=2> </FONT></B><B><FONT face=serif size=2>INTERTECHNOLOGY,</FONT></B><B><FONT face=serif size=2>
INC.<BR></FONT></B><FONT face=serif size=2>Consolidated</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>Statements</FONT><FONT face=serif size=2>
of </FONT><FONT face=serif size=2>Stockholders&#146;</FONT><FONT face=serif size=2>
Equity<BR></FONT><I><FONT face=serif size=2>(In </FONT></I><I><FONT face=serif size=2>thousands,</FONT></I><I><FONT face=serif size=2> except share
</FONT></I><I><FONT face=serif size=2>amounts)</FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Class B</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3>&nbsp; &nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Retained</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Accumulated</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3>&nbsp; &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Convertible</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Capital in</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Earnings</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Other</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Common</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Common</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Excess of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>(Accumulated</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Comprehensive</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Stockholders&#146;</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Par Value</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Deficit)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Income (Loss)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Equity</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Balance at January 1, 2006</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>16,946</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,468</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,225,871</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>657,166</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(45,599</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,855,852</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Net
      earnings</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>139,736</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>139,736</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Foreign currency translation adjustment</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>89,310</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>89,310</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Minimum pension
      liability adjustment</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>10,683</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>10,683</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Unrealized gain (loss) on available-for-sale securities</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>92</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>92</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Comprehensive
      loss</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>239,821</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Phantom and restricted stock issuances (18,727 shares)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(2</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Stock options
      exercised (303,045 shares)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>30</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,827</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2,857</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Stock compensation expense</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>806</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>806</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Tax effects
      relating to stock plan</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>470</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>470</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Conversions from Class B to common (321,079 shares)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>32</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(32</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Adjustment to
      initially apply SFAS No. 158, net of tax</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(18,993</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>(18,993</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Balance at December 31, 2006</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>17,010</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,436</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,229,972</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>796,902</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>35,493</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,080,813</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Net
      earnings</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>130,764</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>130,764</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Foreign currency translation adjustment</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>84,697</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>84,697</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=1>Pension and
      other</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#ffffff><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>post-retirement
      actuarial items</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>40,376</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>40,376</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Unrealized gain (loss) on available-for-sale securities</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(296</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(296</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#ffffff><FONT face=serif size=1>Comprehensive income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>255,541</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Stock options exercised (1,879,107 shares)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>188</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>20,505</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>20,693</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#ffffff><FONT face=serif size=1>Stock compensation expense</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,819</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>1,819</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Conversions from Class B to common (5,473 shares)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#ffffff><FONT face=serif size=1>Adoption of FIN 48</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(2,091</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><FONT face=serif size=1>(2,091</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=1>Balance at December 31, 2007</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>17,199</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,435</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>2,252,296</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>925,575</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>160,270</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>3,356,775</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Continues</FONT></I></B><B><I><FONT face=serif size=2> on
</FONT></I></B><B><I><FONT face=serif size=2>following</FONT></I></B><B><I><FONT face=serif size=2> page.</FONT></I></B></P>
<P align=center><FONT face=serif size=2>F-8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>VISHAY</FONT></B><B><FONT face=serif size=2> </FONT></B><B><FONT face=serif size=2>INTERTECHNOLOGY,</FONT></B><B><FONT face=serif size=2>
INC.<BR></FONT></B><FONT face=serif size=2>Consolidated</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>Statements</FONT><FONT face=serif size=2>
of </FONT><FONT face=serif size=2>Stockholders&#146;</FONT><FONT face=serif size=2>
Equity </FONT><FONT face=serif size=2>(continued)<BR></FONT><I><FONT face=serif size=2>(In </FONT></I><I><FONT face=serif size=2>thousands,</FONT></I><I><FONT face=serif size=2> except share </FONT></I><I><FONT face=serif size=2>amounts)</FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="62%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Class B</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3>&nbsp; &nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Retained</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Accumulated</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3>&nbsp; &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Convertible</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Capital in</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Earnings</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Other</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Common</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Common</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Excess of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>(Accumulated</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Comprehensive</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Stockholders&#146;</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Stock</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Par Value</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Deficit)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Income (Loss)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Equity</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Balance at December 31, 2007</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><B><FONT face=serif>$</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>17,199</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><B><FONT face=serif>$</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>1,435</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><B><FONT face=serif>$</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>2,252,296</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><B><FONT face=serif>$</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>925,575</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><B><FONT face=serif>$</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>160,270</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1><STRONG>$</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,356,775</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=serif size=1>Net earnings
      (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-</FONT></B>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-</FONT></B>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(1,731,416</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>
    </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(1,731,416</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Foreign currency translation adjustment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(16,673</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(16,673</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=serif size=1>Pension and
      other</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#ffffff><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; post-retirement actuarial items<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>(67,171</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>)</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>(67,171</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Unrealized gain (loss) on available-for-sale
      securities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(457</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(457</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#ffffff><FONT face=serif size=1>Comprehensive income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>(1,815,717</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Phantom and restricted stock issuances (100,999
      shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>10</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(10</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#ffffff><FONT face=serif size=1>Stock options exercised (110,145 shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>11</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>605</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>616</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Stock compensation expense</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,184</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>3,184</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#ffffff><FONT face=serif size=1>Balance at December 31, 2008</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>17,220</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>1,435</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>2,256,075</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>(805,841</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>75,969</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=1>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=serif size=1>1,544,858</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>See </FONT></I></B><B><I><FONT face=serif size=2>accompanying</FONT></I></B><B><I><FONT face=serif size=2>
notes.</FONT></I></B></P>
<P align=center><FONT face=serif size=2>F-9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=4>Vishay Intertechnology, Inc.
<BR></FONT></B><B><I><FONT face=serif size=2>Notes to Consolidated Financial
Statements </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Vishay Intertechnology, Inc. (&#147;Vishay&#148;
or the &#147;Company&#148;) is an international manufacturer and supplier of discrete
semiconductors and passive electronic components, including power MOSFETs, power
conversion and motor control integrated circuits, transistors, diodes,
optoelectronic components, resistors, capacitors, inductors, strain gages, load
cells, force measurement sensors, displacement sensors, and photoelastic
sensors. Semiconductors and electronic components manufactured by the Company
are used in virtually all types of electronic products, including those in the
industrial, computer, automotive, consumer electronics products,
telecommunications, military/aerospace, and medical industries. </FONT></P>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Use of Estimates
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The preparation of financial statements
in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the amounts
reported in the consolidated financial statements and accompanying notes. Actual
results could differ significantly from those estimates. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Principles of Consolidation
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The consolidated financial statements
include the accounts of Vishay and all of its subsidiaries in which a
controlling financial interest is maintained. For those consolidated
subsidiaries in which the Company&#146;s ownership is less than 100 percent, the
outside stockholders&#146; interests are shown as minority interest in the
accompanying consolidated balance sheets. Investments in affiliates over which
the Company has significant influence but not a controlling interest are carried
on the equity basis. Investments in affiliates over which the Company does not
have significant influence are accounted for by the cost method. All
intercompany transactions, accounts, and profits are eliminated. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Revenue Recognition
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company recognizes revenue on
product sales during the period when the sales process is complete. This
generally occurs when products are shipped to the customer in accordance with
terms of an agreement of sale, title and risk of loss have been transferred,
collectibility is reasonably assured, and pricing is fixed or determinable. For
a small percentage of sales where title and risk of loss passes at point of
delivery, the Company recognizes revenue upon delivery to the customer, assuming
all other criteria for revenue recognition are met. The Company historically has
had agreements with distributors that provided limited rights of product return.
The Company has modified these arrangements to allow distributors a limited
credit for unsaleable products, which it terms a &#147;scrap allowance.&#148; Consistent
with industry practice, the Company also has a &#147;stock, ship and debit&#148; program
whereby it considers requests by distributors for credits on previously
purchased products that remain in distributors&#146; inventory, to enable the
distributors to offer more competitive pricing. In addition, the Company has
contractual arrangements whereby it provides distributors with protection
against price reductions initiated by the Company after product is sold by the
Company to the distributor and prior to resale by the distributor.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company records a reduction of
revenue during each period, and records a related accrued expense for the
period, based upon its estimate of product returns, scrap allowances, &#147;stock,
ship and debit&#148; credits, and price protection credits that will be attributable
to sales recorded through the end of the period. The Company makes these
estimates based upon sales levels to its distributors during the period,
inventory levels at the distributors, current and projected market conditions,
and historical experience under the programs. While the Company utilizes a
number of different methodologies to estimate the accruals, all of the
methodologies take into account sales levels to distributors during the relevant
period, inventory levels at the distributors, current and projected market
trends and conditions, recent and historical activity under the relevant
programs, changes in program policies, and open requests for credits. These
procedures require the exercise of significant judgments. The Company believes
that it has a reasonable basis to estimate future credits under the
programs.</FONT></P>
<P align=center><FONT face=serif size=2>F-10 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>Royalty revenues, included in net
revenues on the consolidated statements of operations, were $2,996,000,
$7,841,000, and $7,595,000 for the years ended December 31, 2008, 2007, and
2006, respectively. The Company records royalty revenue in accordance with
agreed upon terms when performance obligations are satisfied, the amount is
fixed or determinable, and collectibility is reasonably assured. Vishay earns
royalties at the point of sale of products which incorporate licensed
intellectual property. Accordingly, the amount of royalties recognized is
determined based on periodic reporting to Vishay by its licensees, and based on
judgments and estimates by Vishay management, which management considers
reasonable.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Shipping and Handling Costs
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Shipping and handling costs are
included in costs of products sold.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Research and Development Expenses
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Research and development costs are
expensed as incurred. The amount charged to expense for research and development
(exclusive of purchased in-process research and development) aggregated
$63,161,000, $60,970,000, and $52,077,000 for the years ended December 31, 2008,
2007, and 2006, respectively. The Company spends additional amounts for the
development of machinery and equipment for new processes and for cost reduction
measures. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Grants </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Government grants received by certain
subsidiaries, primarily in Israel, are recognized as income in accordance with
the purpose of the specific contract and in the period in which the related
expense is incurred. Grants recognized as a reduction of costs of products sold
were $1,386,000, $4,837,000, and $6,041,000 for the years ended December 31,
2008, 2007, and 2006, respectively. Grants receivable of $166,000 and $1,846,000
are included in other current assets at December 31, 2008 and 2007,
respectively. Deferred grant income was $3,143,000 and $1,044,000 at December
31, 2008 and 2007, respectively. The grants are subject to certain conditions,
including maintaining specified levels of employment for periods up to ten
years. Noncompliance with such conditions could result in the repayment of
grants. However, management expects that the Company will comply with all terms
and conditions of the grants. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Income Taxes </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The provision for income taxes is
determined using the asset and liability approach of accounting for income
taxes. Under this approach, deferred taxes represent the future tax consequences
expected to occur when the reported amounts of assets and liabilities are
recovered or paid. The provision for income taxes represents income taxes paid
or payable for the current year plus the change in deferred taxes during the
year. Deferred taxes result from differences between the financial and tax bases
of the Company&#146;s assets and liabilities and are adjusted for changes in tax
rates and tax laws when changes are enacted. Valuation allowances have been
established for deferred tax assets which the Company believes do not meet the
&#147;more likely than not&#148; criteria established by Statement of Financial Accounting
Standards (&#147;SFAS&#148;) No. 109, </FONT><I><FONT face=serif size=2>Accounting for
Income Taxes</FONT></I><FONT face=serif size=2>. This criterion requires a level
of judgment regarding future taxable income, which may be revised due to changes
in market conditions, tax laws, or other factors. If the Company&#146;s assumptions
and estimates change in the future, valuation allowances established may be
increased, resulting in increased tax expense. Conversely, if the Company is
ultimately able to utilize all or a portion of the deferred tax assets for which
a valuation allowance has been established, then the related portion of the
valuation allowance can be released, resulting in decreased tax expense.
</FONT></P>
<P align=justify><FONT face=serif size=2>The Company expects that it will need
to repatriate additional cash to repay the term loan outstanding under its
credit facility (see Note 6). Except for this expected cash need, cash and
profits generated by foreign subsidiaries are expected to be reinvested outside
of the United States indefinitely. Accordingly, generally no provision has been
made for U.S. federal and state income taxes on these foreign earnings. Upon
distribution of those earnings in the form of dividends or otherwise, the
Company would be subject to U.S. income taxes (subject to an adjustment for
foreign tax credits), state income taxes, incremental foreign income taxes, and
withholding taxes payable to the various foreign countries.</FONT></P>
<P align=center><FONT face=serif size=2>F-11 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>At the present time, the Company
expects that the remaining cash and profits generated by foreign subsidiaries
will continue to be reinvested indefinitely.</FONT></P>
<P align=justify><FONT face=serif size=2>As described in Note 5, the Company
adopted FIN 48, </FONT><I><FONT face=serif size=2>Accounting for Uncertainty in
Income Taxes,</FONT></I><FONT face=serif size=2> effective January 1,
2007.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Cash, Cash Equivalents, and
Short-Term Investments </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Cash and cash equivalents includes
demand deposits and highly liquid investments with maturities of three months or
less when purchased. Highly liquid investments with maturities greater than
three months are classified as short-term investments. There were no investments
classified as short-term investments at December 31, 2008 or 2007. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Allowance for Doubtful Accounts
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company maintains an allowance for
doubtful accounts for estimated losses resulting from the inability of its
customers to make required payments. The allowance is determined through an
analysis of the aging of accounts receivable and assessments of risk that are
based on historical trends and an evaluation of the impact of current and
projected economic conditions. The Company evaluates the past-due status of its
trade receivables based on contractual terms of sale. If the financial condition
of the Company&#146;s customers were to deteriorate, resulting in an impairment of
their ability to make payments, additional allowances may be required. Bad debt
expense (income realized upon subsequent collection) was $534,000, $(1,007,000),
and $1,550,000 for the years ended December 31, 2008, 2007, and 2006,
respectively.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Inventories </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Inventories are stated at the lower of
cost, determined by the first-in, first-out method, or market. Inventories are
adjusted for estimated obsolescence and written down to net realizable value
based upon estimates of future demand, technology developments, and market
conditions. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Property and Equipment
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Property and equipment is carried at
cost and is depreciated principally by the straight-line method based upon the
estimated useful lives of the assets. Machinery and equipment are being
depreciated over useful lives of seven to ten years. Buildings and building
improvements are being depreciated over useful lives of twenty to forty years.
Construction in progress is not depreciated until the assets are placed in
service. The estimated cost to complete construction in progress at December 31,
2008 was approximately $21.4 million. Depreciation of capital lease assets is
included in total depreciation expense. Depreciation expense was $199,847,000,
$196,564,000, and $181,552,000 for the years ended December 31, 2008, 2007, and
2006, respectively. Gains and losses on the disposal of assets which do not
qualify for presentation as discontinued operations are included in the
determination of operating margin (within selling, general, and administrative
expenses). Individually material gains and losses on disposal are separately
disclosed in the notes to the consolidated financial statements.</FONT></P>
<P align=center><FONT face=serif size=2>F-12 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Goodwill and Other Intangible
Assets</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Goodwill and indefinite-lived
intangible assets are not amortized but rather are tested for impairment at
least annually. These tests are performed more frequently if there are
triggering events. Certain of the Company&#146;s tradenames have been assigned
indefinite useful lives.</FONT></P>
<P align=justify><FONT face=serif size=2>Definite-lived intangible assets are
amortized over their estimated useful lives. Patents and acquired technology are
being amortized over useful lives of seven to twenty-five years. Capitalized
software is being amortized over periods of three to ten years, primarily
included in costs of products sold on the consolidated statements of operations.
Customer relationships are being amortized over useful lives of five to fifteen
years. Noncompete agreements are being amortized over periods of five to ten
years. The Company continually evaluates the reasonableness of the useful lives
of these assets. </FONT></P>
<P align=justify><FONT face=serif size=2>SFAS No. 142, </FONT><I><FONT face=serif size=2>Goodwill and Other Intangible Assets</FONT></I><FONT face=serif size=2>, prescribes a two-step method for determining goodwill
impairment. In the first step, the Company determines the fair value of the
reporting unit and compares that fair value to the net book value of the
reporting unit. The fair value of the reporting unit is determined using various
valuation techniques, including a comparable companies market multiple approach
and a discounted cash flow analysis (an income approach). </FONT></P>
<P align=justify><FONT face=serif size=2>If the net book value of the reporting
unit were to exceed the fair value, the Company would then perform the second
step of the impairment test, which requires allocation of the reporting unit&#146;s
fair value to all of its assets and liabilities in a manner similar to a
purchase price allocation, with any residual fair value being allocated to
goodwill. An impairment charge will be recognized only when the implied fair
value of a reporting unit&#146;s goodwill is less than its carrying amount.
</FONT></P>
<P align=justify><FONT face=serif size=2>As more fully described in Note 3, in
light of a sustained decline in market capitalization for Vishay and its peer
group companies, and other factors, Vishay determined that an impairment test
was necessary as of the end of the second, third, and fourth fiscal quarters of
2008, and recorded goodwill impairment charges in each of those
quarters.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company&#146;s required annual
impairment test is completed as of the first day of the fourth fiscal quarter of
each year. The interim impairment test performed as of September 27, 2008, the
last day of the fiscal third quarter, was effectively the Company&#146;s annual
impairment test for 2008. There was no impairment identified through the annual
impairment tests completed in 2007 or 2006.</FONT></P>
<P align=justify><FONT face=serif size=2>The fair value of the tradenames is
measured as the discounted cash flow savings realized from owning such
tradenames and not having to pay a royalty for their use.</FONT></P>
<P align=justify><FONT face=serif size=2>Also as more fully described in Note 3,
prior to completing the interim assessment of goodwill for impairment during the
second, third, and fourth quarters of 2008, the Company performed interim
impairment tests for certain indefinite-lived intangible assets. As a result of
those assessments, the Company recorded impairment charges during the third
quarter of 2008 related to certain tradenames. </FONT></P>
<P align=justify><FONT face=serif size=2>The required annual impairment test of
tradenames is completed as of the first day of the fourth fiscal quarter of each
year. The interim impairment test performed as of September 27, 2008, the last
day of the fiscal third quarter, was effectively the Company&#146;s annual impairment
test for 2008. There was no impairment identified through the annual impairment
tests completed in 2007 or 2006.</FONT></P>
<P align=justify><FONT face=serif size=2>Upon determining that an intangible
asset classified as indefinite-lived is impaired, the Company reassesses the
useful life of the impaired assets and begins to amortize the remaining carrying
value over that useful life.</FONT></P>
<P align=center><FONT face=serif size=2>F-13 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Impairment of Long-Lived Assets
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company evaluates impairment of its
long-lived assets, other than goodwill and indefinite-lived intangible assets,
in accordance with SFAS No. 144, </FONT><I><FONT face=serif size=2>Accounting
for the Impairment or Disposal of Long-Lived Assets</FONT></I><FONT face=serif size=2>. The carrying value of long-lived assets held-and-used, other than
goodwill and indefinite-lived intangible assets, is evaluated when events or
changes in circumstances indicate the carrying value may not be recoverable. The
carrying value of a long-lived asset group is considered impaired when the total
projected undiscounted cash flows from such asset group are separately
identifiable and are less than the carrying value. In that event, a loss is
recognized based on the amount by which the carrying value exceeds the fair
market value of the long-lived asset group. Fair market value is determined
primarily using present value techniques based on projected cash flows from the
asset group. Losses on long-lived assets held-for-sale, other than goodwill and
indefinite-lived intangible assets, are determined in a similar manner, except
that fair market values are reduced for disposal costs.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Available-for-Sale Securities
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Other assets include investments in
marketable securities which are classified as available-for-sale. These assets
are held in trust related to the Company&#146;s non-qualified pension and deferred
compensation plans. See Note 11. These assets are reported at fair value, based
on quoted market prices as of the end of the reporting period. Unrealized gains
and losses are reported, net of their related tax consequences, as a component
of accumulated other comprehensive income in stockholders&#146; equity until sold. At
the time of sale, any gains (losses) calculated by the specific identification
method are recognized as a reduction (increase) to benefits expense, within
selling, general, and administrative expenses. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Financial Instruments
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company uses financial instruments
in the normal course of its business, including from time to time, derivative
financial instruments. At December 31, 2008 and 2007, outstanding derivative
instruments were not material. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company reports derivative
instruments on the consolidated balance sheet at their fair values. The
accounting for changes in fair value depends upon the purpose of the derivative
instrument and whether it is designated and qualifies for hedge accounting. For
instruments designated as hedges, the effective portion of gains or losses is
reported in other comprehensive income (loss) and the ineffective portion, if
any, is reported in current period net earnings (loss). Changes in the fair
values of derivative instruments that are not designated as hedges are recorded
in current period net earnings (loss).</FONT></P>
<P align=justify><FONT face=serif size=2>The Company has in the past used
interest rate swap agreements to modify variable rate obligations to fixed rate
obligations, thereby reducing exposure to market rate fluctuations. The Company
has also in the past used financial instruments such as forward exchange
contracts to hedge a portion, but not all, of its firm commitments denominated
in foreign currencies. The purpose of the Company&#146;s foreign currency management
is to minimize the effect of exchange rate changes on actual cash flows from
foreign currency denominated transactions.</FONT></P>
<P align=justify><FONT face=serif size=2>Other financial instruments include
cash and cash equivalents, accounts receivable, and notes payable. The carrying
amounts of these financial instruments reported in the consolidated balance
sheets approximate their fair values due to the short-term nature of these
assets and liabilities. </FONT></P>
<P align=center><FONT face=serif size=2>F-14 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Foreign Currency Translation
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company has significant operations
outside of the United States. The Company finances its operations in Europe and
certain locations in Asia in local currencies, and accordingly, these
subsidiaries utilize the local currency as their functional currency. The
Company&#146;s operations in Israel and most significant locations in Asia are
largely financed in U.S. dollars, and accordingly, these subsidiaries utilize
the U.S. dollar as their functional currency. </FONT></P>
<P align=justify><FONT face=serif size=2>For those subsidiaries where the local
currency is the functional currency, assets and liabilities in the consolidated
balance sheets have been translated at the rate of exchange as of the balance
sheet date. Revenues and expenses are translated at the average exchange rate
for the year. Translation adjustments do not impact the consolidated results of
operations and are reported as a separate component of stockholders&#146; equity.
Foreign currency transaction gains and losses are included in the results of
operations. </FONT></P>
<P align=justify><FONT face=serif size=2>For those foreign subsidiaries where
the U.S. dollar is the functional currency, all foreign currency financial
statement amounts are remeasured into U.S. dollars. Exchange gains and losses
arising from remeasurement of foreign currency-denominated monetary assets and
liabilities are included in the consolidated results of operations. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Stock-Based Compensation
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company applies SFAS No. 123-R,
</FONT><I><FONT face=serif size=2>Share-Based Payment, </FONT></I><FONT face=serif size=2>to its share-based payment transactions, which requires
compensation costs related to such transactions to be recognized in the
consolidated financial statements (with limited exceptions). The amount of
compensation cost is measured based on the grant-date fair value of the equity
(or liability) instruments issued. Compensation cost is recognized over the
period that an officer, employee, or non-employee director provides service in
exchange for the award. For options and restricted stock units subject to graded
vesting, the Company recognizes expense over the service period for each
separately vesting portion of the award as if the award was, in-substance,
multiple awards.</FONT></P>
<P align=justify><FONT face=serif size=2>Vishay adopted SFAS No. 123-R effective
January 1, 2006 and applied the modified prospective transition method to
account for its employee stock options granted prior to the date the Company
adopted SFAS No. 123-R. Under the modified prospective transition method, the
fair value of previously granted but unvested equity awards is recognized as
compensation expense in the consolidated statement of operations from the date
of adoption of SFAS No. 123-R, and prior period results are not
restated.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Commitments and Contingencies
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Liabilities for loss contingencies,
including environmental remediation costs, arising from claims, assessments,
litigation, fines, penalties, and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment and/or
remediation can be reasonably estimated. The costs for a specific environmental
remediation site are discounted if the aggregate amount of the obligation and
the amount and timing of the cash payments for that site are fixed or reliably
determinable based upon information derived from the remediation plan for that
site. Accrued liabilities for environmental matters recorded at December 31,
2008 and 2007 do not include claims against third parties. </FONT></P>
<P align=center><FONT face=serif size=2>F-15 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Self-Insurance Programs
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company uses a combination of
insurance and self-insurance mechanisms to provide for the potential liabilities
for workers&#146; compensation, general liability, property damage, director and
officers&#146; liability, and vehicle liability.</FONT></P>
<P align=justify><FONT face=serif size=2>As part of its self-insurance program
for certain risks, the Company created a wholly-owned captive insurance entity
in 2007. At December 31, 2008, the captive insurance entity provides only
property and general liability insurance, although it is licensed to also
provide casualty and directors and officers&#146; insurance. At December 31, 2008 and
2007, the captive insurance entity has accrued zero and $244,000, respectively,
included in other accrued expenses on the consolidated balance sheet, for
outstanding claims. </FONT></P>
<P align=justify><FONT face=serif size=2>Certain cash and investments held by
the captive insurance entity are restricted primarily for the purpose of
potential insurance claims. Restricted cash of $6,700,000 is included in other
noncurrent assets at December 31, 2008 and 2007, representing the initial
capitalization of the captive insurance entity. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>New Accounting Pronouncements
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In September 2006, the Financial
Accounting Standards Board (&#147;FASB&#148;) issued SFAS No. 157, </FONT><I><FONT face=serif size=2>Fair Value Measurements</FONT></I><FONT face=serif size=2>.
This statement defines fair value, provides guidance for measuring fair value,
and requires additional disclosures. This statement does not require any new
fair value measurements, but rather applies to all other accounting
pronouncements that require or permit fair value measurements. SFAS No. 157 was
to be effective for Vishay as of January 1, 2008. In February 2008, the FASB
issued Staff Position (&#147;FSP&#148;) SFAS 157-2, which provides a one-year delayed
application of SFAS No. 157 for nonfinancial assets and liabilities, except for
items that are recognized or disclosed at fair value in the financial statements
on a recurring basis. Accordingly, Vishay has only partially applied SFAS No.
157 as of January 1, 2008, and will be required to apply the additional
provisions related to nonfinancial assets and liabilities as of January 1, 2009.
The partial application of this standard did not have a material effect on the
Company&#146;s financial position, results of operations, or liquidity, and the
adoption of the remaining aspects which were deferred by FSP SFAS 157-2 is not
expected to have a material effect on the Company&#146;s financial position, results
of operations, or liquidity. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company adopted SFAS No. 159,
</FONT><I><FONT face=serif size=2>The Fair Value Option for Financial Assets and
Financial Liabilities</FONT></I><FONT face=serif size=2>. SFAS No. 159 permits
entities to choose to measure many financial assets and financial liabilities at
fair value. Unrealized gains and losses on items for which the fair value option
has been elected are reported in earnings. The adoption of this standard did not
have a material effect on the Company&#146;s financial position, results of
operations, or liquidity. </FONT></P>
<P align=justify><FONT face=serif size=2>In December 2007, the FASB issued SFAS
No. 141-R, </FONT><I><FONT face=serif size=2>Business
Combinations</FONT></I><FONT face=serif size=2>. While retaining the fundamental
requirements of SFAS No. 141, this new statement makes various modifications to
the requirements of SFAS No. 141 in regards to the accounting for contingent
consideration, preacquisition contingencies, purchased in-process research and
development, acquisition-related transaction costs, acquisition-related
restructuring costs, and changes in tax valuation allowances and tax uncertainty
accruals. Vishay will adopt this standard effective January 1, 2009. Earlier
adoption is prohibited. The Company is presently evaluating the impact of
adopting this standard.</FONT></P>
<P align=justify><FONT face=serif size=2>In December 2007, the FASB issued SFAS
No. 160, </FONT><I><FONT face=serif size=2>Noncontrolling Interests in
Consolidated Financial Statements.</FONT></I><FONT face=serif size=2> SFAS No.
160 amends ARB No. 51 to establish accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the deconsolidation of a
subsidiary. It clarifies that a noncontrolling interest in a subsidiary, which
is sometimes referred to as minority interest, is an ownership interest in the
consolidated entity that should be reported as equity in the consolidated
financial statements. Among other requirements, this statement requires
consolidated net income to be reported at amounts that include the amounts
attributable to both the parent and the noncontrolling interest. It also
requires disclosure, on the face of the consolidated income statement, of the
amounts of consolidated net income attributable to the parent and to the
noncontrolling interest. Vishay will adopt this standard effective January 1,
2009. Earlier adoption is prohibited. The Company is presently evaluating the
impact of adopting this standard.</FONT></P>
<P align=center><FONT face=serif size=2>F-16 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 1 &#150; Summary of Significant
Accounting Policies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>In March 2008, the FASB issued SFAS No.
161, </FONT><I><FONT face=serif size=2>Disclosures about Derivative Instruments
and Hedging Activities. </FONT></I><FONT face=serif size=2>This statement will
require enhanced disclosures about an entity&#146;s derivative and hedging
activities, and therefore improves the transparency of financial reporting. This
statement is effective for financial statements issued for fiscal years
beginning after November 15, 2008, with early application encouraged. The
adoption of this standard is not expected to have a material effect on the
Company&#146;s financial position, results of operations, or liquidity. </FONT></P>
<P align=justify><FONT face=serif size=2>In May 2008, the FASB staff issued FSP
APB 14-1, </FONT><I><FONT face=serif size=2>Accounting for Convertible Debt
Instruments That May be Settled in Cash upon Conversion (including partial cash
settlement).</FONT></I><FONT face=serif size=2> The guidance included in this
staff position will significantly impact the accounting for convertible bonds
that may be settled in cash. For Vishay, this would include the convertible
subordinated notes due 2023, which were substantially all repurchased in August
2008. FSP APB 14-1 will require an issuer to separately account for the
liability and equity components of the instrument in a manner that reflects the
issuer&#146;s nonconvertible debt borrowing rate when interest cost is recognized in
subsequent periods. FSP APB 14-1 will require bifurcation of a component of the
debt, classification of that component in equity, and then accretion of the
resulting discount on the debt as part of the interest expense being reflected
in the statement of operations. Vishay will adopt this FSP effective January 1,
2009. Earlier adoption is prohibited. The adoption of this FSP will require
retrospective application to all periods presented. Vishay estimates that the
retrospective application of this FSP will reduce reported net earnings for the
year ended December 31, 2007 by approximately $23 million, and increase the
reported net loss for the year ended December 31, 2008 by approximately $1
million. </FONT></P>
<P align=justify><FONT face=serif size=2>In April 2008, the FASB staff issued
FSP SFAS 142-3, </FONT><I><FONT face=serif size=2>Determination of the Useful
Life of Intangible Assets. </FONT></I><FONT face=serif size=2>This guidance is
intended to improve the consistency between the useful life of a recognized
intangible asset under SFAS No. 142, and the period of expected cash flows used
to measure the fair value of the asset under SFAS No. 141-R when the underlying
arrangement includes renewal or extension of terms that would require
substantial costs or require a material modification to the asset upon renewal
or extension. Companies estimating the useful life of a recognized intangible
asset must now consider their historical experience in renewing or extending
similar arrangements or, in the absence of historical experience, must consider
assumptions that market participants would use about renewal or extension as
adjusted by SFAS No. 142&#146;s entity-specific factors. Vishay will adopt this FSP
effective January 1, 2009. The adoption of this guidance is not expected to have
a material effect on the Company&#146;s financial position, results of operations, or
liquidity. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Reclassifications
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Certain prior year amounts have been
reclassified to conform to the current financial statement presentation.
</FONT></P>
<P align=center><FONT face=serif size=2>F-17 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 - Acquisition and
Divestiture Activities</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>As part of its growth strategy, the
Company seeks to expand through the acquisition of other manufacturers of
electronic components that have established positions in major markets,
reputations for product quality and reliability, and product lines with which
the Company has substantial marketing and technical expertise.</FONT></P>
<P align=justify><FONT face=serif size=2>In pricing an acquisition, the Company
focuses primarily on the target&#146;s revenues and customer base, the strategic fit
of the target&#146;s product line with the Company&#146;s existing product offerings,
opportunities for cost cutting and integration with the Company&#146;s existing
operations and production, and other post-acquisition synergies, rather than on
the target&#146;s assets, such as its property, equipment, and inventory. As a
result, the fair value of the acquired assets may correspond to a relatively
smaller portion of the acquisition price, with the Company recording a
substantial amount of goodwill related to the acquisition (see Note
3).</FONT></P>
<P align=justify><FONT face=serif size=2>Also as part of its growth strategy,
the Company seeks to explore opportunities with privately held developers of
electronic components, whether through acquisition, investment in noncontrolling
interests, or strategic alliances. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Year ended December 31, 2008
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Vishay made three acquisitions during
the year ended December 31, 2008. On April 7, 2008, Vishay sold the automotive
modules and subsystems business unit (&#147;ASBU&#148;) acquired as part of the April 1,
2007 acquisition of the Power Control Systems (&#147;PCS&#148;) business of International
Rectifier Corp. </FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Acquisition of Partner&#146;s Interest
in India Joint Venture</FONT></U></I><I><FONT face=serif size=2>
</FONT></I><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>On June 30, 2008, in the Company&#146;s
fiscal third quarter, the Company acquired its partner&#146;s interest in a joint
venture in India for approximately $9.6 million in cash. Vishay previously owned
49% of this entity, which is engaged in the manufacture and distribution of
transducers. The entity has been renamed Vishay Transducers India,
Ltd.</FONT></P>
<P align=justify><FONT face=serif size=2>As a non-controlled investment, Vishay
Transducers India, Ltd. had been accounted for using the equity basis. Effective
June 30, 2008, Vishay began reporting this entity as a consolidated subsidiary,
included in the Passive Components segment.</FONT></P>
<P align=justify><FONT face=serif size=2>The cost to acquire the partner&#146;s 51%
interest has been allocated on a pro rata basis to assets acquired and
liabilities assumed based on their fair values, with the excess being allocated
to goodwill. As a result of this transaction, the Company recorded goodwill of
$5.2 million. The goodwill associated with this transaction is not deductible
for income tax purposes. The Company will test the goodwill for impairment at
least annually in accordance with U.S. generally accepted accounting principles
(see Note 3).</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Acquisition of Powertron
GmbH</FONT></U></I><I><FONT face=serif size=2> </FONT></I><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>On July 23, 2008, the Company acquired
Powertron GmbH, a manufacturer of specialty precision resistors, for
approximately $14.3 million, including the repayment of certain debt of
Powertron. For financial reporting purposes, the results of operations for
Powertron have been included in the Passive Components segment from July 23,
2008. After allocating the purchase price to the assets acquired and liabilities
assumed based on an evaluation of their fair values, the Company recorded
goodwill of $9.9 million related to this acquisition. The goodwill associated
with this transaction is not deductible for income tax purposes. The Company
will test the goodwill for impairment at least annually in accordance with U.S.
generally accepted accounting principles (see Note 3).</FONT></P>
<P align=center><FONT face=serif size=2>F-18 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 &#150; Acquisition and
Divestiture Activities (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><I><U><FONT face=serif size=2>Acquisition of Wet Tantalum
Business</FONT></U></I><I><FONT face=serif size=2> </FONT></I><FONT face=serif size=2></FONT></P>
<P align=justify><FONT face=serif size=2>On September 15, 2008, the Company
acquired the wet tantalum capacitor business of KEMET Corporation for $35.2
million and other consideration in the form of a three-year term loan of $15
million. For financial reporting purposes, the results of operations for the wet
tantalum business have been included in the Passive Components segment from
September 15, 2008. After allocating the purchase price to the assets acquired
and liabilities assumed based on an evaluation of their fair values, the Company
recorded goodwill of $19.4 million related to this acquisition. The goodwill
associated with this transaction is not deductible for income tax purposes. The
Company will test the goodwill for impairment at least annually in accordance
with U.S. generally accepted accounting principles (see Note 3).</FONT></P>
<P align=justify><FONT face=serif size=2>Terms of the secured loan of $15
million to KEMET from Vishay include a three-year non-amortizing maturity, an
interest rate of LIBOR plus four percent, and security consisting of accounts
receivable. The loan receivable balance is recorded in other noncurrent
assets.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Sale of Automotive Modules and
Subsystems Business</FONT></U></I><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>On April 7, 2008, Vishay sold the
automotive modules and subsystems business unit (&#147;ASBU&#148;) to a private equity
firm. ASBU was originally acquired by Vishay as part of the April 1, 2007
acquisition of International Rectifier&#146;s Power Control Systems business. Vishay
determined that ASBU would not satisfactorily complement Vishay&#146;s operations.
</FONT></P>
<P align=justify><FONT face=serif size=2>During Vishay&#146;s period of ownership of
ASBU, the assets and liabilities of ASBU were separately reported in the
consolidated balance sheet as &#147;assets held for sale&#148; and &#147;liabilities related to
assets held for sale.&#148; Long-lived assets held for sale were not depreciated or
amortized. The Company allocated no goodwill to ASBU in the purchase accounting
for the PCS business. </FONT></P>
<P align=justify><FONT face=serif size=2>Financial results of discontinued
operations for the periods of ownership in the years ended December 31, 2008 and
2007 are as follows </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=7><B><FONT face=serif size=2>Year ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Net revenues</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>10,995</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>41,760</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Loss before income taxes</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(43,345</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,097</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Tax
      expense</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>4,481</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>490</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Loss from discontinued operations, net of tax</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(47,826</STRONG></FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(9,587</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The loss before income taxes includes
an impairment charge of $32.3 million, recorded in the first quarter of 2008, to
reduce the carrying value of the net assets held for sale to the proceeds
received on April 7, 2008. The selling price for ASBU was subject to a net
working capital adjustment. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company retained responsibility for
the collection of certain customer accounts receivable on behalf of the buyer.
These amounts were remitted to the buyer upon collection. The Company also
retained responsibility for certain severance costs and lease termination costs
associated with ASBU.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company recorded an additional
after tax loss of $5.7 million during the fourth quarter of 2008 subsequent to
the resolution of a net working capital adjustment and the resolution of certain
disputes with the buyer. </FONT></P>
<P align=center><FONT face=serif size=2>F-19 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 &#150; Acquisition and
Divestiture Activities (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><I><U><FONT face=serif size=2>International Rectifier Tender
Offer</FONT></U></I><I><FONT face=serif size=2> </FONT></I><I><FONT face=serif></FONT></I></P>
<P align=justify><FONT face=serif size=2>On August 15, 2008, Vishay announced
that it made a non-binding proposal to the International Rectifier Corporation
Board of Directors to acquire all the outstanding shares of International
Rectifier common stock for $21.22 per share in cash. </FONT></P>
<P align=justify><FONT face=serif size=2>On August 29, 2008, International
Rectifier announced that its board of directors had rejected Vishay&#146;s
acquisition proposal. </FONT></P>
<P align=justify><FONT face=serif size=2>On September 10, 2008, Vishay announced
that it had increased the price of its all-cash proposal to acquire all of the
outstanding shares of International Rectifier common stock to $23.00 per share
and that Vishay intended to commence a tender offer to purchase all of the
outstanding shares of International Rectifier for $23.00. </FONT></P>
<P align=justify><FONT face=serif size=2>Also on September 10, 2008, Vishay
delivered a notice to International Rectifier indicating Vishay&#146;s intent to
nominate three independent directors for election to the International Rectifier
Board at International Rectifier&#146;s delayed 2007 annual shareholders meeting, and
to propose certain amendments to International Rectifier&#146;s Amended and Restated
Bylaws to ensure, among other things, that International Rectifier would be
required to hold the 2008 annual meeting and election of Class Two directors
prior to the end of 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>In addition, on September 10, 2008,
Vishay filed a complaint in the Court of Chancery of the State of Delaware
naming as defendants International Rectifier and its eight directors. The
complaint sought an order directing International Rectifier to hold its delayed
2007 annual meeting on October 10, 2008, as then-currently scheduled, and to
hold its 2008 annual meeting not later than December 21, 2008, among other
relief. </FONT></P>
<P align=justify><FONT face=serif size=2>On September 29, 2008, Vishay filed its
definitive proxy statement in connection with International Rectifier&#146;s 2007
annual meeting and commenced a tender offer to purchase all outstanding shares
of International Rectifier for $23.00 per share in cash. </FONT></P>
<P align=justify><FONT face=serif size=2>On October 10, 2008, International
Rectifier held its delayed 2007 annual meeting of stockholders. At that meeting,
a plurality of shares voted favored International Rectifier&#146;s slate of three
directors to Vishay&#146;s nominees. On October 13, 2008, Vishay announced that it
had terminated its offer to acquire all shares of International Rectifier and
dismissed its complaint against International Rectifier and its eight directors.
</FONT></P>
<P align=justify><FONT face=serif size=2>Vishay incurred $4 million of costs
associated with the International Rectifier tender offer, which are presented as
a separate line item in the accompanying consolidated statement of operations.
</FONT></P>
<P align=center><FONT face=serif size=2>F-20 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 &#150; Acquisition and
Divestiture Activities (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Year ended December 31, 2007
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>As further described below, the Company
acquired the PCS business of International Rectifier Corporation and PM Group
PLC in April 2007. Concurrent with the acquisition of PM Group PLC, Vishay sold
PM Group&#146;s electrical contracting business. Vishay sold the automotive module
and subsystems business acquired as part of the PCS business in April 2008, as
described above. </FONT></P>
<P align=justify><FONT face=serif size=2>During the first quarter of 2007, the
Company sold two non-core product lines and recognized a gain of $1.8 million in
operating income. </FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Acquisition of Power Control
Systems Business</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>On April 1, 2007, Vishay completed its
acquisition of the PCS business of International Rectifier Corporation for
approximately $285.6 million, net of cash acquired. The transaction was funded
using cash on-hand. The final purchase price is pending the resolution of a net
working capital adjustment dispute as of the date of acquisition. Resolution of
the net working capital adjustment dispute was deferred until International
Rectifier could complete an internal investigation of its accounting practices.
International Rectifier completed this investigation and reported its restated
financial results on August 1, 2008. The Company is presently engaged in
negotiations with International Rectifier to resolve the working capital
dispute. </FONT></P>
<P align=justify><FONT face=serif size=2>The PCS business product lines
include</FONT><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>planar high-voltage MOSFETs, Schottky diodes, diode rectifiers,
fast-recovery diodes, high-power diodes and thyristors, and power modules (a
combination of power diodes, thyristors, MOSFETs, and IGBTs). The automotive
modules and subsystems business, part of the PCS business, was subsequently
sold, as described above.</FONT></P>
<P align=justify><FONT face=serif size=2>Vishay acquired all of the outstanding
stock of six International Rectifier subsidiaries engaged in the conduct of the
PCS business. Vishay also acquired certain assets of International Rectifier
used in connection with the PCS business, principally intellectual property,
inventory, and equipment.</FONT><FONT face=serif> </FONT></P>
<P align=justify><FONT face=serif size=2>The main purchase agreement provides
that, for a period of seven years after the closing, International Rectifier and
its affiliates will not engage in the PCS business anywhere in the world,
subject to certain specified product exceptions.</FONT></P>
<P align=justify><FONT face=serif size=2>At the closing of the transaction,
Vishay and International Rectifier entered into four license agreements.
Pursuant to these agreements, International Rectifier is licensing to Vishay
certain of its patents and technology related to the PCS business on a
non-exclusive, perpetual and royalty-free basis; International Rectifier is
licensing to Vishay certain of its trademarks for specified periods of up to two
years after closing; and Vishay is licensing back to International Rectifier
patents and technology relating to the PCS business purchased by Vishay in the
transaction, on a non-exclusive, perpetual and royalty-free basis. International
Rectifier&#146;s use of the license back is subject to the non-competition
arrangements described above. </FONT></P>
<P align=justify><FONT face=serif size=2>Vishay and International Rectifier also
entered into transition services and supply agreements, including a transition
products services agreement relating to the provision by International Rectifier
to Vishay of certain wafer and packaging services; an IGBT auto die supply
agreement relating to the provision of certain die and other products by
International Rectifier to Vishay; and a transition buyback agreement relating
to the provision of certain die products by Vishay to International
Rectifier.</FONT></P>
<P align=justify><FONT face=serif size=2>The results of operations of the PCS
business are included in the results of the Semiconductors segment from April 1,
2007, excluding the automotive modules and subsystems business unit, which is
reported as discontinued operations as described below. </FONT></P>
<P align=center><FONT face=serif size=2>F-21 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 &#150; Acquisition and
Divestiture Activities (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The acquisition has been accounted for
under the purchase method of accounting in accordance with U.S. generally
accepted accounting principles. Accordingly, the purchase price has been
allocated as follows, to the assets acquired and liabilities assumed based on
their fair values, with the excess being allocated to goodwill </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT><FONT face=serif> </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Working capital</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,272</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>Property and
      equipment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>55,858</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Completed technology</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>16,300</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>Customer
      relationships</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>21,900</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Tradenames</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,300</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>Other intangible
      assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>2,200</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Net assets held for sale</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>4,000</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>Deferred
      taxes</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(6,500</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Total identified assets and liabilities</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>100,330</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="94%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Purchase price, net of cash acquired</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>282,652</FONT>
</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>Direct costs of
      acquisition</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>2,950</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Total purchase price</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>285,602</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>Goodwill</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>185,272</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The completed technology, customer
relationships, tradenames, and other intangible assets will be amortized over
weighted average useful lives of 10 years, 10 years, 3 years, and 1.5 years,
respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>The goodwill associated with this
acquisition is not deductible for income tax purposes. The Company will test the
goodwill for impairment at least annually in accordance with U.S. generally
accepted accounting principles (see Note 3). </FONT></P>
<P align=justify><FONT face=serif size=2>In evaluating the acquisition of the
PCS business, the Company focused primarily on the business&#146;s revenues and
customer base, the strategic fit of the business&#146;s product line with the
Company&#146;s existing product offerings, and opportunities for cost reductions and
other synergies, rather than on the business&#146;s tangible assets, such as its
property, equipment, and inventory. As a result, the fair value of the acquired
assets corresponds to a relatively smaller portion of the acquisition price,
with the Company recording a substantial amount of goodwill associated with the
acquisition. </FONT></P>
<P align=center><FONT face=serif size=2>F-22 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 &#150; Acquisition and
Divestiture Activities (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><I><U><FONT face=serif size=2>Acquisition of PM Group PLC and
Sale of its Electrical Contracting Business</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>On April 19, 2007, the Company declared
its cash tender offer for all shares of PM Group PLC wholly unconditional, and
assumed ownership of PM Group. PM Group is an advanced designer and manufacturer
of systems used in the weighing and process control industries located in the
United Kingdom. The aggregate cash paid for all shares of PM Group was
approximately $45.7 million. The transaction was funded using cash on-hand.
</FONT></P>
<P align=justify><FONT face=serif size=2>Concurrent with the completion of the
transaction, Vishay sold PM Group&#146;s electrical contracting business for
approximately $16.1 million. No gain or loss was recognized on the sale of the
electrical contracting business. </FONT></P>
<P align=justify><FONT face=serif size=2>The results of operations of PM Group
are included in the results of the Passive Components segment from April 19,
2007. After allocating the purchase price to the assets acquired and the
liabilities assumed based on an evaluation of their fair values, the Company
recorded goodwill of $18.6 million related to this acquisition. The goodwill
associated with this acquisition is not deductible for income tax purposes. The
Company will perform an impairment test for the goodwill, which has been
allocated to the Measurements Group reporting unit, at least annually in
accordance with U.S. generally accepted accounting principles (see Note
3).</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Year ended December 31, 2006
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Effective July 31, 2006, the Company
acquired all of the outstanding capital stock of Phoenix do Brasil Ltda., a
manufacturer of resistors, and its related sales affiliates, for approximately
$17.5 million. For financial reporting purposes, the results of operations for
this business have been included in the Passive Components segment from July 31,
2006. After allocating the purchase price to the assets acquired and liabilities
assumed based on an evaluation of their fair values, the Company recorded
goodwill of $5.9 million related to this acquisition. A portion of the goodwill
associated with this transaction is deductible for income tax purposes. The
Company will test the goodwill for impairment at least annually in accordance
with U.S. generally accepted accounting principles (see Note 3).</FONT></P>
<P align=center><FONT face=serif size=2>F-23 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 2 &#150; Acquisition and
Divestiture Activities (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Pro Forma Results
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The unaudited pro forma results would
have been as follows, assuming the 2007 acquisitions had occurred at the
beginning of each period presented </FONT><I><FONT face=serif size=2>(in
thousands, except per share amounts): </FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=7><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Pro forma net revenues</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>2,905,151</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>2,862,319</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Pro forma income
      from continuing</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>operations</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>147,290</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>173,142</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Pro forma loss from discontinued</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>operations</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(10,434</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(5,699</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Pro forma net
      earnings</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>136,856</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>167,443</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Pro forma per share - basic:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income from continuing operations</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.79</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.94</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Loss
      from discontinued operations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.06</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.03</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net earnings</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.74</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.91</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Pro forma per share - diluted:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income from continuing operations</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.78</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.89</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Loss
      from discontinued operations</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.03</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net earnings</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.72</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.86</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The pro forma information reflects
adjustments to depreciation based on the fair value of property and equipment
acquired, adjustments to amortization based on the fair value of intangible
assets, and tax related effects.</FONT></P>
<P align=justify><FONT face=serif size=2>The unaudited pro forma results are not
necessarily indicative of the results that would have been attained had the
acquisitions occurred at the beginning of the periods presented. </FONT></P>
<P align=justify><FONT face=serif size=2>Had the 2006 and 2008 acquisitions
occurred as of the beginning of the periods presented in these consolidated
financial statements, the pro forma statements of operations would not be
materially different than the consolidated statements of operations presented.
</FONT></P>
<P align=center><FONT face=serif size=2>F-24 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 3 &#150; Goodwill and Other
Intangible Assets</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Goodwill represents the excess of the
cost of businesses acquired over the fair value of the net assets acquired at
the date of acquisition. Goodwill is not amortized but rather tested for
impairment at least annually. The Company performs its annual impairment test as
of the first day of the fiscal fourth quarter. These impairment tests must be
performed more frequently if there are triggering events.</FONT></P>
<P align=justify><FONT face=serif size=2>SFAS No. 142, </FONT><I><FONT face=serif size=2>Goodwill and Other Intangible Assets</FONT></I><FONT face=serif size=2>, prescribes a two-step method for determining goodwill
impairment. In the first step, the Company determines the fair value of the
reporting unit and compares that fair value to the net book value of the
reporting unit. The fair value of the reporting unit is determined using various
valuation techniques, including a comparable companies market multiple approach
and a discounted cash flow analysis (an income approach). </FONT></P>
<P align=justify><FONT face=serif size=2>To measure the amount of the
impairment, SFAS No. 142 prescribes that the Company determine the implied fair
value of goodwill in the same manner as if the Company had acquired those
business units. Specifically, the Company must allocate the fair value of the
reporting unit to all of the assets of that unit, including any unrecognized
intangible assets, in a hypothetical calculation that would yield the implied
fair value of goodwill. The impairment loss is measured as the difference
between the book value of the goodwill and the implied fair value of the
goodwill computed in step two. </FONT></P>
<P align=justify><FONT face=serif size=2>In light of a sustained decline in
market capitalization for Vishay and its peer group companies, and other
factors, Vishay determined that an interim impairment test was necessary as of
the end of the second, third, and fourth fiscal quarters of 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>Passive Components segment goodwill is
allocated to two reporting units for SFAS No. 142 evaluation purposes, namely
Other Passives and Measurements Group. The Semiconductors segment represents a
single reporting unit for SFAS No. 142 evaluation purposes. </FONT></P>
<P align=justify><FONT face=serif size=2>After completing step one of the
impairment test as of June 28, 2008 (the end of the second fiscal quarter), the
Company determined that the estimated fair value of its Semiconductors and Other
Passives reporting units was less than the net book value of those reporting
units, requiring the completion of the second step of the impairment evaluation.
The estimated fair value of the Measurements Group reporting unit was greater
than the net book value of that unit, and accordingly, no second step was
required for the Measurement Group reporting unit as of June 28, 2008.
</FONT></P>
<P align=justify><FONT face=serif size=2>Upon completion of a preliminary step
two analysis, the Company recorded its best estimate of the impairment loss as
of June 28, 2008, as permitted by SFAS No. 142 when an impairment indicator
arises toward the end of an interim reporting period. This estimate was refined
during the third quarter of 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>Given the further deterioration of
market conditions in the third quarter, an additional impairment test was
performed as of September 27, 2008 (the end of the third fiscal quarter). After
completing step one of the impairment test as of September 27, 2008, the Company
determined that the estimated fair value of its Other Passives reporting unit
was less than the net book value of this reporting unit. This required the
completion of the second step of the impairment evaluation. The estimated fair
value of the Semiconductors and Measurements Group reporting units was greater
than the net book value of the respective reporting units as of September 27,
2008, and accordingly, no second step was required for the Semiconductors and
Measurement Group reporting units at September 27, 2008. Upon completion of the
step two analysis, the Company recorded an additional impairment charge.
Subsequent to recording this impairment charge, the Other Passives reporting
unit had no remaining goodwill recorded on the consolidated balance sheet.
</FONT></P>
<P align=justify><FONT face=serif size=2>Given the further deterioration of
market conditions in the fourth quarter, an additional impairment test was
performed as of December 31, 2008 (the end of the fourth fiscal quarter). After
completing step one of the impairment test as of December 31, 2008, the Company
determined that the estimated fair value of its Semiconductors and Measurements
Group reporting units were less than the net book value of those reporting
units. This required the completion of the second step of the impairment
evaluation. Upon completion of the step two analysis, the Company recorded
additional impairment charges. Subsequent to recording these impairment charges,
there was no remaining goodwill recorded on the consolidated balance sheet.
</FONT></P>
<P align=center><FONT face=serif size=2>F-25 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 3 &#150; Goodwill and Other
Intangible Assets (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The determination of the fair value of
the reporting units and the allocation of that value to individual assets and
liabilities within those reporting units requires the Company to make
significant estimates and assumptions. These estimates and assumptions primarily
include, but are not limited to: the selection of appropriate peer group
companies; control premiums appropriate for acquisitions in the industries in
which the Company competes; the discount rate; terminal growth rates; and
forecasts of revenue, operating income, depreciation and amortization, and
capital expenditures. The allocation requires several analyses to determine fair
value of assets and liabilities including, among others, completed technology,
tradenames, in-process research and development, customer relationships, and
certain property and equipment (valued at replacement costs).</FONT></P>
<P align=justify><FONT face=serif size=2>Due to the inherent uncertainty
involved in making these estimates, actual financial results could differ from
those estimates. Changes in assumptions concerning future financial results or
other underlying assumptions could have a significant impact on either the fair
value of the reporting unit or the amount of the goodwill impairment charge.
</FONT></P>
<P align=justify><FONT face=serif size=2>The goodwill impairment charge is
noncash in nature and does not affect Vishay&#146;s liquidity, cash flows from
operating activities, or debt covenants, and will not have a material impact on
future operations.</FONT></P>
<P align=justify><FONT face=serif size=2>The changes in the carrying amounts of
goodwill by segment for the years ended December 31, 2008 and 2007 were as
follows</FONT><I><FONT face=serif size=2> (in thousands): </FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="22%" colSpan=11><FONT size=+0><B><FONT face=serif size=2>Passive</FONT></B></FONT><FONT size=+0> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Semiconductors</FONT></B> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Components</FONT></B>
      </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Total</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Balance at December 31, 2006</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>870,588</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>593,404</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,463,992</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0><FONT face=serif size=2>Goodwill acquired during the year</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="8%"><FONT size=+0><FONT face=serif size=2>198,472</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>18,600</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>217,072</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Purchase price allocation adjustments</FONT>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(23,567</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(4,153</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(27,720</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0><FONT face=serif size=2>Currency translation adjustments</FONT>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT size=+0><FONT face=serif size=2>12,417</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>10,736</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>23,153</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Balance at December 31, 2007</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,057,910</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>618,587</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,676,497</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0><FONT face=serif size=2>Goodwill acquired during the year</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="8%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>34,530</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>34,530</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Purchase price allocation adjustments</FONT>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(14,875</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(911</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(15,786</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0><FONT face=serif size=2>Impairment charges</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(1,043,952</STRONG></FONT>
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(652,222</STRONG></FONT>
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(1,696,174</STRONG></FONT>
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Currency translation adjustments</FONT>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>917</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>16</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>933</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT size=+0><FONT face=serif size=2>Balance at December 31, 2008</FONT>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>As described above, Passive Components
segment goodwill is allocated to the Other Passives and Measurements Group
reporting units for SFAS No. 142 evaluation purposes. Goodwill allocated to the
Other Passives reporting unit at December 31, 2008 and 2007 was zero and
$533,199,000, respectively. Goodwill allocated to the Measurements Group
reporting unit at December 31, 2008 and 2007 was zero and $85,388,000,
respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>Purchase price allocation adjustments
recorded in 2008 are attributable to revisions of the purchase accounting for
the 2007 acquisition of the PCS business and to reversals of deferred tax
related items and accruals for certain tax contingencies established in purchase
accounting. Purchase price allocation adjustments recorded in 2007 are
attributable to the finalization of the purchase accounting for 2006
acquisitions and to reversals of deferred tax related items and accruals for
certain tax contingencies established in purchase accounting.</FONT></P>
<P align=justify><FONT face=serif size=2>Prior to completing the interim
assessment of goodwill for impairment during the second, third, and fourth
quarters of 2008, the Company performed a recoverability test of certain
long-lived assets in accordance with SFAS No. 144, </FONT><I><FONT face=serif size=2>Accounting for the Impairment or Disposal of Long-Lived
Assets,</FONT></I><FONT face=serif size=2> and certain indefinite-lived
intangible assets in accordance with SFAS No. 142. As a result of those
assessments, the Company recorded impairment charges totaling $27 million during
the third quarter of 2008 related to indefinite-lived intangible assets (certain
tradenames associated with the acquisitions of General Semiconductor in 2001 and
BCcomponents in 2002), with $12 million allocated to the Passive Components
segment and $15 million allocated to the Semiconductors segment. The fair value
of the tradenames was measured as the discounted cash flow savings realized from
owning such tradenames and not having to pay a royalty for their use.</FONT></P>
<P align=center><FONT face=serif size=2>F-26 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 3 &#150; Goodwill and Other
Intangible Assets (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The remaining balances of the
tradenames acquired in the General Semiconductor and BCcomponents transactions,
aggregating approximately $35.4 million as of the date of recording the
impairment charge, were reclassified to definite-lived intangible assets
concurrent with the recording of the impairment charge. The Company then began
amortizing the remaining balances of these tradenames over a ten-year life. The
Company expects to continue to use such tradenames. However, the identified
impairment and expected future cash flows associated with the tradenames reflect
the existence of competitive, economic, and other factors that will limit the
useful life of these tradenames. </FONT></P>
<P align=justify><FONT face=serif size=2>As part of this analysis, the Company
determined that its Siliconix tradenames, with a carrying value of approximately
$20.4 million, were not impaired and will continue to be reported as
indefinite-lived intangible assets. </FONT></P>
<P align=justify><FONT face=serif size=2>Other intangible assets were as follows
</FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT size=+0><B><FONT face=serif size=2>December 31,</FONT></B></FONT><FONT size=+0>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Intangible Assets Subject to Amortization</FONT>
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(Definite-lived):</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Patents and acquired technology</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>118,338</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>115,171</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Capitalized software</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>53,580</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>47,375</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Customer relationships</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>58,219</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>37,169</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tradenames</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>39,238</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>4,311</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Non-competition agreements</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>14,707</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>6,225</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>2,330</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>2,000</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>286,412</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>212,251</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Accumulated
      amortization:</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Patents and acquired technology</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(66,816</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(55,952</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Capitalized software</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(41,877</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(35,714</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Customer relationships</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(12,104</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(6,876</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tradenames</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(3,207</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(970</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Non-competition agreements</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(2,736</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(1,427</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(2,249</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(1,000</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(128,989</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(101,939</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net
      Intangible Assets Subject to Amortization</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>157,423</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>110,312</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0><FONT face=serif size=2>Intangible Assets Not Subject to Amortization</FONT>&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(Indefinite-lived):</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tradenames</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>20,359</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>82,279</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>177,782</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>192,591</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Other definite lived intangible assets
are comprised of acquired backlog and certain transition services and supply
agreements associated with acquisitions. Amortization expense (excluding
capitalized software) was $20,798,000, $16,566,000, and $12,920,000, for the
years ended December 31, 2008, 2007, and 2006, respectively.</FONT></P>
<P align=justify><FONT face=serif size=2>Estimated annual amortization expense
for each of the next five years is as follows </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="57%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>22,857</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face=serif size=2>2010</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22,240</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>2011</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,062</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face=serif size=2>2012</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>14,849</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face=serif size=2>2013</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,127</FONT> </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-27 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 4 &#150; Restructuring and
Severance Costs and Related Asset Write-Downs</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Restructuring and severance costs
reflect the cost reduction programs currently being implemented by the Company.
These include the closing of facilities and the termination of employees.
Restructuring and severance costs include one-time exit costs recognized
pursuant to SFAS No. 146, </FONT><I><FONT face=serif size=2>Accounting for Costs
Associated with Exit or Disposal Activities</FONT></I><FONT face=serif size=2>,
severance benefits pursuant to an on-going benefit arrangement recognized
pursuant to SFAS No. 112, </FONT><I><FONT face=serif size=2>Employers&#146;
Accounting for Postemployment Benefits, </FONT></I><FONT face=serif size=2>and
related pension curtailment and settlement charges recognized pursuant to SFAS
No. 88, </FONT><I><FONT face=serif size=2>Employers&#146; Accounting for Settlements
and Curtailments of Defined Benefit Pension Plans and for Termination
Benefits</FONT></I><FONT face=serif size=2></FONT><I><FONT face=serif size=2>.
</FONT></I><B><I><FONT face=serif size=2></FONT></I></B><FONT face=serif size=2>Severance costs also include executive severance and charges for the fair
value of stock options of certain former employees which were modified such that
they did not expire at termination. Restructuring costs are expensed during the
period in which the Company determines it will incur those costs and all
requirements of accrual are met. Because these costs are recorded based upon
estimates, actual expenditures for the restructuring activities may differ from
the initially recorded costs. If the initial estimates are too low or too high,
the Company could be required either to record additional expenses in future
periods or to reverse part of the previously recorded charges. Asset write-downs
are principally related to buildings and equipment that will not be used
subsequent to the completion of restructuring plans presently being implemented,
and cannot be sold for amounts in excess of carrying value.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Year ended December 31, 2008
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company recorded restructuring and
severance costs of $62,537,000 for the year ended December 31, 2008. Employee
termination costs were $58,601,000, covering technical, production,
administrative, and support employees located in nearly every country in which
the Company operates. Through the first nine months of 2008, these restructuring
activities were part of the Company&#146;s on-going cost reduction initiatives. The
significant increase in restructuring activities during the fourth quarter of
2008 was substantially attributable to the declining business conditions
experienced in the second half of 2008. Severance costs for the year ended
December 31, 2008 also include executive severance (see Note 13) and a pension
settlement charge of $2,894,000 related to employees in the Republic of China
(Taiwan) (see Note 11). The Company also incurred $3,936,000 of other exit
costs, principally related to the closures of facilities in Brazil and Germany.
The restructuring and severance costs were incurred as part of the continuing
cost reduction programs currently being implemented by the Company. </FONT></P>
<P align=justify><FONT face=serif size=2>As a result of the decision to close
its facility in Brazil, the Company completed a long-lived asset impairment
analysis during the first quarter of 2008 and determined that various fixed
assets and intangible assets were impaired. The Company recorded fixed asset
write-downs of $3,419,000 and intangible asset write-downs of $776,000. During
the fourth quarter of 2008, the Company also recorded asset write-downs of
$878,000 to reduce the carrying value of buildings. The buildings had been
vacated as part of restructuring activities. These buildings are held-for-sale
and classified as &#147;other assets&#148; at December 31, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>Also during the year ended December 31,
2008, the Company sold land and buildings that had been vacated as part of its
restructuring programs and recognized a gain of $4,510,000, which is recorded
within selling, general, and administrative expenses. </FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes activity
to date related to restructuring programs initiated in 2008</FONT><I><FONT face=serif size=2> (in thousands, except for number of
employees):</FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Employees</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Severance</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Other</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>to
      be</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Costs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Exit Costs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Terminated</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Restructuring and severance costs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>58,601</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,936</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>62,537</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,245</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=2>Utilized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(32,774</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(2,826</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(35,600</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(1,707</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Foreign currency translation</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,055</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(478</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,533</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=2>Balance at
      December 31, 2008</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>24,772</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>632</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>25,404</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>1,538</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-28 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 4 &#150; Restructuring and
Severance Costs and Related Asset Write-Downs (continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Most of the accrued restructuring
liability, currently shown in other accrued expenses, is expected to be paid by
December 31, 2009. The payment terms related to these restructuring programs
varies, usually based on local customs and laws. Most severance amounts are paid
in a lump sum at termination, while some payments are structured to be paid in
installments. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Year ended December 31, 2007
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company recorded restructuring and
severance costs during the year ended December 31, 2007 as follows
</FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Severance</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Other</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Costs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Exit Costs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Total</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Programs initiated in 2007</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,432</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,572</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,004</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=2>Changes in
      estimate</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>from prior year programs</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(3,323</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(3,323</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Net restructuring and severance costs</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>12,109</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2,572</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>14,681</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Employee termination costs covered
technical, production, administrative and support employees located in Belgium,
China, France, Germany, Hungary, and the United States. Other exit costs were
principally to consolidate warehouse facilities in the United States. The
restructuring and severance costs were incurred as part of the continuing cost
reduction programs currently being implemented by the Company. The Company also
recorded asset write-downs of $3,869,000 to reduce the carrying value of
buildings. The buildings had been vacated as part of restructuring activities.
Certain of these buildings are held-for-sale and classified as &#147;other assets&#148; at
December 31, 2007. Others are being leased to third-parties and were reduced to
their fair value based on the present value of future lease receipts.
</FONT></P>
<P align=justify><FONT face=serif size=2>Also during the year ended December 31,
2007, the Company sold a building that had been vacated as part of its
restructuring programs and recognized a gain of $3,118,000, which is recorded
within selling, general, and administrative expenses. </FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes activity
to date related to restructuring programs initiated in 2007</FONT><I><FONT face=serif size=2> (in thousands, except for number of
employees):</FONT></I><FONT face=serif size=2> </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Employees</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Severance</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Other</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>to
      be</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Costs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Exit Costs</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>Total</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Terminated</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Restructuring and severance costs</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>15,432</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,572</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,004</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>326</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=2>Utilized</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(2,553</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(2,557</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(5,110</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(209</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Foreign currency translation</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>356</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>356</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=2>Balance at
      December 31, 2007</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>13,235</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>15</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>13,250</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>117</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Utilized</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(12,254</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(16</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(12,270</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(93</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face=serif size=2>Foreign currency
      translation</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(296</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>1</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(295</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face=serif size=2>Balance at December 31, 2008</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>685</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>685</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>24</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-29 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 4 &#150; Restructuring and
Severance Costs and Related Asset Write-Downs (continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Year ended December 31, 2006
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company recorded restructuring and
severance costs of $40,220,000 during the year ended December 31, 2006.
Restructuring of European and Asian operations included $34,136,000 of employee
termination costs related to technical, production, administrative, and support
employees located in Germany, Belgium, the Netherlands, France, the United
Kingdom, Portugal, Hungary, the Philippines, the Republic of China (Taiwan),
Japan, India, Malaysia, and the People&#146;s Republic of China. Another $927,000 of
severance costs relates to termination costs of technical, production,
administrative, and support employees in the United States. Included in employee
termination costs is a pension settlement charge of $562,000 related to
employees in the Republic of China (Taiwan). The Company also incurred
$5,157,000 of other exit costs during the year ended December 31, 2006,
principally to consolidate operations in Germany, Brazil, Japan, the United
States, and Hungary. The restructuring and severance costs were incurred as part
of the continuing cost reduction programs currently being implemented by the
Company. The Company also recorded asset write-downs and write-offs of
$6,685,000 related to these restructuring programs during the year ended
December 31, 2006. These asset write-downs and write-offs are principally for
equipment that will not be utilized due to restructuring programs. Asset
write-downs also included amounts to reduce the carrying value of certain
buildings which had been vacated as part of restructuring activities, based on
expected future selling prices. </FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2007, approximately
$2.0 million of costs were accrued related to programs initiated in 2006. Most
of the remaining accrued restructuring liability for plans initiated in 2006 was
paid during the second quarter of 2008.</FONT><B><FONT face=serif size=2>
</FONT></B><FONT face=serif size=2></FONT></P>
<P align=center><FONT face=serif size=2>F-30 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 5 &#150; Income
Taxes</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Income (loss) from continuing
operations before taxes and minority interest consists of the following
components</FONT><I><FONT face=serif size=2> (in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="17%" colSpan=11><FONT size=+0><B><FONT face=serif size=2>Years ended December 31,</FONT></B>&nbsp;</FONT><FONT size=+0> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2006</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Domestic</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(976,577</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(13,104</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(782</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0><FONT face=serif size=2>Foreign</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(695,108</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>218,768</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>192,332</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(1,671,685</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>205,664</FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>191,550</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="87%" colSpan=3><FONT size=+0><FONT face=serif size=2>Significant components of income taxes are as follows
      </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="17%" colSpan=11><FONT size=+0><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2006</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Current:</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Federal</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>700</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>704</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>1,304</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>State and
      local</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>721</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,100</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>971</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Foreign</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>22,537</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>45,127</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>39,312</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>23,958</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>46,931</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>41,587</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0><FONT face=serif size=2>Deferred:</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Federal</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(7,336</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>4,301</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,517</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>State and
      local</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>2,180</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>57</FONT> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>811</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Foreign</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(7,615</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>12,844</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>6,921</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(12,771</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>17,202</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>9,249</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Total income tax expense</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>11,187</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>64,133</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>50,836</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-31 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 5 &#150; Income Taxes
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Deferred income taxes reflect the net
tax effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts for income tax
purposes. Significant components of the Company&#146;s deferred tax assets and
liabilities are as follows</FONT><I><FONT face=serif size=2> (in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=7><B><FONT face=serif size=2>December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Deferred tax assets:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pension and other retiree obligations</FONT> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>
    </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>56,481</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>39,923</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Inventories</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>16,397</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,918</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Net operating loss carryforwards</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>224,778</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>225,890</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Tax credit carryforwards</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>22,548</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21,297</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Other accruals and reserves</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>60,610</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>51,299</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Total
      gross deferred tax assets</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>380,814</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>357,327</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Less valuation allowance</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(232,261</STRONG></FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(220,019</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>148,553</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>137,308</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#ffffff><FONT face=serif size=2>Deferred tax liabilities:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Tax over book depreciation</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>31,585</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>42,227</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Tax deductible goodwill</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>28,964</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Intangible assets other than goodwill</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>15,014</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>23,253</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Earnings not permanently reinvested</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>59,344</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Other - net</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>10,168</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>13,917</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Total gross deferred tax liabilities</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>116,111</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>108,361</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>Net deferred tax assets</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>32,442</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>28,947</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The Company makes significant judgments
regarding the realizability of its deferred tax assets (principally net
operating losses). In accordance with SFAS No. 109, the carrying value of the
net deferred tax asset is based on the Company&#146;s assessment that it is more
likely than not that the Company will realize these assets after consideration
of all available positive and negative evidence. </FONT></P>
<P align=justify><FONT face=serif size=2>A reconciliation of income tax expense
at the U.S. federal statutory income tax rate to actual income tax provision is
as follows</FONT><I><FONT face=serif size=2> (in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="17%" colSpan=11><FONT size=+0><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2006</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Tax at statutory rate</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(585,090</STRONG></FONT>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>71,982</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>67,042</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0><FONT face=serif size=2>State income taxes, net of U.S. federal tax benefit</FONT>
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>1,886</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>748</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>1,125</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Effect of foreign operations</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(6,214</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(20,853</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(19,139</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0><FONT face=serif size=2>FIN 48 accruals</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>487</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>4,674</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Increase valuation allowance on U.S. deferred tax
      asset</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>25,153</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>8,999</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,558</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0><FONT face=serif size=2>Goodwill impairment</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>547,942</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Reduction in U.S. valuation allowance due to
      repatriation</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(49,313</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0><FONT face=serif size=2>Tax on repatriated earnings</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>40,696</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Tax on earnings not permanently reinvested</FONT>
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>39,375</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=+0><FONT face=serif size=2>Other</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(3,735</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(1,417</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>250</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Total income tax expense</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>11,187</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>64,133</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>50,836</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-32 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 5 &#150; Income Taxes
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, the Company had
the following significant net operating loss carryforwards for tax
purposes</FONT><I><FONT face=serif size=2> (in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Expires</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Austria</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,124</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>No expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>Belgium</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>205,450</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>No
      expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>France</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>39,963</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>No expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>Germany</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>46,162</FONT>
</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>No
      expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Israel</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>236,480</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>No expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>117,245</FONT>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>No
      expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>United States</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>106,860</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2023 &#150; 2024</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Approximately $169,586,000 of the
carryforwards in Austria, Belgium, Germany, and the Netherlands resulted from
the Company&#146;s acquisition of BCcomponents in 2002. Valuation allowances of
$49,002,000 and $53,295,000, as of December 31, 2008 and 2007, respectively,
have been recorded through goodwill for these acquired net operating losses.
Prior to the adoption of SFAS No. 141-R on January 1, 2009 (see Note 1), if tax
benefits were recognized through the utilization of these acquired net operating
losses, the benefits of such loss utilization were recorded as a reduction to
goodwill. After the adoption of SFAS No. 141-R on January 1, 2009, the benefits
of such losses will be recorded as a reduction of tax expense. In 2008, 2007,
and 2006, tax benefits recognized through reductions of the valuation allowance
recorded through goodwill were $3,378,000, $4,513,000, and $249,000,
respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>Approximately $8,120,000 of the U.S.
net operating loss relates to the exercise of stock options in 2007 and 2008.
Upon utilization of the loss in the future, the tax benefit of the stock option
deductions will be recorded as an increase to equity and not as a reduction of
income tax expense. </FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, the Company had
the following significant tax credit carryforwards available</FONT><I><FONT face=serif size=2> (in thousands)</FONT></I><FONT face=serif size=2>:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=2>Expires</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Federal Alternative Minimum Tax</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>14,882</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="3%" bgColor=#c0c0c0><FONT face=serif size=2>No expiration</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>California
      Research Credit</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>4,210</FONT> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>No
      expiration</FONT> </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-33 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 5 &#150; Income Taxes
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>In connection with the repurchase of
the convertible subordinated notes on August 1, 2008 (see Note 6), the Company
repatriated approximately $250 million of cash from non-U.S. subsidiaries. The
Company expects that it will need to repatriate additional cash to repay the
term loan outstanding under its credit facility (see Note 6), and has recorded
additional tax expense on the expected repatriation of $112.5 million because
such earnings are not deemed to be indefinitely reinvested outside of the United
States. At the present time, the Company expects that the remaining cash and
profits generated by foreign subsidiaries will continue to be reinvested
indefinitely.</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, no provision has
been made for U.S. federal and state income taxes on approximately
$1,627,348,000 of foreign earnings, which the Company continues to expect to be
reinvested outside of the United States indefinitely. Upon distribution of those
earnings in the form of dividends or otherwise, the Company would be subject to
U.S. income taxes (subject to an adjustment for foreign tax credits), state
income taxes, incremental foreign income taxes, and withholding taxes payable to
the various foreign countries. Determination of the amount of unrecognized
deferred U.S. income tax liability is not practicable because of the
complexities associated with its hypothetical calculation. </FONT></P>
<P align=justify><FONT face=serif size=2>Income taxes paid, net of amounts
refunded, were $72,116,000, $45,339,000, and $42,175,000 for the years ended
December 31, 2008, 2007, and 2006, respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company and its subsidiaries are
subject to income taxes in the U.S. and numerous foreign jurisdictions.
Significant judgment is required in evaluating our tax positions and determining
our provision for income taxes. During the ordinary course of business, there
are many transactions and calculations for which the ultimate tax determination
is uncertain. We establish reserves for tax-related uncertainties based on
estimates of whether, and the extent to which, additional taxes will be due.
These reserves are established when we believe that certain positions might be
challenged despite our belief that our tax return positions are fully
supportable. We adjust these reserves in light of changing facts and
circumstances and the provision for income taxes includes the impact of reserve
provisions and changes to reserves that are considered appropriate. </FONT></P>
<P align=justify><FONT face=serif size=2>These accruals for tax-related
uncertainties are based on management&#146;s best estimate of potential tax
exposures. When particular matters arise, a number of years may elapse before
such matters are audited and finally resolved. Favorable resolution of such
matters could be recognized as a reduction to our effective tax rate in the year
of resolution. Unfavorable resolution of any particular issue could increase the
effective tax rate and may require the use of cash in the year of resolution.
During 2006 and 2008, certain matters were resolved unfavorably, which required
the Company to make tax payments.</FONT></P>
<P align=justify><FONT face=serif size=2>In July 2006, the FASB issued
Interpretation No. 48 (&#147;FIN 48&#148;), </FONT><I><FONT face=serif size=2>Accounting
for Uncertainty in Income Taxes. </FONT></I><FONT face=serif size=2>FIN 48
clarifies the accounting for income taxes by prescribing the minimum recognition
threshold a tax position is required to meet before being recognized in the
financial statements. For those benefits to be recognized, a tax position must
be &#147;more likely than not&#148; to be sustained upon examination by taxing
authorities. FIN 48 also provides guidance on derecognition, measurement,
classification, interest and penalties, accounting in interim periods,
disclosure and transition. FIN 48 applies to all tax positions related to income
taxes. </FONT></P>
<P align=justify><FONT face=serif size=2>Effective January 1, 2007, the company
adopted the provisions of FIN 48. As a result of the implementation of FIN 48,
the Company increased its liability for unrecognized tax benefits by
approximately $2.1 million, which was accounted for as a decrease to the January
1, 2007 retained earnings balance. </FONT></P>
<P align=center><FONT face=serif size=2>F-34 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 5 &#150; Income Taxes
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The Company recognizes interest and
penalties related to unrecognized tax benefits in income tax expense. As of the
adoption date, the Company had accrued interest and penalties related to the
unrecognized tax benefits of $1.8 million. At December 31, 2008 and 2007, the
Company had accrued interest and penalties related to the unrecognized tax
benefits of $0.9 million and $2.5 million, respectively. During the years ended
December 31, 2008 and 2007, the Company recognized approximately $0.5 million
and $0.7 million, respectively, in interest and penalties. </FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes changes
in the liabilities associated with unrecognized tax benefits (</FONT><I><FONT face=serif size=2>in thousands)</FONT></I><FONT face=serif size=2>:</FONT><FONT face=serif size=2> </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=7><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Balance at beginning of year</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>65,523</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>48,231</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Addition based
      on tax positions related to the current year</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>5,572</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>8,931</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Addition based on tax positions related to prior years</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>487</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,807</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Currency
      translation adjustments</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,152</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,255</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Reduction based on tax positions related to prior years</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(8,251</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(399</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Reduction for
      settlements</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(15,227</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(302</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Reduction for lapses of statute of limitation</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,478</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Balance at end
      of year</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>47,778</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>65,523</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The Company and its subsidiaries file
U.S. federal income tax returns, as well as income tax returns in multiple U.S.
state and foreign jurisdictions. The U.S. Internal Revenue Service has concluded
its examinations of Vishay&#146;s U.S. federal tax returns for all tax years through
2002. Because of net operating losses, the Company&#146;s U.S. federal tax returns
for 2003 and later years will remain subject to examination until the losses are
utilized. Examinations of principal subsidiaries in Germany through the 2004 tax
year were concluded in 2008. The tax returns of significant consolidated
subsidiaries are currently under examination, including Israel (2004 and later
years) and Republic of China (Taiwan) (1996 and later years). The Company and
its subsidiaries are also subject to income taxes in other taxing jurisdictions
in the U.S. and around the world, many of which are still open to tax
examinations.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company anticipates that the
examinations of significant subsidiaries in Republic of China (Taiwan) should be
completed in the next 12 months. The Company expects settlement of these
examinations, along with examinations in other countries, to result in a
decrease in the amount of unrecognized tax benefits of approximately $2.0
million. </FONT></P>
<P align=center><FONT face=serif size=2>F-35 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 6 &#150; Long-Term
Debt</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Long-term debt consists of the
following</FONT><I><FONT face=serif size=2> (in thousands):</FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=center width="9%" colSpan=5><B><FONT face=serif size=2>December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Credit facility - revolving debt</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><STRONG>125,000</STRONG></FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=2>Credit facility
      - term loan</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>112,500</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Exchangeable unsecured notes, due 2102</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>105,000</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>105,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=2>Convertible
      subordinated notes, due 2023</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>1,870</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>500,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Other debt</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,305</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,583</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>346,675</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>608,583</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Less current portion</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>13,044</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,346</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>333,631</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>607,237</FONT>
</TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Credit
Facility</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>On June 24, 2008, the Company entered
into its Fourth Amended and Restated Credit Agreement with a consortium of banks
led by Comerica Bank as administrative agent. The amended credit facility amends
certain terms of the Third Amended and Restated Credit Agreement, dated as of
April 20, 2007, including the applicable interest rates with respect to
borrowings under the revolving credit commitment.</FONT></P>
<P align=justify><FONT face=serif size=2>The amended credit facility effectively
consists of: </FONT></P>
<UL style="FONT-SIZE: 10pt">
  <LI><FONT face=serif size=2>a revolving credit commitment of up to $250
  million available through April 20, 2012, and </FONT>
  <LI><FONT face=serif size=2>a term loan with original principal amount of $125
  million payable through 2011.</FONT></LI></UL>
<P align=justify><FONT face=serif size=2>The borrowings under the amended credit
facility are secured by pledges of stock in certain significant subsidiaries and
certain guarantees by significant subsidiaries. The subsidiaries would be
required to perform under the guarantees in the event that the Company failed to
make principal or interest payments under the credit facility. Certain of the
Company&#146;s subsidiaries are permitted to borrow under the credit facility. Any
borrowings by these subsidiaries under the credit facility are guaranteed by the
Company.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Revolving Credit
Facility</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>The amended credit facility includes a
revolving credit commitment of up to $250 million. </FONT></P>
<P align=justify><FONT face=serif size=2>Interest on the revolving credit
commitment is payable at prime or other variable interest rate options. The
Company is required to pay facility commitment fees. The amended credit facility
continues to restrict the Company from paying cash dividends and requires the
Company to comply with other covenants, including the maintenance of specific
financial ratios. The Company was in compliance with all covenants at December
31, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>In July 2008, the Company borrowed $125
million under the revolving credit facility for the purpose of repurchasing the
Company&#146;s 3-5/8% convertible subordinated notes due 2023 (as further described
below). This amount remained outstanding at December 31, 2008. Borrowings
outstanding on the revolving credit facility at December 31, 2008 bear interest
at LIBOR plus 1.00%. There were no amounts outstanding on the revolving credit
facility at December 31, 2007. </FONT></P>
<P align=justify><FONT face=serif size=2>Letters of credit totaling $10,995,000
and $11,411,000 were issued under the revolving credit facility at December 31,
2008 and 2007, respectively. At December 31, 2008, there was $114,005,000
available under the revolving credit facility.</FONT></P>
<P align=center><FONT face=serif size=2>F-36 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 6 &#150; Long-Term Debt
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><I><U><FONT face=serif size=2>Term Loan</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>The Company borrowed $125 million under
the amended credit facility in the form of a senior secured term loan in July
2008 for the purpose of repurchasing the Company&#146;s 3-5/8% convertible
subordinated notes due 2023 (as further described below). The principal amount
is due in semi-annual installments payable on January 1 and July 1 through 2011.
The principal amount of the repayments due in 2009 and 2010 will each equal
$12.5 million, and the principal amount repayments due in 2011 will each equal
$37.5 million. The Company made the installment payment that was due on January
1, 2009 on December 31, 2008. There are no penalties for early payments of the
term loan. Prepayments of the term loan principal would reduce all future
principal payments under the term loan. The borrowings under the term loan,
based on current leverage ratios, bear interest at LIBOR plus 2.50%. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Exchangeable Unsecured Notes, due
2102 </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>On December 13, 2002, the Company
completed the acquisition of BCcomponents Holdings B.V. In connection with this
acquisition, $105,000,000 in principal amount of BCcomponents&#146; mezzanine
indebtedness and certain other securities of BCcomponents were exchanged for
$105,000,000 principal amount of floating rate unsecured loan notes of the
Company, due 2102. The notes bore interest at LIBOR plus 1.5% through December
31, 2006 and bear interest at LIBOR thereafter. The interest rate could be
further reduced to 50% of LIBOR after December 31, 2010 if the price of the
Company&#146;s common stock trades above a specified target price, as provided in the
notes. The notes are subject to a put and call agreement under which the holders
may at any time put the notes to the Company in exchange for 6,176,471 shares of
the Company&#146;s common stock in the aggregate, and the Company may call the notes
in exchange for cash or for shares of its common stock after 15 years from the
date of issuance.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Convertible Subordinated Notes,
due 2023 </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In 2003, the Company sold $500 million
aggregate principal amount of 3-5/8% convertible subordinated notes due 2023.
The notes pay interest semiannually. </FONT></P>
<P align=justify><FONT face=serif size=2>Holders may convert the notes into
Vishay common stock prior to the close of business on August 1, 2023 if (1) the
sale price of Vishay common stock reaches 130% of the conversion price for a
specified period; (2) the trading price of the notes falls below 98% of the
average last reported sales price of Vishay common stock multiplied by the
conversion rate for a specified period; (3) the notes have been called for
redemption; (4) the credit ratings assigned to the notes are lowered by two or
more levels from their initial ratings; or (5) specified corporate transactions
occur. None of these conditions had occurred as of December 31, 2008. The
conversion price of $21.28 is equivalent to a conversion rate of 46.9925 shares
per $1,000 principal amount of notes. </FONT></P>
<P align=justify><FONT face=serif size=2>The notes are subordinated in right of
payment to all of the Company&#146;s existing and future senior indebtedness and are
effectively subordinated to all existing and future liabilities of its
subsidiaries. The notes may be redeemed at the Company&#146;s option beginning August
1, 2010 at a redemption price equal to 100% of the principal amount plus accrued
and unpaid interest, if any. Holders of the notes have the right to require the
Company to repurchase all or some of their notes at a purchase price equal to
100% of their principal amount of the notes, plus accrued and unpaid interest,
if any, on August 1, 2008, August 1, 2010, August 1, 2013, and August 1, 2018.
In addition, holders of the notes will have the right to require the Company to
repurchase all or some of their notes upon the occurrence of certain events
constituting a fundamental change. </FONT></P>
<P align=justify><FONT face=serif size=2>Pursuant to the indenture governing the
notes, Vishay has the right to pay the conversion value or purchase price for
the notes in cash, Vishay common stock, or a combination of both. In June 2007,
the Company&#146;s Board of Directors adopted a resolution pursuant to which the
Company intends to waive its rights to settle the principal amount of the notes
in shares of Vishay common stock. In accordance with the resolution of its
Board, in the future, if notes are tendered for repurchase, Vishay will pay the
repurchase price in cash, and if notes are submitted for conversion, Vishay will
value the shares issuable upon conversion and will pay in cash an amount equal
to the principal amount of the converted notes and will issue shares in respect
of the conversion value in excess of the principal amount. See also Note 16.
</FONT></P>
<P align=center><FONT face=serif size=2>F-37 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 6 &#150; Long-Term Debt
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Holders of substantially all (99.6%) of
the 3-5/8% notes exercised their option to require the Company to repurchase
their notes on August 1, 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>Pursuant to the repurchase, the Company
paid $498,130,000 plus accrued interest to holders of the notes on August 1,
2008. The purchase price was paid in cash and funded from cash on-hand, $125
million of borrowings under the revolving credit facility described above, and
$125 million from the term loan described above. </FONT></P>
<P align=justify><FONT face=serif size=2>The purchase price for the notes was
equal to their principal amount, and accordingly, the Company did not recognize
any gain or loss on the repurchase of the Notes. However, as a consequence of
the extinguishment of the notes prior to their stated maturity date of 2023, the
Company recorded a loss on early extinguishment of debt of $13,601,000, to
write-off unamortized debt issuance costs associated with the 2003 issuance of
the notes. </FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, notes with an
aggregate principal amount of $1,870,000 remain outstanding. These notes are
convertible into 87,876 shares.</FONT><B><I><FONT face=serif size=2>
</FONT></I></B><FONT face=serif></FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Liquid Yield Option&#153; Notes, due
2021 </FONT></I></B></P>
<P align=justify><FONT face=serif size=2>On June 4, 2001, the Company completed
a private placement of Liquid Yield Option&#153; Notes (&#147;LYONs&#148;) due 2021. Each LYON
had a $1,000 face amount and was offered at a price of $551.26 (55.126% of the
principal amount at maturity). The issue price of each LYON represented a yield
to maturity of 3.00%, excluding any contingent interest that would have been
payable under certain circumstances.</FONT></P>
<P align=justify><FONT face=serif size=2>At any time on or before the maturity
date, the LYONs were convertible into Vishay common stock at a rate of 17.6686
shares of common stock per $1,000 principal amount at maturity. The holders of
the LYONs had the option to require the Company to purchase all or a portion of
their LYONs on various dates at their accreted value on those dates. Pursuant to
the terms of the notes, the Company could choose to pay the purchase price in
cash, Vishay common stock, or a combination of both.</FONT></P>
<P align=justify><FONT face=serif size=2>Holders of $169,435,000 principal
amount at maturity ($102,130,000 accreted principal amount) exercised their
option on June 4, 2004. </FONT></P>
<P align=justify><FONT face=serif size=2>The holders of the remaining LYONs had
the option to require the Company to repurchase all or a portion of their LYONs
on June 4, 2006 at their accreted value of $639.76 per $1,000 principal amount
at maturity. All holders of the LYONs exercised their option to require the
Company to repurchase their LYONs. The Company paid $137,910,000 to the holders
of the LYONs on the June 4, 2006 purchase date. </FONT></P>
<P align=justify><FONT face=serif size=2>As a result of the early extinguishment
of the LYONs, in 2006, the Company recognized a pretax, noncash write-off of
unamortized debt issuance costs associated with the 2001 issuance of the LYONs
totaling $2,854,000. </FONT></P>
<P align=center><FONT face=serif size=2>F-38 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 6 &#150; Long-Term Debt
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Other Borrowings Information
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Aggregate annual maturities of
long-term debt, based on the terms stated in the respective agreements, are as
follows </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=2>2009</FONT>&nbsp; </TD>
    <TD noWrap align=right width="48%" bgColor=#c0c0c0><FONT face=serif size=2>13,044</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2>2010</FONT>&nbsp; </TD>
    <TD noWrap align=right width="48%"><FONT face=serif size=2>25,187</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=2>2011</FONT>&nbsp; </TD>
    <TD noWrap align=right width="48%" bgColor=#c0c0c0><FONT face=serif size=2>75,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2>2012</FONT>&nbsp; </TD>
    <TD noWrap align=right width="48%"><FONT face=serif size=2>125,787</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=2>2013</FONT>&nbsp; </TD>
    <TD noWrap align=right width="48%" bgColor=#c0c0c0><FONT face=serif size=2>131</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2>Thereafter</FONT>&nbsp; </TD>
    <TD noWrap align=right width="48%"><FONT face=serif size=2>107,526</FONT>
    </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>At December 31, 2008, the Company had
committed and uncommitted short-term credit lines with various U.S. and foreign
banks aggregating approximately $58.9 million, of which approximately $47.6
million was unused. These credit lines were substantially unused at December 31,
2007. Outstanding amounts pursuant to these credit lines are reported as &#147;notes
payable to banks&#148; on the consolidated balance sheet. The weighted average
interest rate on these short-term borrowings as of December 31, 2008 was 1.72%.
</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008 and 2007, the
Company had letters of credit totaling approximately $1.2 million and $1.0
million, respectively, in addition to letters of credit issued under the
revolving credit facility. </FONT></P>
<P align=justify><FONT face=serif size=2>Interest paid was $21,722,000,
$27,499,000, and $29,513,000 for the years ended December 31, 2008, 2007, and
2006, respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>Given that the interest rate on most of
the Company&#146;s long-term debt is variable, the Company believes that the carrying
value of its long-term debt approximates its fair value. However, the Company
cannot assure that it could obtain replacement financing at similar terms given
present market conditions.</FONT></P>
<P align=center><FONT face=serif size=2>F-39 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 7 &#150; Stockholders&#146;
Equity</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The Company&#146;s Class B common stock
carries ten votes per share while the common stock carries one vote per share.
Class B shares are transferable only to certain permitted transferees while the
common stock is freely transferable. Class B shares are convertible on a
one-for-one basis at any time into shares of common stock. Transfers of Class B
shares other than to permitted transferees result in the automatic conversion of
the Class B shares into common stock. </FONT></P>
<P align=justify><FONT face=serif size=2>The Board of Directors may only declare
dividends or other distributions with respect to the common stock or the Class B
common stock if it grants such dividends or distributions in the same amount per
share with respect to the other class of stock. The Company&#146;s revolving credit
facility currently prohibits the payment of cash dividends (see Note 6). Stock
dividends or distributions on any class of stock are payable only in shares of
stock of that class. Shares of either common stock or Class B common stock
cannot be split, divided, or combined unless the other is also split, divided,
or combined equally.</FONT></P>
<P align=justify><FONT face=serif size=2>On August 10, 2000, the Board of
Directors of the Company authorized the repurchase of up to 5,000,000 shares of
its common stock from time to time in the open market. As of December 31, 2008,
the Company had repurchased 248,500 shares. No shares have been repurchased
since 2001. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company issued 8,823,529 warrants
to acquire shares of Vishay common stock as part of the purchase price for the
2002 acquisition of BCcomponents. Of these warrants, 7,000,000 have an exercise
price of $20.00 per share, and 1,823,529 have an exercise price of $30.30 per
share. These warrants expire in December 2012. </FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, the Company had
reserved shares of common stock for future issuance as follows: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Common stock options outstanding</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,904,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Restricted stock
      units outstanding</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>197,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>2007 Stock Incentive Program - available to grant</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,765,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Phantom stock
      units outstanding</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>100,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Phantom stock units available to grant</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>165,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Employee stock
      plans - available to grant</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>305,126</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Common stock warrants</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8,823,529</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Exchangeable
      unsecured notes, due 2102</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>6,176,471</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=serif size=2>Convertible subordinated notes, due 2023</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>87,876</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>Conversion of
      Class B common stock</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>14,352,888</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>36,876,890</FONT>
</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-40 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 8 &#150; Other Income
(Expense)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The caption &#147;Other&#148; on the consolidated
statements of operations consists of the following </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%">&nbsp; </TD>
    <TD noWrap align=center width="17%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Foreign exchange loss</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(609</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(5,164</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(6,490</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Interest
      income</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>12,642</STRONG></FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>19,419</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>22,401</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Dividend income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>96</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>470</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>261</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Incentive from
      Chinese government</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>800</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,238</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,947</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(15</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,247</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>14,876</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>15,948</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>17,419</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><B><U><FONT face=serif size=2>Note 9 &#150; Other Accrued
Expenses</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Other accrued expenses consist of the
following </FONT><I><FONT face=serif size=2>(in thousands</FONT></I><I><FONT face=serif>)</FONT></I><I><FONT face=serif size=2>:</FONT></I><I><FONT face=serif> </FONT></I></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD noWrap align=center width="9%" colSpan=5><B><FONT face=serif size=2>December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Restructuring</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>27,221</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,844</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=2>Sales returns
      and allowances</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>37,434</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>42,110</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Goods received, not yet invoiced</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>34,675</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>57,498</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=serif size=2>Other</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>91,756</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>117,276</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>191,086</STRONG></FONT>
    </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>235,728</FONT>
</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-41 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 10 &#150; Other Comprehensive
Income (Loss)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The cumulative balance of each
component of other comprehensive income (loss) and the income tax effects
allocated to each component are as follows </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Beginning </FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2>Before-Tax </FONT></STRONG></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=2><STRONG><FONT face=serif>Tax</FONT> </STRONG></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Net-of-Tax</FONT> </FONT></STRONG></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Ending</FONT> </FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Balance</FONT>
      </FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Amount</FONT>
      </FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Effect</FONT>
      </FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Amount</FONT>
      </FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2><FONT face=serif>Balance</FONT>
      </FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>December 31, 2006</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0><FONT face=serif size=2>Minimum pension liability</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>adjustment</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(87,077</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>8,687</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>1,996</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>10,683</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(76,394</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Adjustment to initially apply</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>SFAS No.
      158, net of tax</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(18,993</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0><FONT face=serif size=2>Currency translation adjustment</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>40,927</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>89,310</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>-</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>89,310</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>130,237</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Unrealized gain on</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>available-for-sale securities</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>551</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>141</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(49</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>92</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>643</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(45,599</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>98,138</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>1,947</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>100,085</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>35,493</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=20><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>December 31, 2007</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0><FONT face=serif size=2>Pension and other</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>post-retirement actuarial items</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(95,387</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>43,526</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(8,850</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>34,676</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(60,711</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Reclassification adjustment for</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>recognition
      of actuarial items</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>6,146</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(446</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>5,700</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>5,700</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0><FONT face=serif size=2>Currency translation adjustment</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>130,237</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>84,697</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>84,697</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>214,934</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Unrealized gain on</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>available-for-sale securities</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>643</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(456</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>160</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(296</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>347</FONT>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>35,493</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>133,913</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(9,136</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>124,777</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>160,270</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=20><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>December 31, 2008</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0><FONT face=serif size=2>Pension and other</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>post-retirement actuarial items</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(55,011</STRONG></FONT>
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(70,322</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(1,651</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(71,973</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(126,984</STRONG></FONT>
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Reclassification adjustment for</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>recognition
      of actuarial items</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>4,851</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(49</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>4,802</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>4,802</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0><FONT face=serif size=2>Currency translation adjustment</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>214,934</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(16,673</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(16,673</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>198,261</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Unrealized gain (loss) on</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>available-for-sale securities</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>347</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(703</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>246</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(457</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(110</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>160,270</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(82,847</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(1,454</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(84,301</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>75,969</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Other comprehensive income (loss)
includes Vishay&#146;s proportionate share of other comprehensive income (loss) of
nonconsolidated subsidiaries accounted for under the equity method. </FONT></P>
<P align=justify><FONT face=serif size=2>As described in Note 11, the Company
adopted SFAS No. 158 as of December 31, 2006. The adjustment to initially apply
SFAS No. 158 is recorded as an adjustment to the ending balance of accumulated
other comprehensive loss and is not included in other comprehensive income for
the year ended December 31, 2006. The years ended December 31, 2008 and 2007
include reclassification adjustments for the amortization of actuarial items
recognized in net earnings. The amortization of these items was not reflected in
other comprehensive income in periods prior to the adoption of SFAS No. 158.
</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008 and 2007, the
Company had valuation allowances of $43,145,000 and $17,411,000, respectively,
against the deferred tax effect of equity adjustments related to pension and
other postretirement benefits. </FONT></P>
<P align=center><FONT face=serif size=2>F-42 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The Company maintains various
retirement benefit plans. In September 2006, the FASB issued Statement No. 158,
</FONT><I><FONT face=serif size=2>Employers&#146; Accounting for Defined Benefit
Pension and Other Postretirement Plans</FONT></I><FONT face=serif size=2> (&#147;SFAS
No. 158&#148;). SFAS No. 158 amends SFAS No. 87, </FONT><I><FONT face=serif size=2>Employers&#146; Accounting for Pensions,</FONT></I><FONT face=serif size=2>
SFAS No. 88, </FONT><I><FONT face=serif size=2>Employers&#146; Accounting for
Settlements and Curtailments of Defined Benefit Pension Plans and for
Termination Benefits, </FONT></I><FONT face=serif size=2>SFAS No. 106,
</FONT><I><FONT face=serif size=2>Employers&#146; Accounting for Postretirement
Benefits Other Than Pensions, </FONT></I><FONT face=serif size=2>SFAS No. 132-R,
</FONT><I><FONT face=serif size=2>Employers&#146; Disclosures about Pensions and
Other Postretirement Benefits, </FONT></I><FONT face=serif size=2>and other
related accounting literature. SFAS No. 158 requires employers to recognize the
funded status of a benefit plan, measured as the difference between plan assets
at fair value and the benefit obligation, in its balance sheet. The recognition
of the funded status on the balance sheet requires employers to recognize
actuarial items (such as actuarial gains and losses, prior service costs, and
transition obligations) as a component of other comprehensive income, net of
tax. Vishay adopted SFAS No. 158 effective December 31, 2006.</FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes amounts
recorded on the consolidated balance sheets associated with these various
retirement benefit plans </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="11%" colSpan=7><FONT size=+0><B><FONT face=serif size=2>December 31,</FONT></B></FONT><FONT size=+0>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2008</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>2007</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>Included in "Other Assets":</FONT></B>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>U.S. pension plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>-</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>5,264</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Foreign pension plans</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>2,988</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,026</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>Total included in other assets</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>2,988</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>6,290</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>Accrued pension and other postretirement
      costs:</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>U.S. pension plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(91,322</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(26,483</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Non-U.S. pension plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><STRONG>(201,346</STRONG></FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(215,846</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>U.S. other postretirement plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(12,941</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(17,586</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Non-U.S. other postretirement plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(7,405</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(8,107</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>Other retirement obligations</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(12,098</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(12,691</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Total accrued pension and other postretirement
      costs</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(325,112</FONT></B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(280,713</FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><B><FONT face=serif size=2>Accumulated other comprehensive loss:</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>U.S. pension plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>129,282</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>47,590</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>Non-U.S. pension plans</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>7,708</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>18,924</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>U.S. other postretirement plans</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(7,118</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(2,619</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT size=+0><FONT face=serif size=2>Total accumulated other comprehensive loss*</FONT>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>129,872</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>63,895</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>* - Amounts included in accumulated
other comprehensive loss are presented in this table pretax.</FONT></P>
<P align=center><FONT face=serif size=2>F-43 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Defined Benefit Pension Plans
</FONT></I></B></P>
<P align=justify><I><U><FONT face=serif size=2>U.S. Pension
Plans</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>The Company maintains several defined
benefit pension plans which covered most full-time U.S. employees. These include
pension plans which are &#147;qualified&#148; under Employee Retirement Security Act of
1974 (&#147;ERISA&#148;) and the Internal Revenue Code, and &#147;non-qualified&#148; pension plans
which provide defined benefits primarily to U.S. employees whose benefits under
the qualified pension plan would be limited by ERISA and the Internal Revenue
Code. Pension benefits earned are generally based on years of service and
compensation during active employment.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Qualified U.S. Pension
Plans</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>The qualified U.S. pension plans
include both contributory and non-contributory plans. The Company&#146;s principal
qualified U.S. pension plan (the Vishay Retirement Plan) was funded through
Company and participant contributions to an irrevocable trust fund. The
Company&#146;s other qualified U.S. pension plans, which were assumed as a result of
past acquisitions, are funded only through Company contributions. </FONT></P>
<P align=justify><FONT face=serif size=2>During the fourth quarter of 2008, the
Company adopted amendments to the Vishay Retirement Plan such that effective
January 1, 2009, the plan was frozen. Pursuant to these amendments, no new
employees may participate in the plan, no further participant contributions will
be required or permitted, and no further benefits shall accrue after December
31, 2008. Benefits accumulated as of December 31, 2008 will be paid to employees
upon retirement, and the Company will likely need to make additional cash
contributions to the plan to fund this accumulated benefit obligation. To
mitigate the loss in benefits of these employees, effective January 1, 2009, the
Company increased the Company-match portion of its 401(k) defined contribution
savings plan for employees impacted by the pension freeze.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company&#146;s other qualified U.S.
pension plans had all been effectively frozen in prior years.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Non-qualified U.S. Pension
Plans</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>The Company&#146;s principal non-qualified
U.S. pension plan (the Vishay Non-qualified Retirement Plan) was a contributory
pension plan designed to provide similar defined benefits to covered U.S.
employees whose benefits under the Vishay Retirement Plan would be limited by
ERISA and the Internal Revenue Code. The Vishay Non-qualified Retirement Plan is
identical in construction to the Vishay Retirement Plan, except that the plan is
not qualified under ERISA. </FONT></P>
<P align=justify><FONT face=serif size=2>The Vishay Non-qualified Retirement
Plan, like all non-qualified plans, is considered to be unfunded. The Company
maintains a non-qualified trust, referred to as a &#147;rabbi&#148; trust, to fund benefit
payments under this plan. Rabbi trust assets are subject to creditor claims
under certain conditions and are not the property of employees. Therefore, they
are accounted for as other noncurrent assets. Assets held in trust related to
the non-qualified pension plan at December 31, 2008 and 2007 were approximately
$11 million and $15 million, respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>During the fourth quarter of 2008, the
Company adopted amendments to the Vishay Non-Qualified Retirement Plan such that
effective January 1, 2009, the plan was frozen. Pursuant to these amendments, no
new employees may participate in the plans, no further participant contributions
will be required or permitted, and no further benefits shall accrue after
December 31, 2008. Benefits accumulated as of December 31, 2008 will be paid to
employees upon retirement, and the Company will likely need to make additional
cash contributions to the rabbi trust to fund this accumulated benefit
obligation. To mitigate the loss in benefits of these employees, effective
January 1, 2009, the Company increased the Company-match portion of its 401(k)
defined contribution savings plan for employees impacted by the pension freeze.
</FONT></P>
<P align=justify><FONT face=serif size=2>The Company also maintains other
pension plans which provide supplemental defined benefits primarily to former
U.S. employees whose benefits under qualified pension plans were limited by
ERISA. These non-qualified plans were all non-contributory plans, and are
considered to be unfunded. </FONT></P>
<P align=center><FONT face=serif size=2>F-44 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>In 2004, the Company entered into an
employment agreement with Dr. Felix Zandman, its Executive Chairman and
then-Chief Executive Officer. Pursuant to this agreement, the Company will
provide an annual retirement benefit equal to 50% of his average base pay and
bonus for the five years preceding his retirement (but not to exceed $1 million
annually). These pension benefits are unfunded and fully vested.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Non-U.S. Pension
Plans</FONT></U></I><I><FONT face=serif size=2> </FONT></I></P>
<P align=justify><FONT face=serif size=2>The Company provides pension and
similar benefits to employees of certain non-U.S. subsidiaries consistent with
local practices. Pension benefits earned are generally based on years of service
and compensation during active employment.</FONT></P>
<P align=justify><FONT face=serif size=2>The following table sets forth a
reconciliation of the benefit obligation, plan assets, and funded status related
to U.S. and non-U.S. pension plans </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><FONT size=+0><B><FONT face=serif size=2>December 31,
      2008</FONT></B></FONT><FONT size=+0> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><FONT size=+0><B><FONT face=serif size=2>December 31,
      2007</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>U.S.</FONT></B> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Non-U.S.</FONT></B> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>U.S.</FONT></B> </FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Non-U.S.</FONT></B> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Plans</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Plans</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Plans</FONT></B>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><B><FONT face=serif size=2>Plans</FONT></B>
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>Change in benefit obligation:</FONT></B>&nbsp;
</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0 colSpan=3><FONT size=+0>&nbsp; </FONT><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Benefit obligation at beginning of year</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>274,080</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>263,280</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>283,309</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>271,087</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Service cost (adjusted for actual</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>employee
      contributions)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>4,141</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>4,484</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>4,652</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>4,799</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Interest cost</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>16,618</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>12,804</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>15,871</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>11,153</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Plan amendments</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>-</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(242</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(1,809</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Acquisitions</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>81</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>211</FONT> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Contributions by participants</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>1,598</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>115</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>1,679</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>126</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Actuarial (gains) losses</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>3,661</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(8,607</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(16,315</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(28,174</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Curtailments and settlements</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(12,591</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(17,757</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(161</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Benefits paid</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(16,265</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(13,688</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(15,116</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>(11,518</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Currency translation</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3>&nbsp;&nbsp;
</FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(11,365</FONT></B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>17,566</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Benefit obligation at end of year</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>271,242</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>229,105</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>274,080</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>263,280</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=16><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>Change in plan assets:</FONT></B>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Fair value of plan assets at beginning</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>of year</FONT>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>252,861</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>48,460</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>248,827</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>61,685</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Actual return on plan assets</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(71,829</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(3,061</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>14,466</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>2,790</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Acquisitions</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>38</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>226</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Company contributions</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>13,555</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>18,282</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>3,005</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(7,319</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Plan participants&#146; contributions</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>1,598</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>115</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>1,679</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>126</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Benefits paid</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(16,265</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(13,688</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(15,116</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp;
      </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>(11,518</FONT> </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Settlements</FONT> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>(13,635</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>)</FONT></B> </FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>Currency translation</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(5,764</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><STRONG>-</STRONG><FONT size=3> </FONT></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>2,470</FONT>
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT size=+0><FONT face=serif size=2>Fair value of plan assets at end of year</FONT>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>179,920</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><B><FONT face=serif size=2>30,747</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>252,861</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT size=+0><FONT face=serif size=2>48,460</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=16><FONT size=+0>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>Funded status at end of year</FONT></B>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>(91,322</FONT></B> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>$</FONT></B>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>(198,358</STRONG></FONT>
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><B><FONT face=serif size=2>)</FONT></B>
      </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(21,219</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT> </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=+0></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT size=2>$</FONT> </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(214,820</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=+0><FONT face=serif size=2>)</FONT>
  </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Company contributions for non-U.S.
plans for 2007 are net of $22,136,000 of cash refunded. To achieve tax benefits
and to streamline pension administration, the legal form of one of the Company&#146;s
German pension funds was changed. As a result of the change, past contributions
could be refunded to the Company. Prior to the change in legal form for this
plan, the pension fund could loan cash to the Company. At January 1, 2007, other
accrued expenses included $19,694,000 of short-term loans from this pension
plan.</FONT></P>
<P align=center><FONT face=serif size=2>F-45 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2><U>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</U></FONT></B></P>
<P align=justify><FONT face=serif size=2>Amounts recognized in the consolidated
balance sheet consist of the following </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=7><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=7><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2>Other assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,988</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>5,264</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>1,026</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=serif size=2>Accrued benefit
      liability</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>(91,322</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><B><FONT face=serif size=2>(201,346</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(26,483</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=2>(215,846</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2>Accumulated other comprehensive loss</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B>129,282</B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>7,708</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>47,590</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>18,924</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><B><FONT face=serif size=2>37,960</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><B>(190,650</B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%"><FONT face=serif size=2>26,371</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>(195,896</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=16><FONT face=serif size=2>Actuarial
      items consist of the following </FONT><I><FONT face=serif size=2>(in
      thousands)</FONT></I><FONT face=serif size=2>:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=7><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=7><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2>Unrecognized net actuarial loss</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>130,476</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>7,708</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>48,951</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>18,924</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=serif size=2>Unamortized
      prior service credit</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>(1,194</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>(1,361</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="5%"><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>129,282</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>7,708</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>47,590</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=2>18,924</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The following table sets forth
additional information regarding the projected and accumulated benefit
obligations </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=5><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=5><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2>Accumulated benefit obligation, all plans</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B>271,242</B></FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B>216,143</B></FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>261,493</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>243,270</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=serif size=2>Plans for which
      the accumulated benefit</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>obligation exceeds plan assets:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2>Projected benefit obligation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>271,242</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>224,064</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>18,416</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>256,347</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=serif size=2>Accumulated
      benefit obligation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>271,242</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>213,493</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>16,903</FONT>
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>240,906</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face=serif size=2>Fair value of plan assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>179,920</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>22,830</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>39,351</FONT> </TD></TR></TABLE>
<P align=center><FONT face=serif size=2>F-46 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><U><B><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></B><B><FONT face=serif size=2>
</FONT></B></U></P>
<P align=justify><FONT face=serif size=2>The following table sets forth the
components of net periodic pension cost </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp; </TD>
    <TD noWrap align=center width="53%" colSpan=23><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp; </TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Annual service cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,739</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,598</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>6,331</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>4,925</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>6,666</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>5,102</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=serif size=2>Less
      employee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>contributions</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><B><FONT face=serif size=2>1,598</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><B><FONT face=serif size=2>115</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>1,679</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>126</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>1,810</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Net service cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,141</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,483</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>4,652</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>4,799</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>4,856</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>5,102</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=serif size=2>Interest
      cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>16,618</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>12,804</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>15,871</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>11,153</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>15,433</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>10,270</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Expected return on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>plan
      assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><B>(20,881</B></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><B>(2,612</B></FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(20,553</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(3,012</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(19,206</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(2,467</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=serif size=2>Amortization of
      actuarial</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>losses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>2,255</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>2,774</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>3,325</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>5,146</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>6,990</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>2,314</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Amortization of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>prior service
      <FONT face=serif>(credit) cost</FONT></FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(167</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><B>-</B></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>324</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(2,662</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>1,305</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>571</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=serif size=2>Curtailment and
      settlement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>losses (gains)</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2><B>-</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><B><FONT face=serif size=2>2,624</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>(57</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>532</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Net periodic benefit cost</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,966</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>20,073</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>3,619</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>15,367</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>9,378</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>16,322</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>See Note 10 for the pretax, tax effect
and after tax amounts included in other comprehensive income during the years
ended December 31, 2008, 2007, and 2006. The estimated actuarial items for the
defined benefit pensions plans that will be amortized from accumulated other
comprehensive loss into net periodic pension cost during 2009 is $12.7
million.</FONT></P>
<P align=justify><FONT face=serif size=2>The settlement losses for 2008 and 2006
are primarily related to the Company&#146;s restructuring plans in the Republic of
China (Taiwan). See Note 4. </FONT></P>
<P align=justify><FONT face=serif size=2>The following weighted average
assumptions were used to determine benefit obligations at December 31 of the
respective years: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Discount rate</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><B><FONT face=serif size=2>6.25</FONT></B> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>5.27</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>6.25</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>4.91</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=serif size=2>Rate of
      compensation increase</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%"><B><FONT face=serif size=2>0.00</FONT></B> </TD>
    <TD noWrap align=left width="6%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>2.42</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>4.00</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>2.53</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=12><FONT face=serif size=2>The
      following weighted average assumptions were used to determine the net
      periodic pension costs for the years ended December 31, 2008 and
      2007:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=12>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=center width="55%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Discount rate</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><B><FONT face=serif size=2>6.25</FONT></B> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>4.91</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>5.75</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>4.04</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=serif size=2>Rate of
      compensation increase</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%"><B><FONT face=serif size=2>4.00</FONT></B> </TD>
    <TD noWrap align=left width="6%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>2.53</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>4.00</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>2.77</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Expected return on plan assets</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><B><FONT face=serif size=2>8.50</FONT></B> </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>5.78</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>8.50</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>5.37</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-47 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The plans&#146; expected return on assets is
based on management&#146;s expectations of long-term average rates of return to be
achieved by the underlying investment portfolios. In establishing this
assumption, management considers historical and expected returns for the asset
classes in which the plans are invested, advice from pension consultants and
investment advisors, and current economic and capital market
conditions.</FONT></P>
<P align=justify><FONT face=serif size=2>The investment mix between equity
securities and fixed income securities is based upon achieving a desired return,
balancing higher return, more volatile equity securities, and lower return, less
volatile fixed income securities. The Company&#146;s U.S. defined benefit plans are
invested in diversified portfolios of public-market equity and fixed income
securities. Investment allocations are made across a range of markets, industry
sectors, capitalization sizes, and, in the case of fixed income securities,
maturities and credit quality. The target allocation has historically been
approximately 60% invested in equity securities and 40% invested in debt
securities, although the investments are more heavily allocated to fixed income
securities and cash and cash equivalents at December 31, 2008 subsequent to
unfavorable market returns. The Company&#146;s non-U.S. defined benefit plans are
largely invested in cash, with a small percentage invested in equity and fixed
income securities, based on local laws and customs. The plans do not invest in
securities of Vishay or its subsidiaries. </FONT></P>
<P align=justify><FONT face=serif size=2>Plan assets are comprised of:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=5><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=5><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face=serif size=2>Equity securities</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>54</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>27</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>68</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>29</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2>Fixed income
      securities</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>39</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>37</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>31</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>25</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face=serif size=2>Cash and cash equivalents</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>7</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>36</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>1</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>46</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><B><FONT face=serif size=2>100</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><B><FONT face=serif size=2>100</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>%</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>100</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>100</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>%</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Estimated future benefit payments are
as follows </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>16,078</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>11,658</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=serif size=2>2010</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%">&nbsp; <FONT face=serif size=2>16,347</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>11,955</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>2011</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>16,759</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>12,157</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=serif size=2>2012</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%">&nbsp;<FONT face=serif size=2>18,305</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>12,723</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>2013</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2>18,784</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>13,509</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=serif size=2>2014-2018</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%">&nbsp;<FONT face=serif size=2>99,712</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>78,990</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>In December 2008, the President of the
United States signed the Worker, Retiree, and Employer Recovery Act of 2008
(&#147;WRERA&#148;). WRERA provides certain relief from defined benefit plan funding
requirements. The Company is still evaluating the impact of WRERA on its U.S.
defined benefit pension plans. The Company anticipates making contributions to
U.S. defined benefit pension plans of between $20 million and $25 million in
2009, although this amount could materially change based on the Company&#146;s
evaluation of WRERA. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company&#146;s anticipated 2009
contributions for non-U.S. defined benefit pension plans will approximate the
expected benefit payments disclosed above. </FONT></P>
<P align=justify><FONT face=serif size=2>Events in the financial markets have
led to declines in the fair value of investment securities held by our pension
plans. Negative investment returns could ultimately affect the funded status of
the plans, requiring additional cash contributions.</FONT></P>
<P align=center><FONT face=serif size=2>F-48 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><U><B><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></B><B><FONT face=serif size=2>
</FONT></B></U></P>
<P align=justify><B><I><FONT face=serif size=2>Other Postretirement Benefits
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In the U.S., the Company maintains two
unfunded non-pension postretirement plans which are funded as costs are
incurred. One of these plans was amended effective January 1, 2009, which
reduced the benefit obligations of the Company. The Company also maintains two
unfunded non-pension postretirement plans at two European subsidiaries.
</FONT></P>
<P align=justify><FONT face=serif size=2>In 2004, the Company entered into
formal employment agreements with six of its executives. These employment
agreements provide medical benefits for these executives and their surviving
spouses for life, up to a $15,000 annual premium value per person. These
benefits are fully vested, and accordingly, the obligations represented prior
service costs which will be amortized over the average remaining expected
services period for these six executives. </FONT></P>
<P align=justify><FONT face=serif size=2>The following table sets forth a
reconciliation of the benefit obligation, plan assets, and accrued benefit cost
related to U.S. and non-U.S. non-pension defined benefit postretirement plans
</FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><B><FONT face=serif size=2>Change in benefit obligation:</FONT></B>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2>Benefit
      obligation at beginning of year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT>
    </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>17,586</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT>
    </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>8,107</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>19,915</FONT>
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>8,806</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=2>Service cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>180</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>389</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>216</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>435</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2>Interest
      cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>1,012</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>408</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>981</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>350</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="65%"  bgColor=#c0c0c0><FONT size=2>Plan amendments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%"  bgColor=#c0c0c0><STRONG><FONT size=2>(3,795</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0><STRONG><FONT size=2>)</FONT></STRONG> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%"  bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2><STRONG>-</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%"  bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2><STRONG>-</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="6%"  bgColor=#c0c0c0>&nbsp;<FONT face=serif size=2><STRONG>-</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#ffffff><FONT face=serif size=2>Actuarial (gains) losses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#ffffff><B><FONT face=serif size=2>(716</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#ffffff><B><FONT face=serif size=2>81</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#ffffff><FONT face=serif size=2>(2,261</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#ffffff><FONT face=serif size=2>(541</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=2>Benefits paid</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,326</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,460</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(1,265</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(1,731</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#ffffff><FONT face=serif size=2>Currency translation</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#ffffff>&nbsp;<FONT face=serif size=2><B>-</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#ffffff><B><FONT face=serif size=2>(120</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#ffffff>&nbsp;<B><FONT face=serif size=2>-</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#ffffff><FONT face=serif size=2>788</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=2>Benefit obligation at end of year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>12,941</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>7,405</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>17,586</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>8,107</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><B><FONT face=serif size=2>Fair value of plan assets at end of year</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT><FONT face=serif size=2><STRONG>-</STRONG></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT><FONT face=serif size=2><STRONG>-</STRONG></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT><FONT face=serif size=2><STRONG>-</STRONG></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0>&nbsp;<B><FONT face=serif size=2>-</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><B><FONT face=serif size=2>Funded status at end of year</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>(12,941</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(7,405</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(17,586</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(8,107</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=16><FONT face=serif size=2>Amounts
      recognized in the consolidated balance sheet consist of the following
      </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=2>Accrued benefit liability</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(12,941</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(7,405</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(17,586</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>(8,107</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2>Accumulated
      other comprehensive income</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><B><FONT face=serif size=2>(7,118</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%">&nbsp;<FONT face=serif size=2><B>-</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>(2,619</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT><FONT face=serif size=2><STRONG>-</STRONG></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><B>(20,059</B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><B>(7,405</B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT>(20,205</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(8,107</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=16><FONT face=serif size=2>Actuarial
      items consist of the following </FONT><I><FONT face=serif size=2>(in
      thousands)</FONT></I><FONT face=serif size=2>:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>December 31, 2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%" colSpan=7><B><FONT face=serif size=2>December 31, 2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=2>Unrecognized net actuarial gain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4,222</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>(3,776</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2>Unamortized
      prior service (credit) cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>(3,178</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><B><FONT face=serif size=2>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>195</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="6%"><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=2>Unrecognized net transition obligation</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>282</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>962</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" bgColor=#c0c0c0><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%"><B><FONT face=serif size=2>(7,118</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%"><B><FONT face=serif size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%"><FONT face=serif size=2>(2,619</FONT> </TD>
    <TD style="BORDER-BOTTOM: #ffffff 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="6%"><FONT face=serif size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-49 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table sets forth the
components of net periodic benefit cost </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="36%">&nbsp; </TD>
    <TD noWrap align=center width="64%" colSpan=20>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; <B><FONT face=serif size=2>Years ended December
      31,</FONT></B>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=6><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=6><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%" colSpan=6><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=3><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=3><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Service cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>180</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>389</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>216</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>435</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>223</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>406</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Interest
      cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>1,012</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>408</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>981</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>350</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>1,082</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>322</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Amortization of actuarial</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>gains</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>(270</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>(257</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>(34</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Amortization
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>prior service cost</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>66</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>77</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-<FONT size=3>
      </FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>86</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>-<FONT size=3>
      </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face=serif size=2>Amortization of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0>&nbsp; &nbsp;
      &nbsp;<FONT face=serif size=2>transition obligation</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>193</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>193</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>193</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>-<FONT size=3>
</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face=serif size=2>Net periodic
      benefit cost</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><B><FONT face=serif size=2>1,181</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><B><FONT face=serif size=2>797</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=serif size=2>1,210</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>785</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=serif size=2>1,550</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%"><FONT face=serif size=2>728</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>No amounts were recognized in other
comprehensive income during 2006 related to other postretirement benefits. An
adjustment to the ending balance of accumulated other comprehensive income was
recorded at December 31, 2006 to reflect the initial adoption of SFAS No. 158.
The estimated actuarial items for the other postretirement benefit plans that
will be amortized from accumulated other comprehensive loss into net periodic
benefit cost during 2009 are not material and approximate the amounts amortized
in 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>The following weighted average
assumptions were used to determine benefit obligations at December 31 of the
respective years: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Discount rate</FONT>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>6.25</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>5.62</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>6.25</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>5.15</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=serif size=2>Rate of
      compensation increase</FONT>&nbsp; </TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>0.00</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>3.41</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>4.00</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>3.20</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The following weighted average
assumptions were used to determine the net periodic benefit costs for the years
ended December 31, 2008 and 2007: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=center width="55%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%" bgColor=#c0c0c0><FONT face=serif size=2>Discount rate</FONT>&nbsp; </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>6.25</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><B><FONT face=serif size=2>5.15</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>5.75</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>4.00</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=serif size=2>Rate of
      compensation increase</FONT>&nbsp; </TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>4.00</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="8%"><B><FONT face=serif size=2>3.20</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>4.00</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>3.00</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The impact of a one-percentage-point
change in assumed health care cost trend rates on the net periodic benefit cost
and postretirement benefit obligation is not material.</FONT></P>
<P align=center><FONT face=serif size=2>F-50 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 11 &#150; Pensions and Other
Postretirement Benefits (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>Estimated future benefit payments are
as follows </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>U.S.</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Non-U.S.</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Plans</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>1,156</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>630</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=serif size=2>2010</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>1,073</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>302</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>2011</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>1,021</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>497</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=serif size=2>2012</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>958</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>671</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face=serif size=2>2013</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>928</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>651</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face=serif size=2>2014-2018</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>3,890</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>4,082</FONT>
</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>As the plans are unfunded, the
Company&#146;s anticipated contributions for 2009 are equal to its estimated benefits
payments. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Other Retirement Obligations
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company participates in various
other defined contribution and government-mandated retirement plans based on
local law or custom. The Company periodically makes required contributions for
certain of these plans, whereas other plans are unfunded retirement bonus plans
which will be paid at the employee&#146;s retirement date. At December 31, 2008 and
2007, the consolidated balance sheets include $12,098,000 and $12,691,000 within
accrued pension and other postretirement costs related to these plans.
</FONT></P>
<P align=justify><FONT face=serif size=2>Many of the Company&#146;s U.S. employees
are eligible to participate in 401(k) savings plans, some of which provide for
Company matching under various formulas. Concurrent with the freezing of U.S.
pension benefits effective January 1, 2009, the Company match for affected
employees will be increased. The Company&#146;s matching expense for the plans was
$3,250,000, $3,322,000, and $3,455,000 for the years ended December 31, 2008,
2007, and 2006, respectively. No material amounts are included in the
consolidated balance sheets at December 31, 2008 and 2007 related to unfunded
401(k) contributions. </FONT></P>
<P align=justify><FONT face=serif size=2>Certain key employees participate in a
deferred compensation plan. During the years ended December 31, 2008, 2007, and
2006, these employees could defer a portion of their compensation until
retirement, or elect shorter deferral periods. The Company maintains a liability
within other noncurrent liabilities on its consolidated balance sheets related
to these deferrals. The Company maintains a non-qualified trust, referred to as
a &#147;rabbi&#148; trust, to fund payments under this plan. Rabbi trust assets are
subject to creditor claims under certain conditions and are not the property of
employees. Therefore, they are accounted for as other noncurrent assets. Assets
held in trust related to the deferred compensation plan at December 31, 2008 and
2007 were approximately $11 million and $13 million, respectively. Assets held
in trust are intended to approximate the Company&#146;s liability under this plan.
</FONT></P>
<P align=justify><FONT face=serif size=2>The Company is obligated to pay
post-employment benefits to certain terminated employees related to
acquisitions. The liabilities recorded for these obligations total $18,460,000
and $15,784,000 as of December 31, 2008 and 2007, respectively. Of these
amounts, $2,718,000 and $3,784,000 is included in accrued liabilities as of
December 31, 2008 and 2007, respectively, with the remaining amounts included in
other noncurrent liabilities. </FONT></P>
<P align=center><FONT face=serif size=2>F-51 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 12 &#150; Share-Based
Compensation</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>The Company has various
stockholder-approved programs which allow for the grant of share-based
compensation to officers, employees, and non-employee directors.</FONT></P>
<P align=justify><FONT face=serif size=2>The amount of compensation cost related
to share-based payment transactions is measured based on the grant-date fair
value of the equity instruments issued. The fair value of each option award is
estimated on the date of grant using the Black-Scholes option-pricing model. The
Company determines compensation cost for RSUs, phantom stock units, and
restricted stock based on the grant-date fair value of the underlying common
stock. Compensation cost is recognized over the period that an officer,
employee, or non-employee director provides service in exchange for the award.
</FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes
share-based compensation expense recognized </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD align=center width="32%" colSpan=8><B><FONT face=serif size=2>Years
      ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Stock options</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2><B>$</B></FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,322</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>1,429</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>383</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Restricted stock
      units</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>1,413</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>-<FONT size=3>
      </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Phantom stock units</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>421</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>344</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>348</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Restricted
      stock</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face=serif size=2>28</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><FONT face=serif size=2>46</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><FONT face=serif size=2>75</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,184</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>1,819</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>806</FONT>
</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The following table summarizes
unrecognized compensation cost and the weighted average remaining amortization
periods at December 31, 2008 </FONT><I><FONT face=serif size=2>(dollars in
thousands, amortization periods in years)</FONT></I><FONT face=serif size=2>:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="75%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%"><B><FONT face=serif size=2>Weighted
      Average</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%">&nbsp;</TD>
    <TD noWrap align=center width="10%" colSpan=2>&nbsp; <B><FONT face=serif size=2>Unrecognized</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%"><B><FONT face=serif size=2>Remaining</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%">&nbsp;</TD>
    <TD noWrap align=center width="10%" colSpan=2>&nbsp; <B><FONT face=serif size=2>Compensation</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%"><B><FONT face=serif size=2>Amortization</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2>&nbsp; <B><FONT face=serif size=2>Cost</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%"><B><FONT face=serif size=2>Periods</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Stock options</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,297</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="13%" bgColor=#c0c0c0><B><FONT face=serif size=2>4.5</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Restricted stock
      units</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>1,290</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="13%"><B><FONT face=serif size=2>1.8</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Phantom stock units</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT size=2>-</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="13%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.0</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Restricted
      stock</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><FONT size=2>-</FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="13%"><B><FONT face=serif size=2>0.0</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,587</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-52 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 12 &#150; Stock-Based
Compensation (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>2007 Stock Incentive Plan
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company&#146;s 2007 Stock Incentive
Program (the &#147;2007 Program&#148;) permits the grant of up to 3,000,000 shares of
restricted stock, unrestricted stock, restricted stock units (&#147;RSUs&#148;), and stock
options, to officers, employees, and non-employee directors. Such instruments
are available for grant until May 22, 2017.</FONT></P>
<P align=justify><FONT face=serif size=2>The 2007 Program was originally
approved by stockholders of the Company on May 22, 2007, as the &#147;2007 Stock
Option Program.&#148; On May 28, 2008, the Company&#146;s stockholders approved amendments
to the 2007 Stock Option Program, which was then renamed the &#147;2007 Stock
Incentive Program&#148;. </FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008, the Company has
reserved 2,765,000 shares of common stock for future grants of equity awards
pursuant to the 2007 Program. If any outstanding awards are forfeited by the
holder or cancelled by the Company, the underlying shares would be available for
regrant to others.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Stock Options</FONT></I></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2>In addition to stock options
outstanding pursuant to the 2007 Program, the Company has stock options
outstanding under previous stockholder-approved stock option programs.
</FONT></P>
<P align=justify><FONT face=serif size=2>Under the 1998 Stock Option Program,
certain executive officers and key employees were granted options. On March 16,
2008, the stockholder approval for the 1998 Stock Option Program expired. While
no additional options may be granted pursuant to this plan, at December 31,
2008, 1,886,000 options issued under the 1998 Program remain outstanding and may
be exercised in future periods. </FONT></P>
<P align=justify><FONT face=serif size=2>On November 2, 2001, Vishay acquired
General Semiconductor, Inc., which became a wholly owned subsidiary of the
Company. As a result of the acquisition, each outstanding option to acquire
General Semiconductor common stock became exercisable for shares of Vishay
common stock. Based on the conversion ratio in the acquisition of 0.563 of a
Vishay share for each General Semiconductor share, the former General
Semiconductor options become exercisable in the aggregate for 4,282,000 shares
of Vishay common stock on the date of the acquisition. All such options were
immediately vested and exercisable as a result of the merger but the terms of
the options otherwise remained unchanged. At December 31, 2008, 1,931,000
options related to this plan remain outstanding and may be exercised in future
periods. No additional options may be granted from this plan. </FONT></P>
<P align=center><FONT face=serif size=2>F-53 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 12 &#150; Stock-Based
Compensation (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table summarizes the
Company&#146;s stock option activity </FONT><I><FONT face=serif size=2>(number of
options in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=center width="65%" colSpan=17><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><B><FONT face=serif size=2>2006</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Exercise</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Exercise</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Exercise</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Price</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Price</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Price</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><B><FONT face=serif size=2>Outstanding:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Beginning of
      year</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>4,691</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT>
    </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>18.09</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>6,706</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>16.47</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>7,928</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>15.87</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face=serif size=2>Granted</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>36</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>8.76</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>526</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>17.33</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>20</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>15.83</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>Exercised</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>(110</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>5.60</FONT></B> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>(1,879</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>11.01</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>(303</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>9.43</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face=serif size=2>Cancelled</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>(713</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>17.01</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>(662</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>21.18</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>(939</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>13.67</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>End of
      year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><B><FONT face=serif size=2>3,904</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>
    </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>18.55</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>4,691</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>18.09</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>6,706</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>16.47</FONT>
  </TD></TR>
  <TR>
    <TD width="100%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><B><FONT face=serif size=2>Vested and</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=2>expected to vest</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,904</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>4,691</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>6,706</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><B><FONT face=serif size=2>Exercisable:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=serif size=2>End of
      year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><B><FONT face=serif size=2>3,457</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>4,117</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>6,634</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The following table summarizes
information concerning stock options outstanding and exercisable at December 31,
2008 </FONT><I><FONT face=serif size=2>(number of options in thousands,
contractual life in years)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="31%" colSpan=6><B><FONT face=serif size=2>Options Outstanding</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%" colSpan=4><B><FONT face=serif size=2>Options Exercisable</FONT></B> </TD></TR>
  <TR>
    <TD noWrap align=left width="46%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><B><FONT size=2>Weighted</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><B><FONT face=serif size=2>Average</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><B><FONT face=serif size=2>Remaining</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%"><B><FONT face=serif size=2>Ranges
      of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT size=2>Number of</FONT></B>
    </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="9%"><B><FONT size=2>Contractual</FONT></B>
    </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Exercise</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"><B><FONT face=serif size=2>Number
      of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Exercise</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="46%"><B><FONT face=serif size=2>Exercise Prices</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><B><FONT face=serif size=2>Life</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Price</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Price</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%" bgColor=#c0c0c0><FONT face=serif size=2>$8.72-$8.98</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>36</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>9.62</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>8.76</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=serif size=2>-</FONT></B>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>-</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%"><FONT face=serif size=2>$11.24-$14.65</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><B><FONT face=serif size=2>115</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>7.03</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>13.87</FONT></B> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>37</FONT></B>
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>13.70</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%" bgColor=#c0c0c0><FONT face=serif size=2>$15.33</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>685</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.77</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>15.33</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>685</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>15.33</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%"><FONT face=serif size=2>$15.43-$17.54</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><B><FONT face=serif size=2>1,796</FONT></B> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>2.02</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>16.58</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>1,755</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>16.60</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%" bgColor=#c0c0c0><FONT face=serif size=2>$18.00</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>350</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>8.39</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>18.00</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>58</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>18.00</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%"><FONT face=serif size=2>$18.10-$23.42</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><B><FONT face=serif size=2>24</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>1.94</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>19.73</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>24</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>19.73</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%" bgColor=#c0c0c0><FONT face=serif size=2>$25.13</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>686</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>1.78</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>25.13</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>686</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>25.13</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%"><FONT face=serif size=2>$25.75-$34.52</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%"><B><FONT face=serif size=2>212</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face=serif size=2>1.44</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face=serif size=2>29.34</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face=serif size=2>212</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face=serif size=2>29.34</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="46%" bgColor=#c0c0c0><FONT face=serif size=2>Total</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,904</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>2.52</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>18.55</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>3,457</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>18.84</FONT></B>
</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The weighted-average remaining
contractual life of all exercisable options is 1.76 years. </FONT></P>
<P align=center><FONT face=serif size=2>F-54 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 12 &#150; Stock-Based
Compensation (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The fair value of each option award is
estimated on the date of grant using the Black-Scholes option-pricing model,
incorporating the following weighted-average assumptions:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%">&nbsp; </TD>
    <TD noWrap align=center width="12%" colSpan=2><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="12%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="12%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2><B><FONT face=serif size=2>Grants</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2><B><FONT face=serif size=2>Grants</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=2><B><FONT face=serif size=2>Grants</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2>Expected dividend yield</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><B><FONT face=serif size=2>0.0</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>0.0</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>0.0</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=2>Risk-free
      interest rate</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%"><B><FONT face=serif size=2>3.5</FONT></B> </TD>
    <TD noWrap align=left width="5%"><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>4.8</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>5.1</FONT> </TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=2>%</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" bgColor=#c0c0c0><FONT face=serif size=2>Expected volatility</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><B><FONT face=serif size=2>58.3</FONT></B> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><B><FONT face=serif size=2>%</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>59.8</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>54.3</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=2>Expected life
      (in years)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="7%"><B><FONT face=serif size=2>7.2</FONT></B> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>7.2</FONT> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>4.5</FONT> </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The expected life of the options was
estimated based on historical experience for a group of employees similar to the
respective grantees. The expected volatility was estimated based on historical
volatility over a period equal to the expected life of the options.</FONT></P>
<P align=justify><FONT face=serif size=2>The pretax aggregate intrinsic value
(the difference between the closing stock price on the last trading day of 2008
of $3.42 per share and the exercise price, multiplied by the number of
in-the-money options) that would have been received by the option holders had
all option holders exercised their options on December 31, 2008 is zero, because
all outstanding options have exercise prices in excess of market value. This
amount changes based on changes in the market value of the Company&#146;s common
stock. The total intrinsic value of options exercised during the years ended
December 31, 2008, 2007, and 2006 was approximately $0.1 million, $10.8 million,
and $1.8 million, respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>The following table summarizes
information concerning unvested stock options </FONT><I><FONT face=serif size=2>(number of options in thousands)</FONT></I><FONT face=serif size=2>:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=center width="66%" colSpan=17><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=5><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=5><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%" colSpan=5><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Weighted</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Average</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Grant-date</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="11%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Grant-date</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Grant-date</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Fair Value</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Fair Value</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Fair Value</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><B><FONT face=serif size=2>Unvested:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Beginning of
      year</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>574</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2><B>$</B></FONT>
    </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>9.76</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>72</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>9.24</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>310</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>11.22</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Granted</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>36</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>4.93</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>526</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>9.95</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>20</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>6.74</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Vested</FONT>&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>(98</FONT></B> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>8.20</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>(23</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>12.58</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>(156</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>13.99</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Forfeited</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>(65</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>10.24</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>(1</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>7.50</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>(102</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>7.50</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>End of
      year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><B><FONT face=serif size=2>447</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>
    </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>9.64</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="10%"><FONT face=serif size=2>574</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>9.76</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%"><FONT face=serif size=2>72</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>9.24</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Restricted Stock Units
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>In May 2008, 480,000 RSUs were granted
to certain officers and directors. Each RSU entitles the recipient to receive a
share of common stock when the RSU vests. The RSUs granted in May 2008 were
scheduled to vest as follows:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>168,000 RSUs granted to officers to vest in six
  equal installments beginning on the grant date and each of the first five
  anniversaries of that date.</FONT>
  <LI><FONT size=2>144,000 RSUs granted to directors to vest in three equal
  installments beginning on the grant date and each of the first two
  anniversaries of that date.</FONT>
  <LI><FONT size=2>168,000 RSUs granted to officers would have vested, provided
  that certain 2008 performance conditions were attained, in six equal
  installments on the first six anniversaries of the grant date.</FONT></LI></UL>
<P align=center><FONT face=serif size=2>F-55 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 12 &#150; Stock-Based
Compensation (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>RSUs granted to an officer were
cancelled during the third quarter of 2008 (see Note 13). RSUs granted to a
director were cancelled during the fourth quarter of 2008 due to his resignation
from the board of directors. The 2008 performance conditions were not attained,
and thus the awards subject to these conditions were forfeited during the fourth
quarter of 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>RSU activity for the year ended
December 31, 2008 is presented below </FONT><I><FONT face=serif size=2>(number
of RSUs in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD noWrap align=center width="16%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD noWrap align=center width="16%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=2><B><FONT face=serif size=2>RSUs</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><B><FONT face=serif size=2>Outstanding:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=2>Granted</FONT>&nbsp; </TD>
    <TD noWrap align=right width="15%"><B><FONT face=serif size=2>480</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=2>Vested</FONT>&nbsp; </TD>
    <TD noWrap align=right width="15%" bgColor=#c0c0c0><B><FONT face=serif size=2>(76</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=2>Cancelled or
      forfeited</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="15%"><B><FONT face=serif size=2>(207</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><B><FONT face=serif size=2>Outstanding at December 31, 2008</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="15%" bgColor=#c0c0c0><B><FONT face=serif size=2>197</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><B><FONT face=serif size=2>Expected to vest at December 31, 2008</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="15%" bgColor=#c0c0c0><B><FONT face=serif size=2>197</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The weighted average grant-date fair
value of RSUs granted during the year ended December 31, 2008 was $9.88 per
unit. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Phantom Stock Plan
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company maintains a phantom stock
plan for certain senior executives. The Phantom Stock Plan authorizes the grant
of up to 300,000 phantom stock units to the extent provided for in employment
agreements with the Company. During the years ended December 31, 2008, 2007, and
2006, the Company had such employment arrangements with five of its executives.
The arrangements provide for an annual grant of 5,000 shares of phantom stock to
each of these executives. If the Company later enters into other employment
arrangements with other individuals that provide for the granting of phantom
stock, those individuals also will be eligible for grants under the Phantom
Stock Plan. No grants may be made under the Phantom Stock Plan other than under
the terms of employment arrangements with the Company. Each phantom stock unit
entitles the recipient to receive a share of common stock at the individual&#146;s
termination of employment or any other future date specified in the employment
agreement. The phantom stock units are fully vested at all times. </FONT></P>
<P align=justify><FONT face=serif size=2>If the Company declares dividends on
its common stock, the dividend amounts with respect to the phantom stock units
will be deemed reinvested in additional units of phantom stock. </FONT></P>
<P align=justify><FONT face=serif size=2>The Board of Directors of the Company
can amend or terminate the Phantom Stock Plan at any time, except that phantom
stock units already granted to any individual cannot be adversely affected
without the individual&#146;s consent. Furthermore, stockholder approval of an
amendment is required if the amendment increases the number of units subject to
the Phantom Stock Plan or otherwise materially amends the Phantom Stock Plan or
if stockholder approval is otherwise required by applicable law or stock
exchange rules. If the Board of Directors does not terminate the Phantom Stock
Plan, it will terminate when all phantom stock units have been awarded with
respect to all 300,000 shares of common stock reserved for the Phantom Stock
Plan. </FONT></P>
<P align=center><FONT face=serif size=2>F-56 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 12 &#150; Stock-Based
Compensation (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table summarizes the
Company&#146;s phantom stock units activity </FONT><I><FONT face=serif size=2>(number
of phantom stock units in thousands)</FONT></I><FONT face=serif size=2>:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=center width="63%" colSpan=17><B><FONT face=serif size=2>Years ended December 31,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=6><B><FONT face=serif size=2>2008</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=4><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%" colSpan=5><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=3><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Grant-</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Grant-</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%"></TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=2><B><FONT face=serif size=2>Grant-</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=3><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>date</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>date</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Number</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=2><B><FONT face=serif size=2>date</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=center width="11%" colSpan=3><B><FONT face=serif size=2>Phantom</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Fair Value</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=2>Phantom</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>fair value</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>of</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="9%" colSpan=2><B><FONT face=serif size=2>Fair Value</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=3><B><FONT face=serif size=2>Stock Units</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>per Unit</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=2>Stock Units</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>per Unit</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=2><B><FONT face=serif size=2>Options</FONT></B> </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=2><B><FONT face=serif size=2>per Unit</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" bgColor=#c0c0c0><B><FONT face=serif size=2>Outstanding:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=serif size=2>Beginning of
      year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><B><FONT face=serif size=2>100</FONT></B> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>75</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>60</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" bgColor=#c0c0c0><FONT face=serif size=2>Granted</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>25</FONT></B> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><B>$</B></FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>11.42</FONT></B> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>25</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>13.75</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>25</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>13.91</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=serif size=2>Redeemed
      for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>common stock</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face=serif size=2>(25</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=2>-</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><FONT face=serif size=2>(10</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" bgColor=#c0c0c0><FONT face=serif size=2>End of year</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>100</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>100</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>75</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" bgColor=#c0c0c0><B><FONT face=serif size=2>Available for</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B>future
      grants</B></FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><B><FONT face=serif size=2>165</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>190</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="9%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>215</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Employee Stock Plans
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company has employee stock plans
which have 305,126 shares of common stock available for issuance at December 31,
2008. Employee stock grants are restricted at the date of grant and vest over
periods of three to five years. Restrictions imposed upon the grantee are at the
discretion of the Compensation Committee of the Board of Directors. Most grants,
and all present restricted shares outstanding under these plans, are only
subject to a vesting condition.</FONT></P>
<P align=justify><FONT face=serif size=2>There were 4,000, 9,000, and 11,000
unvested shares of restricted stock outstanding at December 31, 2008, 2007, and
2006, respectively. No restricted stock was granted during the years ended
December 31, 2008 and 2007. There were 4,000 shares of restricted stock granted
during the year ended December 31, 2006. No shares of restricted stock were
forfeited during the years ended December 31, 2008, 2007, or 2006. </FONT></P>
<P align=center><FONT face=serif size=2>F-57 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 13 &#150; Commitments and
Contingencies</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Leases</FONT></I></B><FONT face=serif size=2> </FONT><B><I><FONT face=serif size=2></FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company uses various leased
facilities and equipment in its operations. In the normal course of business,
operating leases are generally renewed or replaced by other leases. Certain
operating leases include escalation clauses.</FONT></P>
<P align=justify><FONT face=serif size=2>Total rental expense under operating
leases was $32,664,000, $35,244,000, and $32,626,000 for the years ended
December 31, 2008, 2007, and 2006, respectively. </FONT></P>
<P align=justify><FONT face=serif size=2>Future minimum lease payments for
operating leases with initial or remaining noncancelable lease terms in excess
of one year are as follows </FONT><I><FONT face=serif size=2>(in
thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>25,400</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>2010</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>22,342</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2011</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>18,470</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>2012</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>14,957</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face=serif size=2>2013</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="9%" bgColor=#c0c0c0><FONT face=serif size=2>11,251</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face=serif size=2>Thereafter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=right width="9%"><FONT face=serif size=2>43,216</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Environmental Matters
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company is subject to various
federal, state, local, and foreign laws and regulations governing environmental
matters, including the use, discharge, and disposal of hazardous materials. The
Company&#146;s manufacturing facilities are believed to be in substantial compliance
with current laws and regulations. Complying with current laws and regulations
has not had a material adverse effect on the Company&#146;s financial condition.
</FONT></P>
<P align=justify><FONT face=serif size=2>The Company has engaged environmental
consultants and attorneys to assist management in evaluating potential
liabilities related to environmental matters. Management assesses the input from
these consultants along with other information known to the Company in its
effort to continually monitor these potential liabilities. Management assesses
its environmental exposure on a site-by-site basis, including those sites where
the Company has been named as a &#147;potentially responsible party.&#148; Such
assessments include the Company&#146;s share of remediation costs, information known
to the Company concerning the size of the hazardous waste sites, their years of
operation, and the number of past users and their financial viability.
</FONT></P>
<P align=justify><FONT face=serif size=2>As part of the acquisition of General
Semiconductor in 2001, the Company assumed responsibility for remediation of
environmental matters. During the second quarter of 2006, in response to
comments from the New York State Department of Environmental Conservation, the
Company revised its workplan for one former General Semiconductor site. Based on
this revised workplan, the Company re-evaluated its estimate of the ultimate
remediation costs for this site and recorded an additional $3.6 million of
expenses within selling, general, and administrative expenses to increase the
liability recorded to its best estimate of remediation costs. </FONT></P>
<P align=justify><FONT face=serif size=2>The Company has accrued environmental
liabilities of $16.2 million as of December 31, 2008 relating to environmental
matters related to its General Semiconductor subsidiary. The Company has also
accrued approximately $9.7 million at December 31, 2008 for other environmental
matters. The liabilities recorded for these matters total $25.9 million, of
which $4.2 million is included in other accrued liabilities on the consolidated
balance sheet, and $21.7 million is included in other noncurrent liabilities on
the consolidated balance sheet. </FONT></P>
<P align=center><FONT face=serif size=2>F-58 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 13 &#150; Commitments and
Contingencies (continued)</FONT></U></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><FONT face=serif size=2>While the ultimate outcome of these
matters cannot be determined, management does not believe that the final
disposition of these matters will have a material adverse effect on the
Company&#146;s consolidated financial position, results of operations, or cash flows
beyond the amounts previously provided for in the consolidated financial
statements. The Company&#146;s present and past facilities have been in operation for
many years. These facilities have used substances and have generated and
disposed of wastes which are or might be considered hazardous. Therefore, it is
possible that additional environmental issues may arise in the future, which the
Company cannot now predict. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Litigation</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company is a party to various
claims and lawsuits arising in the normal course of business. The Company is of
the opinion that these litigations or claims will not have a material negative
effect on its consolidated financial position, results of operations, or cash
flows. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Semiconductor Foundry Agreements
</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Our Siliconix subsidiary maintains
long-term foundry agreements with subcontractors to ensure access to external
front-end capacity.</FONT></P>
<P align=justify><FONT face=serif size=2>In 2004, Siliconix signed a definitive
long-term foundry agreement for semiconductor manufacturing with Tower
Semiconductor (the &#147;2004 agreement&#148;), pursuant to which Siliconix would purchase
semiconductor wafers from and transfer certain technology to Tower
Semiconductor. Pursuant to the 2004 agreement, Siliconix was required to place
orders valued at approximately $200 million for the purchase of semiconductor
wafers to be manufactured in Tower&#146;s Fab 1 facility over a seven to ten year
period. The 2004 agreement specified minimum quantities per month and a fixed
quantity for the term of the agreement. Siliconix was required to pay for any
short-fall in minimum order quantities specified under the agreement through the
payment of penalties equal to unavoidable fixed costs. </FONT></P>
<P align=justify><FONT face=serif size=2>Pursuant to the 2004 agreement,
Siliconix advanced $20 million to Tower in 2004, to be used for the purchase of
additional equipment required to satisfy Siliconix&#146;s orders. This advance was
considered a prepayment on future wafer purchases, reducing the per wafer cost
to Siliconix over the term of the agreement. </FONT></P>
<P align=justify><FONT face=serif size=2>During 2007, Siliconix was committed to
purchase approximately $22 million of semiconductor wafers, but did not meet its
commitments due to changing market demand for products manufactured using wafers
supplied by Tower. Siliconix was required to pay penalties of approximately $1.7
million, which were recorded as a component of cost of products sold.
</FONT></P>
<P align=justify><FONT face=serif size=2>In January 2008, Siliconix reached an
agreement in principle to revise the 2004 agreement to more accurately reflect
market demand. Based on the penalties paid in 2007 and the agreement in
principle, during the fourth quarter of 2007, the Company recorded a write-off
of the balance of the 2004 advance to Tower in the amount of $16,393,000, and
accrued an additional $2,500,000 based on its best estimate of additional
contract termination charges related to the original agreement.</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2007, the remaining
future purchase commitments under the 2004 agreement were approximately $160
million. </FONT></P>
<P align=justify><FONT face=serif size=2>In March 2008, Siliconix and Tower
entered into an amended and restated foundry agreement (the &#147;2008 agreement&#148;).
Pursuant to the 2008 agreement, Tower will continue to manufacture wafers
covered by the 2004 agreement, but at lower quantities and at lower prices,
through 2009. Tower will also begin manufacturing wafers for other product lines
acquired as part of the PCS acquisition through 2012, pending a scheduled
technology transfer. Siliconix must pay for any short-fall in the reduced
minimum order quantities specified under the 2008 agreement through the payment
of penalties equal to unavoidable fixed costs. Additionally, as contemplated,
Siliconix agreed to forgive the balance of the 2004 amount and paid a $2,500,000
contract termination charge. </FONT></P>
<P align=center><FONT face=serif size=2>F-59 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 13 &#150; Commitments and
Contingencies (continued)</FONT></U></B></P>
<P align=justify><FONT face=serif size=2>Management estimates its purchase
commitments under the 2008 agreement as follows </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>2009</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,608</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>2010</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>18,032</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=serif size=2>2011</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>18,242</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=serif size=2>2012</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>18,205</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>Siliconix has granted Tower an option
to produce additional wafers under this agreement, as needed by Siliconix, and
accordingly, actual purchases from Tower may be different than the commitments
disclosed above. Actual purchases from Tower during the year ended December 31,
2008 were approximately $24.9 million.</FONT></P>
<P align=justify><FONT face=serif size=2>Siliconix has purchase commitments
under other foundry agreements for semiconductor manufacturing. These
commitments are generally short-term in nature and based on rolling forecasts,
with the first few months of the forecast fixed as to quantity. Purchase
commitments under these arrangements at December 31, 2008 are approximately $3
million. Actual purchases under these arrangements during the year ended
December 31, 2008 were approximately $39 million.</FONT></P>
<P align=justify><FONT face=serif size=2>These purchase commitments are for the
manufacture of proprietary products using Siliconix-owned technology licensed to
these subcontractors by Siliconix, and accordingly, management can only estimate
the &#147;market price&#148; of the wafers which are the subject of these commitments.
Management believes that these commitments are at prices which are not in excess
of current market prices.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Other Purchase
Commitments</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Certain metals used in the manufacture
of the Company&#146;s products are traded on active markets, and can be subject to
significant price volatility. Our policy is to enter into short-term commitments
to purchase defined portions of annual consumption of these metals if market
prices decline below budget. For much of 2008, these metals were trading near
all-time record-high prices. During the fourth quarter of 2008, as metals prices
declined significantly from these record-high prices, the Company entered into
commitments to purchase a portion of its estimated 2009 metals needs,
principally for copper and palladium. After entering into these commitments, the
market prices for these metals continued to decline. As a result, the Company
recorded losses on these adverse purchase commitments during the fourth quarter
of 2008. These losses, which aggregate to $6,024,000, are recorded on a separate
line in the accompanying consolidated statement of operations, and are
attributable to both the Semiconductors segment ($3,766,000) and the Passive
Components segment ($2,258,000).</FONT></P>
<P align=justify><FONT face=serif size=2>See Note 14 for information on our
previous long-term tantalum purchase commitments, which expired in
2006.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company has various other purchase
commitments incidental to the ordinary conduct of business. Such commitments are
at prices which are not in excess of current market prices.</FONT></P>
<P align=center><FONT face=serif size=2>F-60</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 13 &#150; Commitments and
Contingencies (continued)</FONT></U></B></P>
<P align=justify><B><I><FONT face=serif size=2>Product Quality
Claims</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company is a party to various
product quality claims in the normal course of business. The Company provides
warranties for its products which offer replacement of defective products.
Annual warranty expenses are generally not significant. The Company periodically
receives claims which arise from consequential damages which result from a
customer&#146;s installation of a defective Vishay component into the customer&#146;s
product. Although not covered by its stated warranty, Vishay may occasionally
reimburse the customer for these consequential damages. During the third quarter
of 2006, the Company resolved two such claims, and recorded expense of
$2,885,000.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Executive Employment
Agreements</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company has employment agreements
with certain of its senior executives. These employment agreements provide
incremental compensation in the event of termination. The Company does not
provide any severance or other benefits specifically upon a change in
control.</FONT></P>
<P align=justify><FONT face=serif size=2>With the exception of the employment
arrangement with Dr. Felix Zandman, Executive Chairman and founder of the
Company, the executive employment contacts contain severance provisions
providing generally for 3 years of compensation in the case of a termination
without cause or a voluntary termination by the executive for &#147;good reason&#148; (as
defined in the employment agreements). Specifically, severance items
include:</FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>salary continuation for three years, payable over
  three years;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>5,000 shares of common stock annually for three
  years;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>bonus for the year of
  termination;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>$1,500,000 lump sum cash payment. This payment
  replaces the annual contributions to the Company&#146;s deferred compensation plans
  on behalf of these executives and the annual bonus for the 3-year severance
  period; and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>lifetime continuation of executive&#146;s life
  insurance and medical benefit up to $15,000 annual premium
value.</FONT></LI></UL>
<P align=justify><FONT face=serif size=2>During the year ended December 31,
2008, the Board of Directors was notified that Richard N. Grubb, the Company&#146;s
Chief Financial Officer, would be stepping down for &#147;good reason&#148; (as defined in
his employment agreement), in connection with a change in the corporate finance
and accounting function of the Company. Mr. Grubb remains a consultant to the
Company&#146;s Executive Chairman. The Company recorded severance charges associated
with Mr. Grubb&#146;s termination during 2008. These costs are reported in
&#147;restructuring and severance costs&#148; on the consolidated statement of
operations.</FONT></P>
<P align=justify><FONT face=serif size=2>Due to Dr. Zandman&#146;s unique position
with Vishay, the Compensation Committee of the Board of Directors decided that
any severance package for Dr. Zandman would be negotiated at the time of Dr.
Zandman&#146;s termination of employment. Dr. Zandman&#146;s employment agreement provides
only that in the event of a termination by Vishay without cause or by Dr.
Zandman for &#147;good reason&#148; (as defined in the employment agreement), Dr. Zandman
will receive the annual bonus for the year of termination and the activation of
a previously negotiated royalty arrangement. Under the royalty agreement, Dr.
Zandman would be entitled to a royalty during the ten years following the date
of termination equal to 5% of gross sales, less returns and allowances, of
Vishay products incorporating any inventions created, discovered, or developed
by or under the direction of Dr. Zandman after the date of Dr. Zandman&#146;s
original employment agreement of March 1985.</FONT></P>
<P align=justify><FONT face=serif size=2>Based on a preliminary analysis,
management estimates that products with annual sales in 2008 of approximately
$1.7 billion would be subject to the royalty. The actual royalty payments would
be based on the annual sales during the royalty period, which could be higher or
lower depending on increases or decreases in sales of existing products, and
sales of new products, that incorporate Dr. Zandman&#146;s inventions. The Company
believes that it is unlikely that these royalty payments would be
triggered.</FONT></P>
<P align=center><FONT face=serif size=2>F-61</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 14 &#150; Current Vulnerability
Due to Certain Concentrations</FONT></U></B></P>
<P align=justify><B><I><FONT face=serif size=2>Market
Concentrations</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>While no single customer comprises
greater than 10% of net revenues, a material portion of the Company&#146;s revenues
are derived from the worldwide communications and computer markets. These
markets have historically experienced wide variations in demand for end
products. If demand for these end products should decrease, the producers
thereof could reduce their purchases of the Company&#146;s products, which could have
a material adverse effect on the Company&#146;s results of operations and financial
position.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Credit Risk
Concentrations</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Financial instruments with potential
credit risk consist principally of cash and cash equivalents, accounts
receivable, and notes receivable. The Company maintains cash and cash
equivalents with various major financial institutions. Concentrations of credit
risk with respect to receivables are generally limited due to the Company&#146;s
large number of customers and their dispersion across many countries and
industries. At December 31, 2008 and 2007, the Company had no significant
concentrations of credit risk.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Sources of
Supplies</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>Many of the Company&#146;s products require
the use of raw materials that are produced in only a limited number of regions
around the world or are available from only a limited number of suppliers. The
Company&#146;s consolidated results of operations may be materially and adversely
affected if the Company has difficulty obtaining these raw materials, the
quality of available raw materials deteriorates or there are significant price
increases for these raw materials. For periods in which the prices of these raw
materials are rising, the Company may be unable to pass on the increased cost to
the Company&#146;s customers, which would result in decreased margins for the
products in which they are used. For periods in which the prices are declining,
the Company may be required to write down its inventory carrying cost of these
raw materials which, depending on the extent of the difference between market
price and its carrying cost, could have a material adverse effect on the
Company&#146;s net earnings.</FONT></P>
<P align=justify><FONT face=serif size=2>From time to time, there have been
short-term market shortages of raw materials utilized by the Company. While
these shortages have not historically adversely affected the Company&#146;s ability
to increase production of products containing these raw materials, they have
historically resulted in higher raw material costs for the Company. The Company
cannot assure that any of these market shortages in the future would not
adversely affect the Company&#146;s ability to increase production, particularly
during periods of growing demand for the Company&#146;s products.</FONT></P>
<P align=justify><I><U><FONT face=serif size=2>Tantalum</FONT></U></I></P>
<P align=justify><FONT face=serif size=2>Vishay is a major consumer of the
world&#146;s annual production of tantalum. Tantalum, a metal purchased in powder or
wire form, is the principal material used in the manufacture of tantalum
capacitors. There are few suppliers that process tantalum ore into capacitor
grade tantalum powder.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company was obligated under two
contracts entered into in 2000 with Cabot Corporation to make purchases of
tantalum through 2006. The Company&#146;s purchase commitments were entered into at a
time when market demand for tantalum capacitors was high and tantalum powder was
in short supply. Since that time, the price of tantalum has decreased
significantly, and accordingly, the Company wrote down the carrying value of its
tantalum inventory on-hand and recognized losses on purchase
commitments.</FONT></P>
<P align=justify><FONT face=serif size=2>During the year ended December 31,
2006, the Company recorded write-downs and write-offs of tantalum inventories
totaling $9,602,000, included in costs of products sold, to reduce the carrying
value of its tantalum inventories to market value and to write-off obsolete
inventories from discontinued tantalum capacitor product lines.</FONT></P>
<P align=center><FONT face=serif size=2>F-62</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 14 &#150; Current Vulnerability
Due to Certain Concentrations (continued)</FONT></U></B></P>
<P align=justify><FONT face=serif size=2>During the term of the contracts with
Cabot Corporation, the Company regularly reviewed its liability for purchase
commitments. The Company&#146;s liability for purchase commitments was estimated
based on contractually obligated purchase prices, expected market prices, and
the contractually obligated mix of tantalum-grades to be purchased. The mix of
tantalum-grades to be purchased was within a range specified in the contracts.
Changes in expected market prices and in the Company&#146;s mix of tantalum-grade
purchases required the Company to record additional gains or losses on its
purchase commitments.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company recorded loss adjustments
to its tantalum purchase commitments of $5,687,000 for the year ended December
31, 2006.</FONT></P>
<P align=justify><FONT face=serif size=2>The loss on purchase commitments
recorded during 2006 was due to a decline in market prices for tantalum, as well
as changes in the mix of tantalum-grade purchases. Of the total amount recorded,
approximately $2.8 million was attributable to the decline in market value,
while another $2.9 million was attributable to changes in the mix of
tantalum-grade purchases.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company purchased $63,012,000 worth
of tantalum products under these contracts during the year ended December 31,
2006. As of December 31, 2006, the Company has fulfilled all obligations under
the Cabot contracts and is no longer required to purchase tantalum from Cabot at
prices fixed by the contracts.</FONT></P>
<P align=justify><FONT face=serif size=2>At December 31, 2008 and 2007, the
Company had tantalum with a book value of $46,750,000 and $79,030,000,
respectively. Of these amounts, the Company classified $19,700,000 and
$36,189,000, respectively, as other assets, representing the value of quantities
which are not expected to be used within one year.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Geographic
Concentration</FONT></I></B></P>
<P align=justify><FONT face=serif size=2>The Company has significant
manufacturing operations in Israel in order to benefit from that country&#146;s lower
wage rates, highly skilled labor force, government-sponsored grants, and various
tax abatement programs. Israeli incentive programs have contributed
substantially to the growth and profitability of the Company. The Company might
be materially and adversely affected if these incentive programs were no longer
available to the Company or if events were to occur in the Middle East that
materially interfered with the Company&#146;s operations in Israel.</FONT></P>
<P align=center><FONT face=serif size=2>F-63</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2><U>Note 15 &#150;Segment and Geographic
Data</U></FONT></B></P>
<P align=justify><FONT face=serif size=2>Vishay operates in two reportable
segments, Semiconductors and Passive Components. Semiconductors segment products
include transistors, diodes, rectifiers, certain types of integrated circuits,
and optoelectronic products. Passive Components segment products include
resistors, capacitors, and inductors. We include in the Passive Components
segment our Measurements Group, which manufactures and markets strain gages,
load cells, transducers, instruments, and weighing systems whose core components
are resistors that are sensitive to various types of mechanical
stress.</FONT></P>
<P align=justify><FONT face=serif size=2>The Company evaluates business segment
performance on operating income, exclusive of certain items. Management believes
that evaluating segment performance excluding items such as restructuring and
severance costs, asset write-downs, inventory write-downs, gains or losses on
purchase commitments, contract termination charges, charges for in-process
research and development, and other items is meaningful because it provides
insight with respect to intrinsic operating results of the Company. The
accounting policies of the business segments are the same as those described in
the summary of significant accounting policies (see Note 1). Business segment
assets are the owned or allocated assets used by each business. The following
table sets forth business segment information </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=3><B><FONT face=serif size=2>Semi-</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><B><FONT face=serif size=2>Passive</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="6%" colSpan=3><B><FONT face=serif size=2>Corporate/</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=serif size=2>conductors</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><B><FONT face=serif size=2>Components</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><B><FONT face=serif size=2>Other</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><B><FONT face=serif size=2>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT style="BORDER-BOTTOM: #000000 1pt solid" face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Net
      revenues</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>&nbsp;&nbsp;
      1,460,826</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>&nbsp;&nbsp;
      1,361,385</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>2,822,211</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Segment operating income (loss)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>106,198</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>74,954</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp;&nbsp; (1,829,848</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp;&nbsp; (1,648,696</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Restructuring
      and severance costs</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>24,105</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>38,432</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>62,537</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Asset write-downs</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>613</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,460</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>5,073</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Impairment of
      goodwill</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>1,043,952</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>652,222</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>1,696,174</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Impairment of indefinite-lived intangibles</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>15,000</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>12,000</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>27,000</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Depreciation
      expense</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>109,453</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>90,047</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>347</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>199,847</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>562</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,676</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>22,026</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>24,264</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Capital
      expenditures</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>92,557</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>59,375</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>62</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><B><FONT face=serif size=2>151,994</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Total assets</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,301,963</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,465,866</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>48,131</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,815,960</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT style="BORDER-BOTTOM: #000000 1pt solid" face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Net
      revenues</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>1,489,600</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,343,666</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2><STRONG>-
      </STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>2,833,266</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Segment operating income (loss)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>164,380</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>116,038</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>(62,050</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>218,368</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Restructuring
      and severance costs</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>1,759</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>12,922</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2><STRONG>-
      </STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>14,681</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Asset write-downs</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2,665</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,204</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>- </STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>3,869</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Depreciation
      expense</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>102,557</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>91,766</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>2,241</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>196,564</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>426</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>545</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>27,681</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>28,652</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Capital
      expenditures</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>124,498</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>69,876</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>5,653</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>200,027</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Total assets</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2,693,668</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,209,724</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>91,843</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>4,995,235</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT style="BORDER-BOTTOM: #000000 1pt solid" face=serif size=2>2006</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Net
      revenues</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>1,291,432</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,290,045</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2><STRONG>-
      </STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>2,581,477</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Segment operating income (loss)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>181,462</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>125,310</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>(97,572</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>209,200</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Restructuring
      and severance costs</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>16,345</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>23,875</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2><STRONG>-
      </STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>40,220</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Asset write-downs</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>3,748</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,937</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>- </STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>6,685</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Depreciation
      expense</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>90,171</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>89,632</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>1,749</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>181,552</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Interest expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>611</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>1,468</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>30,136</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>32,215</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2>Capital
      expenditures</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>117,937</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>63,082</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>2,279</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face=serif size=2>183,298</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><FONT face=serif size=2>Total assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2,301,520</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>2,320,655</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>69,721</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=2>4,691,896</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-64</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 15 &#150;Segment and Geographic
Data (continued)</FONT></U></B></P>
<P align=justify><FONT face=serif size=2>Corporate assets include corporate
cash, property and equipment, and certain other assets. The &#147;Corporate/Other&#148;
column for segment operating income (loss) includes corporate selling, general,
and administrative expenses and certain items which management excludes from
segment results when evaluating segment performance, as follows </FONT><I><FONT face=serif size=2>(in thousands):</FONT></I></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="17%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Corporate selling, general, and administrative expenses</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(33,550</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(27,725</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(28,893</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Loss on purchase
      commitments</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(6,024</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(5,687</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Write-downs of tantalum and palladium</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,602</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Restructuring
      and severance costs</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(62,537</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(14,681</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(40,220</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Asset write-downs</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(5,073</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(3,869</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(6,685</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Impairment of
      goodwill and intangibles</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(1,723,174</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Terminated tender offer costs</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(4,000</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Contract
      termination charge</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(18,893</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Gain on sale of building</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,510</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,118</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Product quality
      claims</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(2,885</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Environmental</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>- </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(3,600</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>(1,829,848</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (62,050</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (97,572</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The following geographic data include
net revenues based on revenues generated by subsidiaries located within that
geographic area and property and equipment based on physical location
</FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>:</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Net Revenues</FONT></I></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="16%" colSpan=10><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>United States</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>446,510</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>482,395</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>464,915</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Germany</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>775,394</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>803,233</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>655,048</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Other Europe</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>313,331</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>284,730</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>341,845</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Israel</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>254,361</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>228,258</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>205,266</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Asia</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>1,032,615</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,034,650</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>914,403</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      2,822,211</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,833,266</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,581,477</FONT></TD></TR></TABLE><BR>
<P align=justify><B><I><FONT face=serif size=2>Property and Equipment -
Net</FONT></I></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%" colSpan=6><B><FONT face=serif size=2>December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>United States</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>174,641</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>180,743</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Germany</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>156,042</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>163,504</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Czech Republic</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>72,847</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>75,705</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Other
      Europe</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>129,315</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>157,029</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Israel</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>189,573</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>201,079</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>People&#146;s
      Republic of China</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>210,813</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>204,248</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Republic of China (Taiwan)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>150,570</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>154,236</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=serif size=2>Other
    Asia</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>76,287</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>78,529</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=serif size=2>Other</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>2,074</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>5,925</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,162,162</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      1,220,998</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-65</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 16 &#150; Earnings Per
Share</FONT></U></B></P>
<P align=justify><FONT face=serif size=2>Basic earnings per share is computed
using the weighted average number of common shares outstanding during the
periods presented. Diluted earnings per share is computed using the weighted
average number of common shares outstanding adjusted to include the potentially
dilutive effect of stock options and restricted stock units (see Note 12),
warrants (see Note 7), convertible debt instruments (see Note 6), and other
potentially dilutive securities.</FONT></P>
<P align=justify><FONT face=serif size=2>The following table sets forth the
computation of basic and diluted earnings per share </FONT><I><FONT face=serif size=2>(in thousands, except per share amounts)</FONT></I><FONT face=serif size=2>:</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="16%" colSpan=10><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><B><FONT face=serif size=2>Numerator:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Numerator for
      basic earnings (loss) per share:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from continuing
      operations</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp;&nbsp; (1,683,590</STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;140,351</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp; 139,736</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Loss from
      discontinued operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>(47,826</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>(9,587</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net earnings
      (loss)</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(1,731,416</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>130,764</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>139,736</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Adjustment to the numerator for continuing</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>operations
      and net earnings (loss):</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Interest savings assuming conversion of</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      dilutive convertible and exchangeable</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      notes, net of tax</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>6,724</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>13,518</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Numerator for diluted earnings (loss) per share:</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Income (loss)
      from continuing operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(1,683,590</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>147,075</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>153,254</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Loss from
      discontinued operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(47,826</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,587</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net earnings
      (loss)</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><B><FONT face=serif size=2>(1,731,416</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>137,488</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>153,254</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><B><FONT face=serif size=2>Denominator:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2>Denominator for
      basic earnings (loss) per share:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Weighted average shares</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>186,403</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>185,646</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>184,400</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Effect of dilutive securities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Convertible and exchangeable notes</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT size=2>- </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>12,051</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>25,114</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Employee stock options</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>-
</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>423</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>722</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Other</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>106</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>80</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Dilutive potential common shares</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>- </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>12,580</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>25,916</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Denominator for diluted earnings (loss) per share -</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>adjusted weighted average shares</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>186,403</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>198,226</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>210,316</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Basic earnings (loss) per share:*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Continuing
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.03</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Discontinued
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(0.26</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net earnings
      (loss)</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.29</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.70</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.76</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Diluted earnings (loss) per share:*</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Continuing
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.03</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.74</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.73</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Discontinued
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(0.26</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(0.05</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net earnings
      (loss)</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9.29</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.69</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>0.73</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* May not add due to rounding</FONT></P>
<P align=center><FONT face=serif size=2>F-66</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 16 &#150; Earnings Per Share
(continued)</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=justify><FONT face=serif size=2>Diluted earnings per share for the
years presented do not reflect the following weighted average potential common
shares, as the effect would be antidilutive </FONT><I><FONT face=serif size=2>(in thousands)</FONT></I><FONT face=serif size=2>: </FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="32%" colSpan=5><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Convertible and exchangeable notes:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Subordinated
      Notes, due 2023</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><B><FONT face=serif size=2>13,906
      </FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>17,622
    </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT size=2><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchangeable Unsecured
      Notes, due 2102</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>6,176 </FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>6,176 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LYONs, due 2021</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>- </FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>- </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Weighted average employee stock options</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>4,357 </FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>3,849 </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>4,936 </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face=serif size=2>Weighted average
      warrants</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><B><FONT face=serif size=2>8,824
      </FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>8,824
</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=2>8,824
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face=serif size=2>Weighted average other</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><B><FONT face=serif size=2>345 </FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=2>- </FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>In periods in which they are dilutive,
if the potential common shares related to the convertible and exchangeable notes
are included in the computation, the related interest savings, net of tax,
assuming conversion/exchange is added to the net earnings used to compute
earnings per share.</FONT></P>
<P align=justify><FONT face=serif size=2>The convertible subordinated notes, due
2023 are only convertible upon the occurrence of certain events. While none of
these events has occurred as of December 31, 2008, certain conditions which
could trigger conversion have been deemed to be non-substantive, and
accordingly, the Company has always assumed the conversion of these notes in its
diluted earnings per share computation during periods in which they are
dilutive.</FONT></P>
<P align=justify><FONT face=serif size=2>As described in Note 6, in June 2007,
the Company&#146;s Board of Directors adopted a resolution pursuant to which the
Company intends to waive its rights to settle the principal amount of the
convertible subordinated notes, due 2023, in shares of Vishay common stock.
Accordingly, the notes are included in the diluted earnings per share
computation using the &#147;treasury stock method&#148; (similar to options and warrants)
rather than the &#147;if converted method&#148; otherwise required for convertible debt.
Under the &#147;treasury stock method,&#148; Vishay calculates the number of shares
issuable under the terms of the notes based on the average market price of
Vishay common stock during the period, and that number is included in the total
diluted shares figure for the period. If the average market price is less than
$21.28, no shares will be included in the diluted earnings per share
computation. For the year ended December 31, 2007, the computation of diluted
earnings per share is weighted for the periods that the notes were considered
conventional convertible debt and for the period the notes were considered net
share settlement securities.</FONT></P>
<P align=justify><FONT face=serif size=2>As described in Note 6, the Company
purchased 99.6% of the outstanding convertible subordinated notes due 2023
pursuant to the option of the holders to require the Company to repurchase their
notes on August 1, 2008. The convertible subordinated notes are anti-dilutive
for the year ended December 31, 2008 and therefore are not included in the
computation of diluted earnings per share.</FONT></P>
<P align=justify><FONT face=serif size=2>As described in Note 6, the Company
made a cash repurchase of all outstanding LYONs pursuant to the option of the
holders to require the Company to repurchase the LYONs on June 4, 2006. The
computation of diluted earnings per share is weighted for the period the LYONs
were outstanding.</FONT></P>
<P align=center><FONT face=serif size=2>F-67</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 17 &#150; Additional Cash Flow
Information</FONT></U></B></P>
<P align=justify><FONT face=serif size=2>Changes in operating assets and
liabilities, net of effects of businesses acquired consists of the following
</FONT><I><FONT face=serif size=2>(in thousands):</FONT></I></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="17%" colSpan=11><B><FONT face=serif size=2>Years ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2008</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=2>2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Accounts receivable</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>$</STRONG></FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>126,084</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(63,248</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>18,662</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Inventories</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(9,192</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>31,907</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(66,922</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Prepaid expenses and other current assets</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(6,555</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(35,799</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(34,955</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Accounts
      payable</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>(67,301</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>8,934</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(3,496</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face=serif size=2>Other current liabilities</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>(72,833</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(19,120</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>37,079</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2>Net change in
      operating assets and liabilities</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face=serif size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <STRONG>(29,797</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (77,326</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (49,632</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>F-68</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><U><FONT face=serif size=2>Note 18 &#150; Summary of Quarterly
Financial Information (Unaudited)</FONT></U></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%" colSpan=15><B><FONT face=serif size=1>2008</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%" colSpan=15><B><FONT face=serif size=1>2007</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>First</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Second</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Third</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Fourth</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>First</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Second</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Third</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=serif size=1>Fourth</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><B><FONT face=serif size=1>Statement of Operations data:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Net
      revenues</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; <STRONG>733,313</STRONG></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>774,364</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>739,092</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>575,442</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 658,192</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 715,861</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 729,616</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; 729,597</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Gross profit</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>172,463</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>179,719</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>159,501</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>85,284</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>175,151</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>177,915</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>174,800</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>166,962</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Operating income
      (loss)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>31,003</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(750,211</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(322,109</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(607,379</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>67,657</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>60,756</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>54,294</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>35,661</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Net income (loss) from</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; continuing
operations</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>17,570</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(741,691</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(312,867</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(646,602</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>49,964</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>42,045</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>37,099</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>11,243</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Loss from
      discontinued operations</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(42,136</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(5,690</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,298</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,924</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(6,365</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Net earnings (loss)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(24,566</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; <STRONG>(741,691</STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; <STRONG>(312,867</STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; <STRONG>(652,292</STRONG></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>49,964</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>40,747</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>35,175</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>4,878</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><B><FONT face=serif size=1>Per Share Data</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Basic earnings
      (loss) per share (a)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuing
operations</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>0.09</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(3.98</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(1.68</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(3.47</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.23</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.06</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Discontinued
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(0.23</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(0.03</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(0.01</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(0.01</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(0.03</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net earnings
      (loss)</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(0.13</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(3.98</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(1.68</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(3.50</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.27</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.19</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>0.03</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Diluted earnings (loss) per share (a)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Continuing
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>0.09</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(3.98</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(1.68</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(3.47</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.22</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.06</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Discontinued
      operations</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(0.23</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(0.03</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.01</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.01</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(0.03</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Net earnings
      (loss)</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(0.13</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(3.98</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(1.68</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(3.50</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.25</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.22</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.19</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>0.03</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><B><FONT face=serif size=1>Certain Items Recorded</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>during the
      Quarters:</STRONG></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><U><FONT face=serif size=1>Gross
      profit:</FONT></U></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Loss on purchase commitments</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(6,024</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><U><FONT face=serif size=1>Operating income (loss):</FONT></U></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Restructuring
      and severance costs</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(18,202</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(8,909</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(6,849</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(28,577</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(2,026</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,240</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(9,920</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>(1,495</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Asset write-downs</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(4,195</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(878</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(2,665</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(1,204</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Impairment of
      goodwill and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>indefinite-lived intangibles</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(800,000</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(357,917</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(565,257</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Terminated tender offer expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(4,000</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>-</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Gains on sale of
      building</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>4,510</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>3,118</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>Contract termination charge</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(18,893</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><U><FONT face=serif size=1>Other income (expense):</FONT></U></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT face=serif size=1>Loss on early
      extinguishment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%"><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>of
      debt</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>(13,601</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=1>-
    </FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><FONT face=serif size=1>One-time tax benefits (expense)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(9,921</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>- </FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>$</FONT></B></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=1>(27,014</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face=serif size=1>)</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(3,394</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>948</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>(5,861</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>)</FONT></TD></TR>
  <TR>
    <TD noWrap width="100%" colSpan=33>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0><B><FONT face=serif size=1>Quarter end date </FONT></B><FONT face=serif size=1>(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><B><FONT face=serif size=1>Mar. 29</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><B><FONT face=serif size=1>June 28</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><B><FONT face=serif size=1>Sept. 27</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><B><FONT face=serif size=1>Dec. 31</FONT></B></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=1>Mar. 31</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=1>June 30</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=1>Sept. 29</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0 colSpan=3><FONT face=serif size=1>Dec.
31</FONT></TD></TR></TABLE>____________________<BR>
<P align=justify><FONT face=serif size=2>(a) May not add due to
rounding.<BR></FONT><FONT face=serif size=2>(b) The Company reports interim
financial information for 13-week periods beginning on a Sunday and ending on a
Saturday, except for the first quarter, which always begins on January 1, and
the fourth quarter, which always ends on December 31.</FONT></P>
<P align=center><FONT face=serif size=2>F-69</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>3
<FILENAME>exhibit10-17.htm
<DESCRIPTION>CONSULTING AND NON-COMPETITION AGREEMENT BETWEEN VISHAY INTERTECHNOLOGY, INC.
<TEXT>

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<P align=right><B><FONT face=serif size=2>Exhibit 10.17 </FONT></B></P>
<P align=center><U><FONT face=serif size=2>CONSULTING AND NON-COMPETITION
AGREEMENT</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
CONSULTING AND NON-COMPETITION AGREEMENT (this &#147;</FONT><U><FONT face=serif size=2>Agreement</FONT></U><FONT face=serif size=2>&#148;) is made and entered into
as of August 31, 2008, by and between Vishay Intertechnology, Inc., a Delaware
corporation (&#147;</FONT><U><FONT face=serif size=2>Vishay</FONT></U><FONT face=serif size=2>&#148;), and Richard N. Grubb, an individual </FONT><FONT face=serif size=2>(&#147;</FONT><U><FONT face=serif size=2>Consultant</FONT></U><FONT face=serif size=2>&#148;).</FONT></P>
<P align=center><U><FONT face=serif size=2>W</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>I</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>T</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>N</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>E</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>S</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>S</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>E</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>T</FONT></U><FONT face=serif size=2>
</FONT><U><FONT face=serif size=2>H:</FONT></U><FONT face=serif size=2>
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Consultant was Executive Vice President and Chief Financial Officer of Vishay
pursuant to an Employment Agreement made as of January 1, 2004 (the
&#147;</FONT><U><FONT face=serif size=2>Employment Agreement</FONT></U><FONT face=serif size=2>&#148;); </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Consultant&#146;s employment with Vishay was terminated as of August 31, 2008, and
each of Consultant and Vishay retain their respective rights, and remain subject
to their respective obligations, under the Employment Agreement;</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
Vishay now desires to retain Consultant as a consultant to Vishay in such
matters as shall from time to time hereafter be requested by Vishay, on the
terms and conditions set forth herein; </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, Vishay and Consultant, each intending to be legally bound, hereby
mutually covenant and agree as follows: </FONT></P>
<P align=center><FONT face=serif size=2>ARTICLE I </FONT></P>
<P align=center><U><FONT face=serif size=2>Consultancy
Engagement</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1.1</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Engagement; Term</FONT></U><FONT face=serif size=2>. Vishay hereby
engages Consultant, and Consultant hereby accepts such engagement and agrees to
serve as a consultant to Vishay upon the terms and conditions hereinafter set
forth, for a term commencing as of September 1, 2008 and terminating upon 30
days advance written notice from one party to the other party (such term, the
&#147;</FONT><U><FONT face=serif size=2>Consulting Term</FONT></U><FONT face=serif size=2>&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1.2</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Consulting Duties</FONT></U><FONT face=serif size=2>. During the
Consulting Term, Consultant shall be available to render consulting services
from time to time on an as-needed basis. Consultant&#146;s consulting duties shall
include (a) cooperating and assisting Vishay in (i) any investigation being
conducted by, or of, Vishay, and (ii) any investigation, litigation, regulatory
proceeding, or other dispute in which Vishay is involved and, in either case, as
to which Consultant had any knowledge or involvement, (b) acting as a historical
and knowledge resource to Vishay employees in connection with matters he is
familiar with, including matters related to general financial issues and the
preparation of Vishay&#146;s financial statements, (c) transitioning his
responsibilities to employees of Vishay, and (d) providing other services as may
be reasonably assigned to Consultant. Consultant agrees to make himself
available to perform the services </FONT></P>
<P align=center><FONT face=serif size=2>-1- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>described above and to use his best
efforts to perform such services faithfully and diligently, and to the best of
his ability and in the best interests of the Vishay. Such services will be
performed at reasonably convenient and mutually acceptable times, with
consideration for Consultant&#146;s other business and personal obligations.
Consultant shall be permitted to engage in other business activities (including
employment), provided that such activities do not otherwise violate the terms of
the Employment Agreement, this Agreement or materially impair his ability to
perform his duties hereunder. The parties expressly agree that the Vishay shall
not be obligated to provide Consultant with any staff or office space. The
parties do not anticipate that </FONT><FONT face=serif size=2>Consultant&#146;s
services as a Consultant will exceed, and Consultant is not required to provide
such services in excess of, 20 percent of his average level of services
performed for Vishay over the 36-month period immediately preceding the
termination of his employment with Vishay. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1.3</FONT><FONT face=sans-serif>
</FONT><U><FONT face=serif size=2>Independent Contractor Status</FONT></U><FONT face=serif size=2>.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>In
performing the consulting services hereunder, Consultant shall be an independent
contractor. Consultant shall not be considered as having an employee status
during his consulting engagement and, except as expressly provided in the
Employment Agreement, shall not be entitled to participate in any Vishay
employee plans, arrangements or distributions by during such period. During his
consulting engagement, Consultant shall not act as an agent of Vishay and shall
not be entitled to enter into any agreements on behalf of Vishay, incur any
obligations on behalf of Vishay, or be authorized to bind Vishay in any manner.
No form of joint venture, partnership or similar relationship between the
parties is intended or hereby created. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>Except as
otherwise required by law, Vishay shall not withhold any sums from the
Consulting Fees (defined below) for Social Security or other federal, state or
local tax liabilities or contributions, and all such withholdings, liabilities,
and contributions shall be solely Consultant&#146;s responsibility. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c)</FONT><FONT face=sans-serif>
</FONT><FONT face=serif size=2>As an independent contractor during his
consulting engagement, </FONT><FONT face=serif size=2>Consultant shall be solely
responsible for determining the means and methods by which he shall perform the
services described herein. All of Consultant&#146;s activities during his consulting
engagement will be at his own risk, and he shall have sole responsibility for
arrangements to guard against physical, financial, and other risks, as
appropriate. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>Notwithstanding the parties&#146; intention and agreement that Consultant be
an independent contractor and not be an employee of Vishay during his consulting
engagement, the parties recognize that the applicable law and proper application
thereof is not always clear. Consultant understands and agrees that if he should
be classified as an employee under any such law, Consultant shall remain
ineligible to participate in any Vishay pension, profit-sharing (including
401(k)), health, life, and all other employee benefit plans, and, except as
expressly set forth in the Employment Agreement, Consultant expressly waives any
right to any such benefits. The Consulting Fees to be paid to Consultant under
this Agreement take into account the fact that Consultant is ineligible in all
events to participate in such plans, and constitutes part of the consideration
for this waiver. In addition, Consultant acknowledges that policies and
practices of Vishay with respect to its employees do not apply to Consultant,
and the terms of Consultant&#146;s </FONT></P>
<P align=center><FONT face=serif size=2>-2- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>consulting engagement by Vishay are
governed solely by the express provisions of this Agreement. </FONT></P>
<P align=center><FONT face=serif size=2>ARTICLE II </FONT></P>
<P align=center><U><FONT face=serif size=2>Remuneration</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.1</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Consulting Fee</FONT></U><FONT face=serif size=2>. Vishay will pay
Consultant and Consultant will accept consulting fees (&#147;</FONT><U><FONT face=serif size=2>Consulting Fees</FONT></U><FONT face=serif size=2>&#148;) during
the Consulting Term at a monthly rate of $20,000. Such Consulting Fees will be
paid monthly in arrears. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.2</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Reimbursement of Expenses</FONT></U><FONT face=serif size=2>. Vishay will
reimburse Consultant for all reasonable and necessary travel and other business
expenses as may be incurred by him during the Consulting Term in the performance
of the duties and responsibilities assigned to him in connection with his
consulting engagement under this Agreement; provide, however, that Consultant
shall not be entitled to reimbursement of first class airfare. Such
reimbursements shall be made by Vishay on a timely basis upon submission by
Consultant of proper accounts therefore in accordance with the Vishay&#146;s standard
procedures.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.3</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>No
Other Fees, Payments or Remuneration; Cessation of Engagement</FONT></U><FONT face=serif size=2>. The Consulting Fees and expense reimbursement specified in
this Article II shall be in lieu of any and all other fees, payments and
remuneration in connection with Consultant&#146;s consulting engagement with Vishay.
In the event Consultant&#146;s consulting engagement hereunder shall cease for any
reason, then the Consulting Fees and expense reimbursement provided for in this
Article II shall cease on the date of such event, except as otherwise
specifically provided herein. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.4</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Access
to Facilities and Employees</FONT></U><FONT face=serif size=2>. During the
Consulting Term, Consultant may make use of Vishay&#146;s facilities and of the time
and services of Vishay&#146;s employees, in each case as the Vishay shall
determine.</FONT></P>
<P align=center><FONT face=serif size=2>ARTICLE III </FONT></P>
<P align=center><U><FONT face=serif size=2>Restrictive Covenants</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.1</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Non-Competition</FONT></U><FONT face=serif size=2>. During the Consulting
Term and for two years following the termination of the Consulting Term,
Consultant shall not, without the prior written consent of the Vishay, directly
or indirectly, own, manage, operate, join, control, participate in, invest in or
otherwise be connected or associated with, in any manner, including as an
officer, director, employee, independent contractor, subcontractor, stockholder,
member, manager, partner, principal, consultant, advisor, agent, proprietor,
trustee or investor, any Competing Business (as defined below); </FONT><U><FONT face=serif size=2>provided</FONT></U><FONT face=serif size=2>, </FONT><U><FONT face=serif size=2>however</FONT></U><FONT face=serif size=2>, that nothing in
this Agreement shall prevent Consultant from (A) owning five percent (5%) or
less of the stock or other securities of a publicly held corporation, so long as
Consultant does not in fact have the power to control, or direct the management
of, and is not otherwise associated with, such corporation, or (B) performing
Services for an investment bank, investment advisor or investment fund that may,
directly or indirectly, own, manage, operate, join, control, participate in,
invest in or otherwise be connected or associated with, in any manner, any
Competing Business, provided that Consultant </FONT></P>
<P align=center><FONT face=serif size=2>-3- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>shall not, directly or indirectly, have
any responsibility whatsoever for, provide any services whatsoever to, or
otherwise be connected or associated with such Competing Business.
Notwithstanding the foregoing, if a company has separate divisions or
subsidiaries, some of which conduct a Competing Business and some of which
conduct other businesses which are not Competing Businesses, then the
restrictions imposed hereunder with respect to Competing Businesses shall apply
only to the divisions or subsidiaries of such company that conduct the Competing
Businesses, provided that (A) Consultant shall not, directly or indirectly, have
any responsibility whatsoever for, provide any services whatsoever to, or
otherwise be connected or associated with any Competing Business of the same
company, and (B) Consultant obtains the prior written consent of the Vishay,
which consent shall not be unreasonably with held. As used in this Section 3.1,
&#147;</FONT><U><FONT face=serif size=2>Competing Business</FONT></U><FONT face=serif size=2>&#148; means any business or venture located anywhere in the world that is
engaged in the manufacture and supply of passive and discrete active electronic
components and/or strain gages, strain gage transducers or strain gage
instrumentation to the extent Vishay or any subsidiary of Vishay is engaged in
such activities on the date hereof. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.2</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Non-Solicitation</FONT></U><FONT face=serif size=2>. During the
Consulting Term and for two years following the termination of the Consulting
Term, Consultant shall not, directly or indirectly solicit for employment, or
recruit any person who at the relevant time is an officer, director, employee,
independent contractor, subcontractor, manager, partner, principal, consultant,
or agent of Vishay or any of its subsidiaries or affiliates, or induce or
encourage any of the foregoing to terminate their employment, contractual or
other relationship (as appropriate) with Vishay or any of its subsidiaries or
affiliates, or attempt to do any of the foregoing either on Consultant&#146;s own
behalf or for the benefit of any third person or entity. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.3</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Confidential Information</FONT></U><FONT face=serif size=2>. Consultant
agrees that he shall not, directly or indirectly, use, make available, sell,
disclose or otherwise communicate to any person, other than in the course of
providing the consulting services hereunder and for the benefit of Vishay,
either during the Consulting Term or at any time thereafter, any nonpublic,
proprietary or confidential information, knowledge or data relating to Vishay,
any of its subsidiaries, affiliated companies or businesses, which shall have
been obtained by Consultant during Consultant&#146;s prior employment by Vishay or
during the Consulting Term. The foregoing shall not apply to information that
(i) was known to the public prior to its disclosure to Consultant; (ii) becomes
known to the public subsequent to disclosure to Consultant through no wrongful
act of Consultant or any representative of Consultant; or (iii) Consultant is
required to disclose by applicable law, regulation or legal process (provided
that Consultant provides Vishay with prior notice of the contemplated disclosure
and reasonably cooperates with Vishay at its expense in seeking a protective
order or other appropriate protection of such information). Notwithstanding
clauses (i) and (ii) of the preceding sentence, Consultant&#146;s obligation to
maintain such disclosed information in confidence shall not terminate where only
portions of the information are in the public domain. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.4</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Non-Disparagement</FONT></U><FONT face=serif size=2>. Each of Consultant
and Vishay (for purposes hereof, Vishay shall mean only the executive officers
and directors thereof and not any other employees) agrees not to make any public
statements that disparage the other party or, in the case of Vishay, its
respective affiliates, employees, officers, directors, products or services.
Notwithstanding the foregoing, statements made in the course of sworn testimony
in administrative, judicial or </FONT></P>
<P align=center><FONT face=serif size=2>-4- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>arbitral proceedings (including, without
limitation, depositions in connection with such proceedings) shall not be
subject to this Section 3.4. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>3.5</FONT><FONT face=sans-serif>
</FONT><U><FONT face=serif size=2>Acknowledgements Respecting Restrictive
Covenants</FONT></U><FONT face=serif size=2>. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>Consultant has carefully read and considered the provisions of this
Article III and, having done so, agrees that: </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(i)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>the restrictive covenants contained in this Article III, including,
without limitation, the scope and time period of such restrictions, are
reasonable, fair and equitable in light of Consultant&#146;s duties and
responsibilities under this Agreement and the benefits to be provided to him
under this Agreement; and</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(ii)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>such restrictive covenants are reasonably necessary to protect the
legitimate business interests of Vishay. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>The
parties acknowledge that it is impossible to measure in money the damages that
will accrue to one party in the event that the other party breaches any of the
restrictive covenants contained in this Article III and that any such damages,
in any event, would be inadequate and insufficient. Therefore, if one party
breaches any restrictive covenant contained in this Article III, the
non-breaching party shall be entitled to an injunction restraining the breaching
party from violating such restrictive covenant; </FONT><U><FONT face=serif size=2>provided</FONT></U><FONT face=serif size=2>, </FONT><U><FONT face=serif size=2>however</FONT></U><FONT face=serif size=2>, that a party must provide the
other party with not less than five (5) days written notice prior to instituting
an action or proceeding to enforce any restrictive covenant contained in this
Article III. If the non-breaching party shall institute any action or proceeding
to enforce a restrictive covenant contained in this Article III, the breaching
party hereby waives, and agrees not to assert in any such action or proceeding,
the claim or defense that the non-breaching party has an adequate remedy at law.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>In the
event of a breach of any of the restrictive covenants contained in this Article
III, the parties agree that the non-breaching party, in addition to any
injunctive relief as described in Section 3.5(b), shall be entitled to any other
appropriate legal or equitable remedy. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(d)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>If any of
the restrictive covenants contained in this Article III are deemed by a court of
competent jurisdiction to be unenforceable by reason of their extent, duration
or geographical scope or otherwise, the parties contemplate that the court shall
revise such extent, duration, geographical scope or other provision but only to
the extent required in order to render such restrictions enforceable, and
enforce any such restriction in its revised form for all purposes in the manner
contemplated hereby. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3.6</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Consideration</FONT></U><FONT face=serif size=2>. Each of the covenants
of this Article III is given by Consultant as part of the consideration for this
Agreement and as an inducement to Vishay to enter into this Agreement and accept
the obligations hereunder. </FONT></P>
<P align=center><FONT face=serif size=2>-5- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT face=serif size=2>ARTICLE IV </FONT></P>
<P align=center><U><FONT face=serif size=2>Miscellaneous</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.1</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Survival</FONT></U><FONT face=serif size=2>. Notwithstanding anything to
the contrary herein, Article III (&#147;Restrictive Covenants&#148;) and Article IV
(&#147;Miscellaneous&#148;) of this Agreement shall survive termination of this Agreement
for any reason whatsoever. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.2</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Notices</FONT></U><FONT face=serif size=2>. Any notice, consent, request
or other communication made or given in accordance with this Agreement shall be
in writing and shall be sent either (i) by personal delivery to the party
entitled thereto, (ii) by facsimile with confirmation of receipt, or (iii) by
registered or certified mail, return receipt requested. The notice, consent
request or other communication shall be deemed to have been received upon
personal delivery, upon confirmation of receipt of facsimile transmission, or,
if mailed, three (3) days after mailing. Any notice, consent, request or other
communication made or given in accordance with the Agreement shall be made to
those listed below at their following respective addresses or at such other
address as each may specify by notice to the other: </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To Vishay: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="40%" >&nbsp;</TD>
    <TD width="60%"><FONT face=serif size=2>Vishay Intertechnology, Inc. <BR>63 Lancaster
      Avenue <BR>Malvern, Pennsylvania 19355 <BR>Attention: Chief Executive
      Officer <BR>Facsimile No.: (610) 889-0935 </FONT>
      <P align=justify><FONT face=serif size=2>With Copy to: </FONT></P>
      <P align=justify><FONT face=serif size=2>Kramer Levin Naftalis &amp; Frankel
      LLP <BR>1177 Avenue of the Americas <BR>New York, New York, 10036
      <BR>Attention: Scott S. Rosenblum, Esq. <BR>Facsimile No.: (212) 715-8411
      </FONT></P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>To
Consultant: At Consultant&#146;s last known address as reflected in Vishay records or
such other address as Consultant shall designate by written notice to Vishay.
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>4.3</FONT><FONT face=sans-serif>
</FONT><U><FONT face=serif size=2>Successors</FONT></U><FONT face=serif size=2>.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(a)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>This
Agreement is personal to Consultant and, without the prior written consent of
Vishay, shall not be assignable by Consultant otherwise than (i) to an affiliate
of Consultant or (ii) by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by Consultant&#146;s heirs
and legal representatives. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(b)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>This
Agreement shall inure to the benefit of and be binding upon Vishay and its
successors and assigns. </FONT></P>
<P align=center><FONT face=serif size=2>-6- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>(c)</FONT><FONT face=sans-serif> </FONT><FONT face=serif size=2>Vishay
shall require any successor (whether direct or indirect, by purchase, merger,
consolidation, or otherwise) to all or substantially all of the business and/or
assets of Vishay expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that Vishay would have been required to
perform if no such succession had taken place. As used in this Agreement,
&#147;</FONT><U><FONT face=serif size=2>Vishay</FONT></U><FONT face=serif size=2>&#148;
shall mean both Vishay as defined above and any such successor that assumes and
agrees to perform this Agreement, by operation of law or otherwise. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.4</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Complete Understanding; Amendment; Waiver</FONT></U><FONT face=serif size=2>. This Agreement constitutes the complete understanding between the
parties with respect to the subject matter hereof and supersedes all other prior
agreements and understandings, both written and oral, between the parties with
respect to the subject matter hereof, and no statement, representation, warranty
or covenant has been made by either party with respect thereto except as
expressly set forth herein. This Agreement shall not be altered, modified,
amended or terminated except by a written instrument signed by each of the
parties hereto. Any waiver of any term or provision hereof, or of the
application of any such term or provision to any circumstances, shall be in
writing signed by the party charged with giving such waiver. Waiver by either
party hereto of any breach hereunder by the other party shall not operate as a
waiver of any other breach, whether similar to or different from the breach
waived. No delay on the part of Vishay or Consultant in the exercise of any of
their respective rights or remedies shall operate as a waiver thereof, and no
single or partial exercise by Vishay or Consultant of any such right or remedy
shall preclude other or further exercise thereof. Notwithstanding the foregoing,
Consultant and Vishay retain their respective rights, and remain subject to
their respective obligations, under the Employment Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.5</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Severability</FONT></U><FONT face=serif size=2>. The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement. If any
provision of this Agreement shall be held invalid or unenforceable in part, the
remaining portion of such provision, together with all other provisions of this
Agreement, shall remain valid and enforceable and continue in full force and
effect to the fullest extent consistent with law. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.6</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Governing Law</FONT></U><FONT face=serif size=2>. This Agreement shall be
governed and construed in accordance with the laws of the State of Delaware
applicable to agreements made and to be wholly performed within that State,
without regard to the principles of conflicts of law. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.7</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Titles
and Captions</FONT></U><FONT face=serif size=2>. All Section titles or captions
in this Agreement are for convenience only and in no way define, limit, extend
or describe the scope or intent of any provision hereof.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4.8</FONT><FONT face=sans-serif> </FONT><U><FONT face=serif size=2>Counterparts</FONT></U><FONT face=serif size=2>. This Agreement may be
signed in one or more counterparts, each of which shall be deemed an original,
and all such counterparts shall constitute but one and the same instrument.
</FONT></P>
<P align=center><FONT face=serif size=2>[Signature page follows] </FONT></P>
<P align=center><FONT face=serif size=2>-7- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN WITNESS
WHEREOF, the parties hereto have executed and delivered this Consulting and
Non-Competition Agreement as of the day and year first above written.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face=serif size=2>VISHAY INTERTECHNOLOGY, INC.</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="50%" ></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="50%" ></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom noWrap align=left width="25%"><FONT size=2><FONT face=serif>/s/ Carl Fritz</FONT>&nbsp; </FONT></TD>
    <TD noWrap align=left width="25%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD noWrap align=left width="50%" colSpan=2><FONT size=2><FONT face=serif>By: Carl
      Fritz</FONT>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD noWrap align=left width="50%" colSpan=2><FONT size=2><FONT face=serif>Title:
      Administrative President, Americas</FONT>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="50%" ></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="50%" ></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face=serif size=2>CONSULTANT:</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="50%" ></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="50%" ></TD>
    <TD width="50%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom noWrap align=left width="25%"><FONT size=2><FONT face=serif>/s/ Richard N. Grubb</FONT>&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="25%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%" ></TD>
    <TD noWrap align=left width="50%" colSpan=2><FONT size=2><FONT face=serif>Richard N.
      Grubb</FONT>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-8- </FONT></P>
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<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>exhibit21.htm
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
<TEXT>

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<P align=right><FONT face=serif size=2>Exhibit 21</FONT></P>
<P align=center><B><FONT face=serif size=2>SUBSIDIARIES OF THE
REGISTRANT</FONT></B></P>
<P align=justify><FONT face=serif size=2>Note: Names of Subsidiaries are
indented under name of Parent. Subsidiaries are wholly owned unless otherwise
noted. (Directors&#146; or other shares required by statute in foreign jurisdictions
and totaling less than 1% of equity are omitted.)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Americas,
      Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Infrared
      Components Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>California</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Spectec
      Logistics, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Phoenix
      Passive Components, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Texas</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Nippon Vishay,
      K.K.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Japan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Alpha
      Electronics K.K.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Japan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay VSH
      Holdings, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay
      Insurance, Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Ireland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Dale
      Electronics, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Electronica Dale de Mexico S.A. de C.V.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Mexico</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Sprague
      Holdings Corp.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Sprague, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Vitramon do Brazil Ltda.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Brazil</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Sprague Canada Holdings Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Canada</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Sprague Electric of Canada, Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Canada</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Sprague France S.A.S.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Siliconix
      incorporated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Siliconix, LLC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Siliconix Semiconductor, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Siliconix Technology C.V.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(a)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Siliconix Holding GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Siliconix Itzehoe GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL S.r.O.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Czech
      Republic</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Siliconix (Taiwan) Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Taiwan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Siliconix Electronic Co. Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Taiwan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Shanghai Simconix Electronic Company Ltd.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(b)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Siliconix Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Siliconix Israel Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Semiconductor Italiana S.p.A.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Italy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Asia Logistics Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Singapore</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Semiconductor India Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>India</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Xi&#146;an Micro-Electronics Co. Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Hempstead Trading Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hong
      Kong</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Hempstead Trading (Shenzhen) Co., Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Subsidiaries of the Registrant
(continued) </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay GSI,
      Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay GSI Holdings, LLC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay General Semiconductor, L.P.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Cayman
      Islands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(c)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay General Semiconductor, LLC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor of Taiwan, Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Taiwan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Asia GS Investments Pte., Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Singapore</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor International Corp.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>New
      York</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor Japan, Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Japan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(d)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ATC Corp.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor Korea Co., Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Korea</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay General Semiconductor France S.A.S.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor Hong Kong Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hong
      Kong</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor (Deutschland) GmbH</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay
      BCcomponents Holdings Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents B.V.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents SAS</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Capacitors Belgium NV</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Belgium</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Resistors Belgium BVBA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Belgium</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents UK Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>United
      Kingdom</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Valen Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hong
      Kong</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Passives Shanghai Co., Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Components India Pvt. Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>India</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(e)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>BCcomponents Hong Kong Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hong
      Kong</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>BCcomponents China Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hong
      Kong</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Components (Huizhou) Co. Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Trading (Shanghai) Co. Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay
      Measurements Group, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Transducers Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Meadowgrip Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>United
      Kingdom</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Selectaid Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>United
      Kingdom</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Revere Transducers Europe, BV</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>SI Washington Lease Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Washington</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BLH Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Pharos de Costa Rica S.A.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Costa
      Rica</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Transducers India Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>India</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Celtron (Tianjin) Technologies Co.,
      Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(f)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Celtron Technologies, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Taiwan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>High Goals Investments Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>British Virgin
      Islands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay
      Intertechnology Asia Pte Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Singapore</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Japan K.K.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Japan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Hong Kong Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hong
      Kong</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Korea Co. Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Korea</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay (Taiwan) Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Taiwan</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay (Thailand) Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Thailand</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>General Semiconductor (Singapore) Pte. Ltd.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Singapore</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 2 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Subsidiaries of the Registrant
(continued)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1>Vishay Israel
      Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Z.T.R. Electronics Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Israel Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(g)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dale Israel Electronics Industries, Ltd.</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tedea-Huntleigh B.V.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tedea-Huntleigh International Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>T-H Technology Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&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;</FONT>Vishay
      Measurements Group France, S.A.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Grupo De Medidas Iberica S.L.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Spain</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>SCI Vijafranc</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>T-H
      Industrial Properties Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tedea-Huntleigh, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>California</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Draloric Israel Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>V.I.E.C. Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay PM Group Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>United
      Kingdom</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay PM Onboard Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>United
      Kingdom</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay PME France SARL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay PM Belgium NV</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Belgium</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(h)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Waste Collection Systems Belgium NV</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Belgium</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(i)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Waste Collection Systems BV</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(j)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay PM Onboard (Ireland) Limited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Ireland</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay MD Techniek BV</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay MD Technik GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Advanced Technology, Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Israel</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vilna Equities Holding, B.V.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tedea-Huntleigh Europe Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Measurements Group (U.K.) Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England &amp;
      Wales</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Nobel Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Europe GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(k)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Europe Sales GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents Austria GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Austria</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents Holding GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents Beyschlag GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay BCcomponents Vertriebs GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Electronic GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Roederstein GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Roederstein Electronics Portugal Lda.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Portugal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Deutschland GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Schweiz A.G.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Switzerland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Austria Ges.mbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Austria</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Components, S.A.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Spain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Nederland BV</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Netherlands</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Belgium N.V.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Belgium</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Denmark A/S</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Denmark</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL Finland OY</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Finland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL France S.A.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>ECOMAL UK Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Electronic SPOL SRO</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Czech
      Republic</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 3 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=left><B><FONT face=serif size=2>Subsidiaries of the Registrant
(continued) </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      S.A.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>France</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(l)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Ultronix, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>E-Sil
      Components Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England &amp;
      Wales</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England &amp;
      Wales</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Spectrol GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Grued Corporation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;<FONT face=serif size=1>Con-Gro Corp.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Gro-Con, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;<FONT face=serif size=1>Angstrohm Precision Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;<FONT face=serif size=1>Angstrohm Holdings Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Delaware</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Sfernice, Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England &amp;
      Wales</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Heavybarter, Unlimited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>England &amp;
      Wales</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Nobel AB</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Sweden</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>AB Givareteknik</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Sweden</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Nobel AS</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Norway</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Measurements Group GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Facility
      Service GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(m)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      Semiconductor GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay (Phils.) Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Philippines</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Semiconductor Ges.mbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Austria</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(n)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Asia Semiconductor Investments Pte.
      Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Singapore</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vishay Asia Investments Pte. Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Singapore</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"><FONT face=serif size=1>(o)</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;<FONT face=serif size=1>Shanghai Vishay Semiconductors Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;<FONT face=serif size=1>General Semiconductor (China) Co., Ltd.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&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;<FONT face=serif size=1>Tedea-Huntleigh (Beijing) Electronics Co.
      Ltd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>China</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      Hungary Elektronikai KFT</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Hungary</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      Semiconductor Malaysia Sdn Bhd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Malaysia</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      Phoenix do Brasil Ltda</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Brazil</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      Europe Logistics GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vishay
      Automotive Systems GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Powertron
      GmbH</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=1>Germany</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 4 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Subsidiaries of the Registrant
(continued) </FONT></B></P>
<TABLE style="LINE-HEIGHT: 12pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=left width="100%"  colSpan=3><FONT size=1>____________________</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(a)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ><FONT size=1>&nbsp;</FONT></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Siliconix
      Technology C.V. is 100%; 89% is owned by its wholly owned subsidiary
      Siliconix incorporated, 10% is owned by its indirectly wholly owned
      subsidiary Siliconix Semiconductor, Inc., and 1% is owned by its indirect
      wholly owned subsidiary Vishay Siliconix LLC.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(b)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Shanghai
      Simconix Electronic Company Ltd. is 96%.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(c)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay
      General Semiconductor, L.P. is 100%; 1% is owned by its indirectly wholly
      owned subsidiary Vishay GSI Holdings, LLC, and 99% is owned by its wholly
      owned subsidiary Vishay GSI, Inc.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(d)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in General
      Semiconductor Japan, Ltd. is 100%; 50% is owned by its wholly owned
      subsidiary General Semiconductor International and 50% is owned by its
      wholly owned subsidiary Vishay GSI, Inc.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(e)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay
      Components India Pvt Ltd. is 100%; 45% is owned directly and 55% is owned
      by its indirectly wholly owned subsidiary Vishay BCcomponents
    B.V.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(f)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Celtron
      Tianjin is 100%; 89% is owned by its indirectly wholly owned subsidiary
      Vishay Transducers, Ltd. and 11% is owned by its indirectly wholly owned
      subsidiary High Goals Investments Limited.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(g)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Ecomal
      Israel Ltd. is 66.7%.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(h)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay PM
      Belgium NV is 100%; 50% is owned by its indirectly wholly owned subsidiary
      Vishay PM Group Limited and 50% is owned by its indirectly wholly owned
      subsidiary Vishay PM Onboard Limited.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(i)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay
      Waste Collection Systems Belgium NV is 98%.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(j)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay
      Waste Collection Systems BV is 90%.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(k)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay
      Europe GmbH is 100%; 86% is owned by its wholly owned subsidiary Vishay
      Israel Limited and its affiliates; 13% is owned directly; and 1% is owned
      by its wholly owned subsidiary Vishay Dale Electronics, Inc.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(l)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay S.A.
      is 99.8%.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ><FONT size=1>(m) -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%" ><FONT size=1>Registrant&#146;s indirect ownership percentage in
      Facility Service GmbH is 50%.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(n)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay
      Semiconductor Ges.mbH is 100%, 54% is owned by its indirectly wholly owned
      subsidiary Sprague Electric of Canada, 44% is owned by its indirectly
      wholly owned subsidiary Vishay Semiconductor GmbH, and 2% is owned by its
      indirectly wholly owned subsidiary Vishay Electronic GmbH.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=serif size=1>(o)
      -</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="text-align:justify" vAlign=top align=left width="98%"><FONT face=serif size=1>Registrant&#146;s indirect ownership percentage in Vishay Asia
      Investments Pte. Ltd. is 100%, 70% is owned by its indirectly wholly owned
      subsidiary Vishay Asia Semiconductor Investments Pte. Ltd. and 30% is
      owned by its indirectly wholly owned subsidiary Vishay Asia Semiconductor
      GS Investments Pte. Ltd.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 5 - </FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exhibit23-1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<body>

<P align=right><FONT face=serif size=2>Exhibit 23.1 </FONT></P>
<P align=center><B><FONT face=serif size=2>Consent of Independent Registered
Public Accounting Firm</FONT></B><B><FONT face=serif> </FONT></B></P>
<P align=justify><FONT face=serif size=2>We consent to the incorporation by
reference in the following registration statements of Vishay Intertechnology,
Inc. and in the related Prospectuses of our reports dated February 26, 2009,
with respect to the consolidated financial statements of Vishay Intertechnology,
Inc. and the effectiveness of internal control over financial reporting of
Vishay Intertechnology, Inc., included in this Annual Report (Form 10-K) for the
year ended December 31, 2008.</FONT><FONT face=serif> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="26%"><B><FONT face=serif size=2>Registration</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="58%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="26%"><B><FONT face=serif size=2>Statement Number</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face=serif size=2>Form</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="58%"><B><FONT face=serif size=2>Description</FONT></B>&nbsp; </TD></TR>
  <TR style="LINE-HEIGHT: 14pt; PADDING-TOP: 2pt; BORDER-COLLAPSE: collapse" vAlign=top>
    <TD noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>33-7850</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-8</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0><FONT face=serif size=2>1986
      Employee Stock Plan of Vishay Intertechnology, Inc.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>33-7851</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-8</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0><FONT face=serif size=2>1986
      Employee Stock Plan of Dale Electronics, Inc.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>333-78045</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-8</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>1997 Stock Option Program and 1998 Employee Stock Option
      Program of Vishay Intertechnology, Inc.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>333-73496</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-8</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>Amended and Restated General Semiconductor, Inc. 1993
      Long-Term Incentive Plan and General Semiconductor, Inc. Amended and
      Restated 1998 Long-Term Incentive Plan</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>333-52594</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-3/A</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>2,887,134 Common Shares and $945,779,624 Other
      Securities</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>333-102507</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-3/A</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>Class A Warrants to Purchase 7,000,000 Shares of Common
      Stock; Class B Warrants to Purchase 1,823,529 Shares of Common Stock;
      6,176,467 Shares of Common Stock Issuable Upon Exchange of $105,000,000
      Floating Rate Unsecured Notes due 2102; and 8,823,529 Shares of Common
      Stock Issuable Upon Exercise of Class A Warrants and Class B
      Warrants</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>333-110259</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-3/A</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>$500,000,000 Principal Amount of 3 5/8% Convertible
      Subordinated Notes Due 2023; and Shares of Common Stock Issuable Upon
      Conversion of $500,000,000 Principal Amount of 3 5/8% Convertible
      Subordinated Notes due 2023.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="99%" colSpan=3>&nbsp;&nbsp; </TD></TR>
  <TR style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" vAlign=bottom>
    <TD vAlign=top noWrap align=center width="26%" bgColor=#c0c0c0><FONT face=serif size=2>333-144466</FONT></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>S-8</FONT></TD>
    <TD vAlign=top align=left width="58%" bgColor=#c0c0c0>
      <P align=justify><FONT face=serif size=2>2007 Stock Incentive Program of Vishay Intertechnology,
      Inc.</FONT></P></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="45%">&nbsp;</TD>
    <TD width="55%"><FONT size=2>/s/ Ernst &amp; Young
LLP</FONT></TD></TR></TABLE>
<P align=justify><FONT face=serif size=2>Philadelphia, Pennsylvania <BR>February 26, 2009 </FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>6
<FILENAME>exhibit31-1.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO RULES 13A-15(E) OR 15D-15(E) UNDER THE SECURITIES
<TEXT>
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<P align=right><FONT face=serif size=2>Exhibit 31.1 </FONT></P>
<P align=center><B><FONT face=serif size=2>CERTIFICATIONS </FONT></B></P>
<P align=justify><FONT face=serif size=2>I, Dr. Gerald Paul, certify that:
</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>I have reviewed this Annual Report on Form 10-K of Vishay
      Intertechnology, Inc.;</FONT></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=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;</FONT></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>Based on my knowledge, the financial statements, and other
      financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      report;</FONT></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>The registrant&#146;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:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >
      <P align=justify><FONT face=serif size=2>(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;</FONT></P>
      <P align=justify><FONT face=serif size=2>(b) Designed such internal
      control over financial reporting, or caused such internal control over
      financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></P>
      <P align=justify><FONT face=serif size=2>(c) Evaluated the effectiveness
      of the registrant&#146;s disclosure controls and procedures and presented in
      this report our conclusions about the effectiveness of the disclosure
      controls and procedures, as of the end of the period covered by this
      report based on such evaluation; and</FONT></P>
      <P align=justify><FONT face=serif size=2>(d) Disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the registrant&#146;s most recent fiscal quarter (the
      registrant&#146;s fourth fiscal quarter in the case of an annual report) that
      has materially affected, or is reasonably likely to materially affect, the
      registrant&#146;s internal control over financial reporting;
  and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR></TABLE>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>The registrant&#146;s other certifying officer(s) and I have disclosed,
      based on our most recent evaluation of internal control over financial
      reporting, to the registrant&#146;s auditors and the audit committee of the
      registrant&#146;s board of directors (or persons performing the equivalent
      functions):</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >
      <P align=justify><FONT face=serif size=2>(a) All significant deficiencies
      and material weaknesses in the design or operation of internal control
      over financial reporting which are reasonably likely to adversely affect
      the registrant&#146;s ability to record, process, summarize and report
      financial information; and</FONT></P>
      <P align=justify><FONT face=serif size=2>(b) Any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant&#146;s internal control over financial
      reporting.</FONT></P></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Date: February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><U><FONT face=serif size=2>/s/ Gerald Paul</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Dr. Gerald
      Paul</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Chief Executive
      Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>7
<FILENAME>exhibit31-2.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO RULES 13A-15(E) OR 15D-15(E) UNDER THE SECURITIES
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<P align=right><FONT face=serif size=2>Exhibit 31.2 </FONT></P>
<P align=center><B><FONT face=serif size=2>CERTIFICATIONS </FONT></B></P>
<P align=justify><FONT face=serif size=2>I, Dr. Lior E. Yahalomi, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0 style="text-align: justify">

  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>I have reviewed this Annual Report on Form 10-K of Vishay
      Intertechnology, Inc.;</FONT></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=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;</FONT></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>Based on my knowledge, the financial statements, and other
      financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      report;</FONT></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>The registrant&#146;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:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"  colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" >
      <P align=justify><FONT face=serif size=2>(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;</FONT></P>
      <P align=justify><FONT face=serif size=2>(b) Designed such internal
      control over financial reporting, or caused such internal control over
      financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></P>
      <P align=justify><FONT face=serif size=2>(c) Evaluated the effectiveness
      of the registrant&#146;s disclosure controls and procedures and presented in
      this report our conclusions about the effectiveness of the disclosure
      controls and procedures, as of the end of the period covered by this
      report based on such evaluation; and</FONT></P>
      <P align=justify><FONT face=serif size=2>(d) Disclosed in this report any
      change in the registrant&#146;s internal control over financial reporting that
      occurred during the registrant&#146;s most recent fiscal quarter (the
      registrant&#146;s fourth fiscal quarter in the case of an annual report) that
      has materially affected, or is reasonably likely to materially affect, the
      registrant&#146;s internal control over financial reporting;
  and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >&nbsp;</TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0 style="text-align: justify">
  <TR>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"  colSpan=2><FONT face=serif size=2>The registrant&#146;s other certifying officer(s) and I have disclosed,
      based on our most recent evaluation of internal control over financial
      reporting, to the registrant&#146;s auditors and the audit committee of the
      registrant&#146;s board of directors (or persons performing the equivalent
      functions):</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap ></TD>
    <TD width="100%" >
      <P align=justify><FONT face=serif size=2>(a) All significant deficiencies
      and material weaknesses in the design or operation of internal control
      over financial reporting which are reasonably likely to adversely affect
      the registrant&#146;s ability to record, process, summarize and report
      financial information; and</FONT></P>
      <P align=justify><FONT face=serif size=2>(b) Any fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the registrant&#146;s internal control over financial
      reporting.</FONT></P></TD></TR>
  <TR>
    <TD noWrap ></TD>
    <TD width="100%" colSpan=4>&nbsp; </TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Date: February 26,
      2009</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><U><FONT face=serif size=2>/s/ Lior E. Yahalomi</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Dr. Lior E. Yahalomi</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=2>Chief Financial
      Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>8
<FILENAME>exhibit32-1.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
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<P align=right><FONT face=serif size=2>Exhibit 32.1 </FONT></P>
<P align=center><B><FONT face=serif size=2>CERTIFICATION PURSUANT TO <BR>18
U.S.C. SECTION 1350,<BR>AS ADOPTED PURSUANT TO <BR></FONT></B><B><FONT face=serif size=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<P align=justify><FONT face=serif size=2>In connection with the Annual Report of
Vishay Intertechnology, Inc. (the &#147;Company&#148;) on Form 10-K for the year ended
December 31, 2008 as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, Dr. Gerald Paul, Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Report fully
      complies with the requirements of section 13(a) or 15(d) of the Securities
      Exchange Act of 1934; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The information
      contained in the Report fairly presents, in all material respects, the
      financial condition and results of operations of the
  Company.</FONT></TD></TR></TABLE>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%"><FONT face=serif size=2>/s/ Gerald Paul</FONT> </TD>
    <TD noWrap align=left width="92%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=2>Dr.
      Gerald Paul</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=2>Chief
      Executive Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=2>February 26, 2009</FONT>&nbsp; </TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>9
<FILENAME>exhibit32-2.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
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<P align=right><FONT face=serif size=2>Exhibit 32.2 </FONT></P>
<P align=center><B><FONT face=serif size=2>CERTIFICATION PURSUANT TO <BR>18
U.S.C. SECTION 1350, <BR>AS ADOPTED PURSUANT TO <BR></FONT></B><B><FONT face=serif size=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<P align=justify><FONT face=serif size=2>In connection with the Annual Report of Vishay Intertechnology, Inc. (the &#147;Company&#148;) on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), I, Dr. Lior E. Yahalomi, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Report fully
      complies with the requirements of section 13(a) or 15(d) of the Securities
      Exchange Act of 1934; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The information
      contained in the Report fairly presents, in all material respects, the
      financial condition and results of operations of the
  Company.</FONT></TD></TR></TABLE>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%"><FONT face=serif size=2>/s/ Lior E. Yahalomi</FONT> </TD>
    <TD noWrap align=left width="92%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=2>Dr. Lior E. Yahalomi</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=2>Chief
      Financial Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=2>February 26, 2009</FONT>&nbsp; </TD></TR></TABLE><BR>
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