<SUBMISSION>
<ACCESSION-NUMBER>0001145443-04-000574
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20040513
<FILING-DATE>20040412
<EFFECTIVENESS-DATE>20040412
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AVANT IMMUNOTHERAPEUTICS INC
<CIK>0000744218
<ASSIGNED-SIC>2835
<IRS-NUMBER>133191702
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-15006
<FILM-NUMBER>04727917
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>119 FOURTH AVE
<CITY>NEEDHAM
<STATE>MA
<ZIP>02494
<PHONE>7814330771
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>119 FOURTH AVE
<CITY>NEEDHAM
<STATE>MA
<ZIP>021942725
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>T CELL SCIENCES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d14390_def14a.htm
<TEXT>
<HTML>

<HEAD>

<TITLE></TITLE>

</HEAD>


<HR style="MARGIN-TOP: -2px" NOSHADE SIZE=4>
<HR style="MARGIN-TOP: -10px" NOSHADE SIZE=1>


<P ALIGN=CENTER><FONT size=5 face="TIMES NEW ROMAN"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></FONT><br>
<FONT size=2 face="TIMES NEW ROMAN"><B>Washington, D.C. 20549</B></FONT></P>

<P ALIGN=CENTER><FONT size=5 face="TIMES NEW ROMAN"><B>SCHEDULE
  14A INFORMATION</B></FONT></P>
<p align="center"><strong><font size="3" face="Times New Roman, Times, serif"></font></strong></p>
<p align="center"><strong><font size="3" face="Times New Roman, Times, serif">Proxy
  Statement Pursuant to Section 14(a) of<br>
  the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;)</font></strong></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>x</b></font></p></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>o</b></font></p></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      the appropriate box:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Preliminary
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Confidential,
      for Use of the Commission Only<br>
      (as permitted by Rule 14a-6(e)(2))</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Additional Materials</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Soliciting
      Material Pursuant to Rule 14a-12</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<div align="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="6">AVANT Immunotherapeutics, Inc.</FONT></FONT>
<HR SIZE="2" NOSHADE WIDTH="75%">
<font size="2" face="Times New Roman, Times, serif">(Name of
  Registrant as Specified In Its Charter)</font> </div>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE WIDTH="75%">
<div align="center"><font size="2" face="Times New Roman, Times, serif">(Name of
  Person(s) Filing Proxy Statement, if other than the Registrant)</font></div>
<p><font size="2" face="Times New Roman, Times, serif">Payment of Filing Fee (Check
  the appropriate box):</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">No fee
      required.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee computed
      on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Title
      of each class of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Aggregate
      number of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Per unit
      price or other underlying value of transaction computed pursuant to Exchange
      Act Rule 0-11 (set forth the amount on which the filing fee is calculated
      and state how it was determined):</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Proposed maximum aggregate
      value of transaction:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">5.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Total fee paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee paid
      previously with preliminary materials.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
      and identify the filing for which the offsetting fee was paid previously.
      Identify the previous filing by registration statement number, or the Form
      or Schedule and the date of its filing.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Amount Previously
      Paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Form, Schedule or
      Registration Statement No.:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Filing Party:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Date Filed:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR style="MARGIN-TOP: -2px" NOSHADE SIZE=4>
<HR style="MARGIN-TOP: -10px" NOSHADE SIZE=1>
<PAGE>


<BODY LINK=BLUE VLINK=PURPLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><IMG SRC="logo.jpg" ALT="LOGO"></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">April 12, 2004</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Dear
Stockholder: </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the annual meeting of stockholders of AVANT
Immunotherapeutics, Inc.&#160; This year&#146;s
meeting will be held on Wednesday, May 13, 2004 at 2:00 p.m., local time, at
our offices located at 119 Fourth Avenue, Needham, Massachusetts.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
attached proxy statement, with formal notice of the meeting on the first page,
describes the matters expected to be acted upon at the meeting.&#160; We urge you to review these materials carefully
and to use this opportunity to take part in the affairs of AVANT by voting on
the matters described in this proxy statement.&#160;
We hope that you will be able to attend the meeting.&#160; At the meeting we will review our
operations, report on 2003 financial results and discuss our plans for the
future.&#160; Our directors and management
team will be available to answer questions. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
vote is important.&#160; Whether or not you
plan to attend the meeting, please complete the enclosed proxy card and return
it as promptly as possible or vote electronically via the Internet or by
telephone. The enclosed proxy card contains instructions regarding voting.&#160; If you attend the meeting, you may continue
to have your shares voted as instructed in the proxy or you may withdraw your
proxy at the meeting and vote your shares in person. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
look forward to seeing you at the meeting. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Sincerely, </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><img src="jbarriewig.jpg" width=100><BR>J. Barrie Ward, Ph.D.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Chairman of the Board </FONT></P>
</TD>
 </TR>
</TABLE>

<BR>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><IMG SRC="logo.jpg" ALT="LOGO"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>AVANT Immunotherapeutics, Inc.<BR>
119 Fourth Avenue<BR>

Needham, MA&#160; 02494</B></FONT></P>

<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Notice of Annual Meeting of Stockholders</B></FONT></P>

<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual meeting of stockholders of AVANT Immunotherapeutics, Inc. will be held
at 2:00 p.m. on May 13, 2004, at our offices located at 119 Fourth Avenue,
Needham, Massachusetts, for the following purposes: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To approve the AVANT
  Immunotherapeutics, Inc. 2004 Employee Stock Purchase Plan. </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To elect six directors to
  serve until the 2005 annual meeting of stockholders and until their
  successors are duly elected and qualified. </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">To transact any other
  business which may properly come before the meeting. </FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
of record at the close of business on March 19, 2004 will be entitled to notice
of and to vote at the meeting and any adjournment or postponement thereof.&#160; Stockholders who are unable to attend the
meeting in person are requested to complete, sign, date and return the enclosed
form of proxy in the envelope provided.&#160;
No postage is required if mailed in the United States.&#160; If you would like to vote electronically via
the Internet or by telephone, please follow the instructions on the proxy
card.&#160; Any proxy may be revoked at any
time prior to its exercise at the annual meeting. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of our annual report to stockholders for the fiscal year ended December
31, 2003 is being mailed to you with this notice and proxy statement. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">By Order of the Board of
  Directors</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><img src="averywsig.jpg" width=100><BR>AVERY W. CATLIN</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="54%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>Secretary</I></FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Needham, Massachusetts<BR>

April 12, 2004 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>YOUR VOTE IS IMPORTANT.<BR>
WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING,
YOU ARE URGED TO DATE, SIGN AND PROMPTLY RETURN YOUR PROXY, OR TO VOTE
ELECTRONICALLY OR BY TELEPHONE IN ACCORDANCE WITH THE INSTRUCTIONS ON THE PROXY
CARD.</B></FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Page</B></FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A001">QUESTIONS
  AND ANSWERS ABOUT THE ANNUAL MEETING</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A002">What is
  the purpose of the annual meeting?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A003">Who is
  entitled to vote?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A004">Can I
  attend the meeting?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A005">What
  constitutes a quorum?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A006">How do I
  vote?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A007">Will other
  matters be voted on at the annual meeting?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A008">Can I
  revoke my proxy instructions?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A009">What other
  information should I review before voting?</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A010">PROPOSAL
  1: APPROVAL OF THE AVANT IMMUNOTHERAPEUTICS, INC. 2004 EMPLOYEE STOCK
  PURCHASE PLAN</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A011">Summary of
  the Stock Purchase Plan</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A012">Equity
  Compensation Plan Information</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">4</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A013">Federal
  Income Tax Considerations under the Stock Purchase Plan</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">5</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A014">Stock
  Purchase Plan Benefits</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">5</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A015">Vote
  Required For Approval</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">5</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A016">Recommendation</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A017">PROPOSAL
  2: ELECTION OF DIRECTORS</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A018">Introduction</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A019">Vote
  Required</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A020">Recommendation</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A021">Information
  Regarding the Nominees and Executive Officers</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A022">The Board
  of Directors and Its Committees</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">8</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A023">Stockholder
  Communications</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">9</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A024">Section
  16(a) Beneficial Ownership Reporting Compliance</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A025">Certain
  Relationships and Related Transactions</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A026">Code of
  Business Conduct and Ethics</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A027">PRINCIPAL
  AND MANAGEMENT STOCKHOLDERS</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">11</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A028">COMPENSATION
  OF DIRECTORS AND EXECUTIVE OFFICERS</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">12</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A029">Director
  Compensation</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">12</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A030">Executive
  Compensation</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">12</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A031">Summary
  Compensation Table</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">13</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A032">Options
  Granted in Last Fiscal Year</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">13</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A033">Aggregated
  Option Exercises in Last Fiscal Year and Fiscal Year End Option Values</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">14</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A034">Employment
  Contracts, Termination of Employment and Change-of-Control Arrangements</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">14</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A035">REPORT OF
  THE COMPENSATION COMMITTEE</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">15</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A036">Compensation
  Committee Interlocks and Insider Participation</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">16</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A037">REPORT OF
  THE AUDIT COMMITTEE</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">16</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A038">INDEPENDENT
  ACCOUNTANTS</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">17</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A039">Audit Fees</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">17</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A040">Audit-Related
  Fees</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">17</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A041">Tax Fees</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">17</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A042">STOCK
  PERFORMANCE GRAPH</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">18</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A043">OTHER
  MATTERS</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">18</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A044">Expenses
  of Solicitation</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">18</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A045">Stockholder
  Proposals for 2005 Annual Meeting</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">18</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A046">APPENDIX A</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">20</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="95%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A HREF="#A047">APPENDIX B</A></FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">24</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">(i)</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><IMG SRC="logo.jpg" ALT="LOGO"></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">April 12, 2004 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>AVANT IMMUNOTHERAPEUTICS, INC.<BR>
119 Fourth Avenue<BR>

Needham, Massachusetts&#160; 02494 </B></FONT></P>

<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PROXY STATEMENT</B></FONT></P>

<HR SIZE=2 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement is furnished to the holders of common stock, par value $.001
per share, of AVANT Immunotherapeutics, Inc. in connection with the
solicitation of proxies by and on behalf of the Board of Directors of AVANT for
the 2004 annual meeting of stockholders to be held at our offices located at
119 Fourth Avenue, Needham, Massachusetts on May 13, 2004, and at any
adjournments or postponements thereof.&#160;
This proxy statement and the accompanying notice of annual meeting of
stockholders and proxy card are first being mailed to stockholders on or about
April 12, 2004. </FONT></P>

<P ALIGN=CENTER><A NAME=A001></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>QUESTIONS AND ANSWERS ABOUT
THE ANNUAL MEETING</B></FONT></P>

<P><A NAME=A002></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>What is the purpose of the annual meeting? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, stockholders will act upon the matters set forth in the
accompanying notice of meeting, including the election of directors. </FONT></P>

<P><A NAME=A003></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Who is entitled to vote? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our records show that you are a stockholder as of the close of business on March
19, 2004, which is referred to as the record date, you are entitled to receive
notice of the annual meeting and to vote the shares of common stock that you
held on the record date.&#160; Each
outstanding share of common stock entitles its holder to cast one vote for each
matter to be voted upon.&#160; </FONT></P>

<P><A NAME=A004></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Can I attend the meeting? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
stockholders of record of shares of common stock of AVANT at the close of
business on the record date, or their designated proxies, are authorized to
attend the annual meeting.&#160; Each
stockholder or proxy will be asked to present a form of valid picture
identification, such as a driver&#146;s license or passport. </FONT></P>

<P><A NAME=A005></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>What constitutes a quorum? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
presence, in person or by proxy, of holders of at least a majority of the total
number of outstanding shares of common stock entitled to vote is necessary to
constitute a quorum for the transaction of business at the annual meeting.&#160; As of the record date, there were 74,291,400
shares of common stock outstanding and entitled to vote at the annual
meeting.&#160; Shares that reflect votes
withheld for director nominees, abstentions or &#147;broker non-votes&#148; (i.e., shares
represented at the meeting held by brokers or nominees as to which instructions
have not been received from the beneficial owners or persons entitled to vote
such shares and the broker or nominee does not have discretionary voting power
to vote such shares) will be counted for purposes of determining whether a
quorum is present for the transaction of business at the annual meeting. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><A NAME=A006></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>How do I vote? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
by Proxy Holders for Shares Registered Directly in the Name of the Stockholder.</I>&#160; If
you hold your shares in your own name as a holder of record, you may instruct
the proxy holders named in the enclosed proxy card how to vote your common
shares by signing, dating and mailing the proxy card in the postage-paid
envelope that has been provided to you by AVANT. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
by Proxy Holders for Shares Registered in the Name of a Brokerage Firm or Bank.</I>&#160; If
your common shares are held by a broker, bank or other nominee (i.e., in
&#147;street name&#148;), you will receive instructions from your nominee which you must
follow in order to have your common shares voted.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vote
by Mail</I>.&#160; If you would like to vote by mail, mark your
proxy card, sign and date it, and return it to ADP Financial Services, Inc. in
the postage-paid envelope provided. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vote
in Person</I>.&#160; If you are a registered stockholder and
attend the annual meeting, you may deliver your completed proxy card in
person.&#160; &#147;Street name&#148; stockholders who
wish to vote at the meeting will need to obtain a proxy form from the broker,
bank or other nominee that holds their common shares of record.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vote
by Telephone</I>.&#160; If you hold your common shares in your own
name as holder of record, you may vote by telephone by calling the toll-free
number listed on the accompanying proxy card.&#160;
Telephone voting is available 24 hours a day until 11:59 p.m. Eastern
Time on May 12, 2004.&#160; When you call you
will receive a series of voice instructions which will allow you to vote your
common shares.&#160; A control number,
located above the registration line of your proxy card, verifies your identity
as a stockholder and allows you to vote your common shares and confirm that
your voting instructions have been recorded properly.&#160; <B>If you vote by telephone, you
do not need to return your proxy card</B>. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vote
by Internet</I>.&#160; You also have the option to vote via the
Internet.&#160; The website for Internet
voting is printed on your proxy card.&#160;
Internet voting is available 24 hours a day until 11:59 p.m. Eastern
Time on May 12, 2004.&#160; As with telephone
voting, you will be given the opportunity to confirm that your voting
instructions have been properly recorded.&#160;
<B>If you vote by Internet, you do not
need to return your proxy card</B>. </FONT></P>

<P><A NAME=A007></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Will other matters be voted on at the annual meeting? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are now not aware of any other matters to be presented at the annual meeting
other than those described in this proxy statement.&#160; If any other matters not described in the proxy statement are
properly presented at the meeting, proxies will be voted in accordance with the
best judgment of the proxy holders. </FONT></P>

<P><A NAME=A008></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Can I revoke my proxy instructions? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may revoke your proxy at any time before it has been exercised by: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">filing a written
  revocation with the Secretary of AVANT at the address set forth below; </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">filing a duly executed
  proxy bearing a later date; or </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">appearing in person and
  voting by ballot at the annual meeting. </FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any stockholder of record as
of the record date attending the annual meeting may vote in person whether or
not a proxy has been previously given, but the presence (without further
action) of a stockholder at the annual meeting will not constitute revocation
of a previously given proxy. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">2</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><A NAME=A009></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>What other information should I review before voting? </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
your review, our 2003 annual report, including financial statements for the
fiscal year ended December 31, 2003, is being mailed to stockholders
concurrently with this proxy statement.&#160;
The annual report, however, is not part of the proxy solicitation
material.&#160; For your further review, a
copy of our annual report filed with the Securities and Exchange Commission
(the &#147;SEC&#148;) on Form 10-K, including the financial statements and the financial
statement schedule, may be obtained without charge by writing to the Corporate
Secretary of AVANT at the following address: 119 Fourth Avenue, Needham,
Massachusetts 02494-2725. </FONT></P>

<P ALIGN=CENTER><A NAME=A010></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PROPOSAL 1: APPROVAL OF THE
AVANT IMMUNOTHERAPEUTICS, INC.<BR>

2004 EMPLOYEE STOCK PURCHASE PLAN</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVANT&#146;s
Board of Directors has adopted the AVANT Immunotherapeutics, Inc. 2004 Employee
Stock Purchase Plan (the &#147;Stock Purchase Plan&#148;), subject to shareholder
approval, and has reserved 150,000 shares of AVANT common stock for issuance
thereunder.&#160; Currently, AVANT has in
effect its 1994 Employee Stock Purchase Plan (the &#147;1994 Plan&#148;).&#160; The 1994 Plan, which has 70,387 shares of
AVANT common stock remaining available for issuance, is scheduled to expire on
July 1, 2004.&#160; If the Stock Purchase
Plan is approved by shareholders, no additional shares will be granted under
the 1994 Plan after the end of the current purchase period. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Stock Purchase Plan, eligible employees may authorize AVANT to deduct
amounts from their pay, which amounts are used to enable the employees to
exercise options (each an &#147;Option&#148;) to purchase shares of AVANT common
stock.&#160; The purpose of the Stock Purchase
Plan is to provide AVANT&#146;s employees with opportunities to purchase AVANT
common stock.&#160; The Stock Purchase Plan
is an employee stock purchase plan under Section 423 of the Internal Revenue
Code of 1986, as amended, and the regulations thereunder (the &#147;Code&#148;). </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares reserved under the Stock Purchase Plan have a value of $402,000, based
on the closing price of AVANT common stock as reported on the NASDAQ National
Market on March 1, 2004. </FONT></P>

<P><A NAME=A011></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Summary of the Stock Purchase Plan </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of material terms of the Stock Purchase Plan is intended
to be a summary only.&#160; This summary is
qualified in its entirety by the full text of the Stock Purchase Plan, which is
attached to this proxy statement as Appendix A. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Purchase Plan is administered by AVANT&#146;s Board of Directors.&#160; The Stock Purchase Plan provides that all
employees of AVANT and certain of its subsidiaries whose customary employment
is for more than 20 hours per week and more than five months in any calendar
year are eligible to participate in the Stock Purchase Plan following sixty
days of active employment, provided, however, that persons who are deemed under
Section 423(b) of the Code to own five percent (5%) or more of AVANT&#146;s voting
stock are excluded from participation.&#160;
The number of employees potentially eligible to participate in the Stock
Purchase Plan is currently approximately 8 persons. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Purchase Plan provides for two &#147;purchase periods&#148; each year, the first
commencing on January 1 of each year and continuing through June 30 of such
year, and the second commencing on July 1 of each year and continuing through
December 31 of such year.&#160; Eligible
employees may elect to become participants in the Stock Purchase Plan by enrolling
prior to each semi-annual purchase period.&#160;
Shares are purchased through the accumulation of payroll deductions of
not less than one percent (1%) nor more than fifteen percent (15%) of each
participant&#146;s compensation.&#160; The maximum
number of shares of common stock that can be purchased under the Stock Purchase
Plan during any one calendar year is that number having a fair market value of
$25,000 on the first day of the purchase period pursuant to which the shares
are purchased.&#160; In addition, no participant
may purchase more than 500 shares of Common Stock pursuant to the Plan in any
calendar year, unless otherwise determined by the Board of Directors.&#160; The number of shares to be purchased is
determined by dividing the participant&#146;s balance in the plan account on the
last day of the purchase period by the purchase price per share for the
stock.&#160; The purchase </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">price
per share will be the lower of 85% of the fair market value of the common stock
as of either the beginning or ending date of the semi-annual purchase period of
shares for the participant&#146;s account. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Option granted under the Stock Purchase Plan is not transferable by the
participant except by will or by the laws of descent and distribution.&#160; Employees may cease their participation in
the offering at any time during the offering period, and participation
automatically ceases on termination of employment. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares that are reserved for issuance under the Stock Purchase Plan
is subject to adjustment for stock splits and similar events.&#160; The proceeds received by AVANT from exercise
under the Stock Purchase Plan will be used for the general purposes of
AVANT.&#160; Shares issued under the Stock
Purchase Plan may be from authorized but unissued shares or shares reacquired
by AVANT and held in its treasury, or any other proper source. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Purchase Plan shall remain in full force and effect until suspended or
discontinued by the Board of Directors.&#160;
The Board of Directors may amend or revise the Stock Purchase Plan at
any time and for any purposes permitted by law, and may terminate the Stock
Purchase Plan at any time.&#160; Any
amendment to the Stock Purchase Plan that increases the number of shares
available under the Stock Purchase Plan and certain other amendments must be
approved by stockholders.&#160; No amendment
of the Stock Purchase Plan may adversely affect the rights of any recipient of
any Option previously granted without such recipient&#146;s consent. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Purchase Plan will become effective upon its approval by AVANT
stockholders. </FONT></P>

<P><A NAME=A012></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Equity Compensation Plan Information </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides information regarding shares of common stock of the
Company that may be issued under our existing equity compensation plans,
including the Company&#146;s 1999 Stock Option and Incentive Plan (the &#147;1999 Plan&#148;)
and the Company&#146;s 1994 Employee Stock Purchase Plan (the &#147;1994 Plan&#148;).&#160; Footnote (4) to the table sets forth the
total number of shares of common stock of the Company issuable upon the exercise
of assumed options as of December 31, 2003, and of assumed options and warrants
as of August 21, 1998, and the weighted average exercise price of these options
and warrants.&#160; The table does not
include any shares under the Stock Purchase Plan for which stockholder approval
is being sought at the annual meeting.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="68%" COLSPAN="12" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Equity Compensation Plan Information</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="68%" COLSPAN="12" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Number of securities to<BR>

  be issued upon exercise<BR>

  of outstanding options,<BR>

  warrants and rights<SUP>1</SUP></B></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Weighted Average<BR>

  exercise price of<BR>

  outstanding options,<BR>

  warrants and rights</B></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Number of securities<BR>
remaining available for<BR>

  future issuance under<BR>

  equity compensation<BR>

  plan (excluding<BR>

  securities referenced in<BR>

  column (a))</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(a)</B></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(b)</B></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>(c)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Equity compensation plans<BR>

  approved by security holders<SUP>2</SUP></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="12%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,811,101</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><SUP>3,4</SUP></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.67</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="13%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,044,915<SUP>5</SUP></FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH=194></TD>
  <TD WIDTH=24></TD>
  <TD WIDTH=8></TD>
  <TD WIDTH=93></TD>
  <TD WIDTH=48></TD>
  <TD WIDTH=23></TD>
  <TD WIDTH=54></TD>
  <TD WIDTH=8></TD>
  <TD WIDTH=29></TD>
  <TD WIDTH=58></TD>
  <TD WIDTH=23></TD>
  <TD WIDTH=8></TD>
  <TD WIDTH=94></TD>
  <TD WIDTH=46></TD>
  <TD WIDTH=11></TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1</FONT></P>

  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Does not include any
  Restricted Stock as such shares are already reflected in the Company&#146;s
  outstanding shares.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Consists of the 1999 Plan
  and the 1994 Plan.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Does not include purchase
  rights accruing under the 1994 Plan because the purchase price (and therefore
  the number of shares to be purchased) will not be determined until the end of
  the purchase period.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">4</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Does not include: (i)
  outstanding options to acquire 14,594 shares, at a weighted-average exercise
  price of $5.70 per share, that were assumed in connection with the 2000
  merger of Megan with and into the Company, under Megan&#146;s Stock Option Plan &#150;
  no future options may be granted under Megan&#146;s Stock Option Plan; (ii)
  outstanding options to acquire 500,104 shares, at a weighted-average exercise
  price of</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">4</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$1.68 per share, that were
  assumed in connection with the 1998 merger of VRI with and into the Company,
  under the VRI Stock Option Plan &#150; no future options may be granted under the
  VRI Stock Option Plan; and (iii) outstanding warrants to acquire 90,214
  shares, at a weighted-average exercise price of $1.02 per share, that were
  assumed in connection with the 1998 merger of VRI with and into the Company.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">5</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes 1,974,528 shares
  available for future issuance under the 1999 Plan and 70,387 available under
  the 1994 Plan. If the Stock Purchase Plan is approved no further shares will
  be granted under the 1994 Plan after the end of the current purchase period.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><A NAME=A013></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Federal
Income Tax Considerations under the Stock Purchase Plan </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Purchase Plan is intended to qualify as an &#147;employee stock purchase plan&#148;
as defined in Section 423(b) of the Code, which provides that an employee
participating in the plan is not required to pay any federal income tax when
joining the Stock Purchase Plan or when purchasing the shares of common stock
at the end of an offering.&#160; The employee
is, however, required to pay federal income tax on the difference, if any,
between the price at which he or she sells the shares and the price he or she
paid for them. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the federal income tax consequences resulting from
acquiring stock under the Stock Purchase Plan: </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
shares acquired under the Stock Purchase Plan are sold more than two years
after the first day of the purchase period pursuant to which the shares were
purchased, no taxable income results if the proceeds of the sale are equal to
or less than the price paid for the shares.&#160;
If the proceeds of the sale are higher than the purchase price, the employee
will recognize ordinary income for the year in which the sale occurs equal to
the lesser of (a) fifteen percent (15%) of the fair market value of the common
stock on the first day of the purchase period pursuant to which the shares were
purchased or (b) the excess of the amount actually received for the shares over
the amount paid.&#160; In addition, the
employee may recognize long-term capital gain or loss in an amount equal to the
difference between the proceeds of the sale and the employee&#146;s basis in the
shares (<I>i.e.</I>, the employee&#146;s
purchase price plus the amount taxed to the employee as ordinary income).&#160; The employee will receive long-term capital
gain or loss treatment if he or she has held the shares for at least twelve (12)
months.&#160; No deduction is allowed to the
company. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
shares acquired under the Stock Purchase Plan are sold within two (2) years of
the first day of the purchase period pursuant to which the shares were
purchased, the employee will recognize ordinary income equal to the difference
between the fair market value of the shares on the exercise date and the
employee&#146;s purchase price.&#160; This amount
is reportable as ordinary income even if no profit was realized on the sale of
shares or the shares were sold at a loss.&#160;
Long-term or short-term (depending on the holding period for the shares)
capital gain or loss will be recognized in an amount equal to the difference
between the proceeds of sale and the employee&#146;s basis in the shares.&#160; The amount reportable as ordinary income
from a sale made within two years of the first day of the purchase period
pursuant to which the shares were purchased will generally be allowed as a tax
deduction to the company. </FONT></P>

<P><A NAME=A014></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Stock Purchase Plan Benefits </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
benefits or amounts that will be received by or allocated to any individual or
group of individuals under the Stock Purchase Plan are not determinable. </FONT></P>

<P><A NAME=A015></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote Required For Approval </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Purchase Plan will not take effect unless it is approved by the
affirmative vote of a majority of the votes cast by the holders of the shares
of common stock represented and entitled to vote at the Annual Meeting provided
that a quorum is present.&#160; Consistent
with applicable law, AVANT intends to count abstentions and broker non-votes
for the purpose of determining the presence or absence of a quorum for the
transaction of business, and abstentions will also count in determining total
votes cast.&#160; Any shares not voted
(whether by broker non-vote or otherwise) will have no impact on the proposal
for approval of the Stock Purchase Plan, except to the extent that the failure
to vote results in less than 50% in interest of all securities entitled to vote
actually casting votes.&#160; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">5</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><A NAME=A016></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Recommendation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors unanimously recommends a vote FOR the approval and adoption
of the Stock Purchase Plan. </B></FONT></P>

<P ALIGN=CENTER><A NAME=A017></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PROPOSAL 2:&#160; ELECTION OF DIRECTORS</B></FONT></P>

<P><A NAME=A018></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Introduction </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six
directors are to be elected at the annual meeting.&#160; Current Board members Frederick W. Kyle and Thomas R.
Ostermueller have announced their intentions to retire from the Board of
Directors as of the 2004 Annual Meeting.&#160;
AVANT is typically managed by a seven member board of Directors.&#160; The resignations of Mr. Kyle and Mr.
Ostermueller leave a vacancy on the Board of Directors that will not be filled
at this time.&#160; This vacancy, as well as
any other vacancy that may occur during the year, may be filled by the Board of
Directors for the remainder of the full term.&#160;
All nominees will be elected to serve until the next annual meeting of
stockholders and until their successors are duly elected and qualified.&#160; Each of the nominees listed below is
currently a director of AVANT, and each has consented to be nominated and to
serve if elected.&#160; In the event any of
these nominees shall be unable to serve as a director, the shares represented
by the proxy will be voted for the person, if any, who is designated by the
Board of Directors to replace the nominee. </FONT></P>

<P><A NAME=A019></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Vote Required </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
must be elected by a plurality of the votes of the shares of common stock
present in person or represented by proxy and entitled to vote on the issue at
the annual meeting.&#160; Votes may be cast
for or withheld from each nominee.&#160;
Votes cast for the nominees will count as &#147;yes votes&#148;; votes that are
withheld from the nominees or broker non-votes will be excluded entirely from
the vote and will have no effect.&#160;&#160; </FONT></P>

<P><A NAME=A020></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Recommendation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors unanimously recommends a vote FOR their nominees.&#160; Proxies solicited by the Board will be voted
FOR each of the nominees unless instructions to withhold or to the contrary are
given. </B></FONT></P>

<P><A NAME=A021></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Information Regarding the Nominees and Executive
Officers </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the nominees for the Board of Directors, their ages
and the year in which each first became a director. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Nominee</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Age</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Year First<BR>

  Became Director</B></FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">J. Barrie Ward, Ph.D.</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">65</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">1998</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Una S. Ryan, Ph.D.</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">62</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">1996</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Harry H. Penner, Jr.</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">58</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">1997</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Peter A. Sears</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">65</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">1999</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Karen Shoos Lipton</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">50</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">2001</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="25%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Larry Ellberger</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">56</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">2003</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following biographical descriptions set forth certain information with respect
to the nominees for election as directors at the annual meeting and the
executive officers who are not directors, based on information furnished to
AVANT by each nominee and executive officer.&#160;
The following information is correct as of March 1, 2004. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">6</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominees
for Election as Directors </I></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>J. Barrie Ward, Ph.D.</B>&#160; Dr. Ward has served as Chairman of the Board
of Directors of AVANT since August 1998.&#160;
Currently Dr. Ward is Chief Executive Officer of KuDOS Pharmaceuticals
Ltd. in Cambridge, England.&#160; Previously,
he was Chairman of the Board of Directors and Chief Executive Officer of Virus
Research Institute, Inc. from July 1994 to August 1998.&#160; From 1984 to 1994, Dr. Ward was Director of
the Microbiology Division of Glaxo Research and Development Ltd.&#160; He is currently Chairman of the Board of
Directors of Onyvax Ltd. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Una S. Ryan, Ph.D.</B>&#160; Dr. Ryan has been Chief Executive Officer of
AVANT since August 1996 and President, Chief Operating Officer and a director
of AVANT since May 1996.&#160; Dr. Ryan
joined us as Vice President, Research and Chief Scientific Officer in May
1993.&#160; She is also Research Professor of
Medicine at the Whitaker Cardiovascular Institute of the Boston University
School of Medicine.&#160; Prior to joining
AVANT, Dr. Ryan was Director of Health Sciences at Monsanto Company from
January 1990 to November 1992 and Research Professor of Surgery, Medicine and
Cell Biology at Washington University School of Medicine from 1990 to
1993.&#160; Dr. Ryan is a member of the
Governing Body of Biotechnology Industry Organization&#146;s (BIO) Emerging
Companies Section and serves on the Board of BIO and is the Chairman of the
Massachusetts Biotechnology Council.&#160;
She is currently a director of IQuum, Inc. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Harry H. Penner, Jr.</B>&#160; Mr. Penner has been a director since January
1997.&#160; He is currently President and
Chief Executive Officer of Nascent BioScience, LLC, a firm engaged in the
creation and development of new biotechnology companies.&#160; In December 2001, he was appointed
BioScience Advisor to the Governor and the State of Connecticut.&#160; From 1993 to 2001, he was President, Chief
Executive Officer and a director of Neurogen Corporation.&#160; Previously, he served as Executive Vice
President of Novo Nordisk A/S and President of Novo Nordisk of North America,
Inc. from 1988 to 1993.&#160; From 1985 to
1988 he was Executive Vice President and General Counsel of Novo Nordisk A/S.&#160; He is Chairman of the Connecticut Board of
Governors for Higher Education and has served as Chairman of the Board for the
Connecticut Technology Council and Co-Chairman of Connecticut United for
Research Excellence.&#160; He currently
serves on the Boards of Genaissance Pharmaceuticals, Inc, BioStratum, Inc.,
Rib-X Pharmaceuticals, Inc. and Ikonisys, Inc. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Peter A. Sears.</B>&#160; Mr. Sears has been a director since May 1999.&#160; He retired in 1999 as Vice President,
Business Investments, SmithKline Beecham Corporation (now GlaxoSmithKline), and
President and Founder of S.R. One, Limited, SmithKline&#146;s venture capital
fund.&#160; He was with SmithKline from 1963
and S.R. One, Limited from 1985 to 1999.&#160;
Since 1997 through June 2003, Mr. Sears was Adjunct Professor of
Management, Johnson School of Management, Cornell University.&#160; He currently serves on the Board of
Directors of Viral Therapeutics, Inc. and Pinnacle Pharmaceuticals, Inc. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Karen Shoos Lipton.</B>&#160; Ms. Lipton has been a director since May
2001.&#160; Ms. Lipton was appointed Chief
Executive Officer of the American Association of Blood Banks in October
1994.&#160; Previously she has held senior
positions at the American Red Cross since 1984, including Acting Senior Vice
President, Biomedical Services (1993-1994) and Secretary and General Counsel
(1990-1993).&#160; Prior to the American Red
Cross, Ms. Lipton was a lawyer in private practice.&#160; Ms. Lipton currently serves on the Department of Health and Human
Services, Advisory Committee on Blood Safety and Availability.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Larry Ellberger.</B>&#160; Mr. Ellberger has been a director since August 2003.&#160; He is currently a Founder and Principal of
Healthcare Ventures Associates, Inc., a consulting firm for the pharmaceutical,
biotechnology and medical device industries.&#160;
From 2000 to 2003, he was Senior Vice President of Powderject plc.&#160; He served as a director of Powderject since
1997.&#160; Previously, Mr. Ellberger was an
employee of W.R. Grace &amp; Co. from 1995 to 1999, serving as Chief Financial
Officer from 1996 and Senior Vice President, Strategic Planning and Development
from 1995.&#160; From 1975 to 1995, Mr.
Ellberger held numerous senior executive positions at American Cyanamid
Company, serving the last four years as Vice President, Corporate Development
for the company. &#160;Mr. Ellberger
currently serves as a Director and Chairman of the Audit Committee for PDI,
Inc.&#160; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">7</FONT></P>


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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Officers </I></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following persons are executive officers who are not directors of AVANT.&#160; Officers are elected annually by the Board
of Directors until their successors are duly elected and qualified. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Name of Individual</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Age</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="55%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Position and Office</B></FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="55%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="55%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Avery W. Catlin</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">55</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="55%" VALIGN=TOP BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Senior Vice President,
  Chief Financial Officer and Secretary</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="20%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Henry C. Marsh, Jr., Ph.D.</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">53</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="55%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Vice President, Research</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Avery W. Catlin.</B>&#160; Mr. Catlin joined AVANT in January 2000.&#160; Prior to joining us, he served as Vice
President, Operations and Finance, and Chief Financial Officer of Endogen,
Inc., a public life science research products company, from 1996 to 1999.&#160; From 1992 to 1996, Mr. Catlin held various
financial positions at Repligen Corporation, a public biopharmaceutical
company, serving the last two years as Chief Financial Officer.&#160; Earlier in his career, Mr. Catlin held the
position of Chief Financial Officer at MediSense, Inc., a Massachusetts-based
medical device company. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Henry C. Marsh, Jr., Ph.D.</B>&#160; Dr. Marsh joined AVANT as Senior Scientist
in 1986 and has been Vice President, Research since May 1998.&#160; Prior to joining us, he was employed as a
scientist at Abbott Laboratories of North Chicago and the Research Triangle
Institute in North Carolina. </FONT></P>

<P><A NAME=A022></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>The Board of Directors and Its Committees </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board
of Directors</I>.&#160; AVANT is managed by a six member Board of
Directors, a majority of whom are independent of our management.&#160; Our Board of Directors met seven times in
2003.&#160; Each of the Directors attended at
least 75% of the aggregate of (i) the total number of meetings of our Board of
Directors (held during the period for which such directors served on the Board
of Directors) and (ii) the total number of meetings of all committees of our
Board of Directors on which the Director served (during the periods for which
the director served on such committee or committees). </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
Committee</I>.&#160; The Board of Directors has established an
Audit Committee consisting of Peter A. Sears, Jr., Chairman, Harry H. Penner,
and Larry Ellberger.&#160; The Audit
Committee makes recommendations concerning the engagement of independent public
accountants, reviews with the independent public accountants the scope and
results of the audit engagement, approves professional services provided by the
independent public accountants, reviews the independence of the independent
public accountants, considers the range of audit and non-audit fees, and
reviews the adequacy of our internal accounting controls.&#160; A copy of the Audit Committee Charter, which
was adopted by the Board of Directors in March 2004, is attached hereto as
Appendix B.&#160; Each member of the Audit
Committee is &#147;independent&#148; as that term is defined in the rules of the
Securities and Exchange Commission and the applicable listing standards of
Nasdaq.&#160; The Board has determined that
each Audit Committee member has sufficient knowledge in financial and auditing
matters to serve on the Committee.&#160; The
Board has designated Larry Ellberger as an &#147;audit committee financial expert,&#148;
as defined under the applicable rules of the Securities and Exchange Commission
and the Nasdaq.&#160; The Audit Committee met
six times during 2003. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
Committee. </I>&#160;The Board of Directors has established a
Compensation Committee consisting of J. Barrie Ward, Chairman, Karen Shoos
Lipton and Larry Ellberger.&#160; The primary
function of the Compensation Committee is to assist the Board in the
establishment of compensation for the Chief Executive Officer and, upon her
recommendation, to approve the compensation of other officers and senior
employees and to approve certain other personnel and employee benefit matters.&#160; The Compensation Committee met once during
2003. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominating
and Corporate Governance Committee. </I>&#160;The Board of Directors has
established a Nominating and Corporate Governance Committee consisting of J.
Barrie Ward, Chairman, Harry H. Penner and Karen Shoos Lipton.&#160; The primary function of the Nominating and
Corporate Governance Committee is to assist the Board in reviewing,
investigating and addressing issues regarding Board composition, policy and structure;
membership on Board committees; and other matters regarding the governance of
the Company.&#160; The Nominating and
Corporate </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">8</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Governance Committee met twice during 2003.&#160; Our Board has adopted a Nominating and Corporate Governance
Charter, which is available for viewing at <U>www.avantimmune.com</U>.&#160; Each member of the Nominating and Corporate
Governance Committee is &#147;independent&#148; as that term is defined in the rules of
the Securities and Exchange Commission and the applicable listing standards of
Nasdaq.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The process
followed by the Nominating and Corporate Governance Committee to identify and
evaluate candidates includes requests to Board members and others for
recommendations, meetings from time to time to evaluate biographical
information and background material relating to potential candidates and
interviews of selected candidates by members of the Committee and the Board.&#160; All nominees must have, at a minimum, high
personal and professional integrity, exceptional ability and judgment, and be
effective in collectively serving the long-term interests of all stockholders.&#160; Other qualifications that may be considered
by the Committee are described in the Nominating and Corporate Governance
Charter.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
may recommend individuals to the Nominating and Corporate Governance Committee
for consideration as potential director candidates by submitting their names
and background to the Secretary of the Company at the address set forth below
under &#147;Stockholder Communications.&#148;&#160; All
such recommendations will be forwarded to the Nominating and Corporate
Governance Committee, which will review and consider only such recommendations
if appropriate biographical and other information is provided, as described
below, on a timely basis.&#160; All
securityholder recommendations for director candidates must be submitted to the
Company not less than 120 calendar days prior to the date on which the
Company&#146;s proxy statement was released to stockholders in connection with the
previous year&#146;s annual meeting, and must include the following information: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the name and
  address of record of the securityholder; </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a
  representation that the securityholder is a record holder of the Company&#146;s
  securities, or if the securityholder is not a record holder, evidence of
  ownership in accordance with Rule 14a-8(b)(2) of the Securities Exchange Act
  of 1934;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the name,
  age, business and residential address, educational background, current
  principal occupation or employment, and principal occupation or employment
  for the preceding five (5) full fiscal years of the proposed director
  candidate;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">a
  description of the qualifications and background of the proposed director
  candidate which addresses the minimum qualifications and other criteria for
  Board membership approved by the Board from time to time and set forth in the
  Committee&#146;s written charter; </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">A
  description of any arrangements or understandings between the securityholder
  and the proposed director candidate; and </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The consent
  of the proposed director candidate to be named in the proxy statement
  relating to the Company&#146;s annual meeting of stockholders and to serve as a
  director if elected at such annual meeting. </FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
that appropriate information is provided for candidates recommended by
stockholders, the Committee will evaluate those candidates by following
substantially the same process, and applying substantially the same criteria,
as for candidates submitted by Board members or other persons, as described
above and as set forth in their written charter.&#160;&#160; </FONT></P>

<P><A NAME=A023></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Stockholder Communications </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
will give appropriate attention to written communications that are submitted by
stockholders, and will respond if and as appropriate.&#160; Absent unusual circumstances or as contemplated by committee
charters, and subject to advice from legal counsel, the Secretary of the
Company is primarily responsible for monitoring communications from
stockholders and for providing copies or summaries of such communications to
the Board as he considers appropriate. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications
from stockholders will be forwarded to all directors if they relate to
important substantive matters or if they include suggestions or comments that
the Secretary considers to be important for the Board to know.&#160; Communication relating to corporate
governance and corporate strategy are more likely to be forwarded to </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">9</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the Board than communications regarding personal grievances, ordinary
business matters, and matters as to which the Company tends to receive
repetitive or duplicative communications. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
who wish to send communications to the Board should address such communications
to: &#160;The Board of Directors, AVANT
Immunotherapeutics, Inc., 119 Fourth Avenue, Needham, MA&#160; 02494, Attention:&#160; Corporate Secretary. </FONT></P>

<P><A NAME=A024></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Section 16(a) Beneficial Ownership Reporting
Compliance </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Securities Exchange Act of 1934, as amended, requires AVANT&#146;s
directors, officers and key employees, and persons who are beneficial owners of
more than 10% of a registered class of our equity securities, to file reports
of ownership and changes in ownership with the Securities and Exchange Commission
(the &#147;SEC&#148;).&#160; Officers, directors and
greater than 10% beneficial owners are required by SEC regulations to furnish
AVANT with copies of all Section 16(a) forms they file.&#160; To our knowledge, based solely on a review
of the copies of such reports furnished to us, and written representations that
no other reports were required during the fiscal year ended December 31, 2003,
all Section 16(a) filing requirements applicable to such persons were
satisfied. </FONT></P>

<P><A NAME=A025></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Certain Relationships and Related
Transactions </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Sears,
a director since May 1999 and current nominee for director, purchased 50,000
shares of common stock of AVANT at $1.92 per share, having an aggregate value
of $96,000, in connection with our private placement of stock in September 1999
and purchased an additional 12,739 shares of common stock of AVANT at $7.85 per
share, having an aggregate value of $100,001, in connection with our private
placement of stock in July 2000.&#160; See
&#147;Beneficial Ownership of Common Stock.&#148; </FONT></P>

<P><A NAME=A026></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Code of Business Conduct and Ethics </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have
adopted a Code of Business Conduct and Ethics that applies to our directors,
officers, and employees.&#160; The purpose of
the Code of Business Conduct and Ethics is to deter wrongdoing and to promote,
among other things, honest and ethical conduct and to ensure to the extent
possible that our business is conducted in a consistently legal and ethical
manner.&#160; Our Code of Business Conduct
and Ethics is publicly available on our website at <U>www.avantimmune.com</U>.&#160; If we make any substantive amendments to the
Code of Business Conduct and Ethics or grant any waiver, including any implicit
waiver from a provision of the Code of Business Conduct and Ethics to our
directors or executive officers, we will disclose the nature of such amendments
or waiver on our website or in a current report on Form 8-K. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">10</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><A NAME=A027></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>PRINCIPAL AND
MANAGEMENT STOCKHOLDERS</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the amount of common stock beneficially owned as of
March 1, 2004 by the following people: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">each director
  and nominee for director; </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the Chief
  Executive Officer and the other most highly compensated executive officers
  whose total salary and bonus exceeded $100,000 during 2003;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">all
  directors and officers as a group; and</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">each person
  known by AVANT to hold more than 5% of our outstanding common stock.</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Name and Business Address of<BR>

  Beneficial Owners*</B></FONT></P>

  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Amount and<BR>

  Nature of<BR>
</B><B>Beneficial<BR>

  Ownership(1)</B></FONT></P>

  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Percentage of<BR>

  Common Stock(2)</B></FONT></P>

  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="15%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Directors and Executive Officers</B></FONT></P>

  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">J. Barrie
  Ward, Ph.D.</FONT></P>

  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">154,607</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(3)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Una S. Ryan,
  Ph.D</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1,128,758</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(4)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.51</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Harry H.
  Penner, Jr.</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">75,000</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(5)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Peter A.
  Sears</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">112,739</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(6)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Karen Shoos
  Lipton</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">30,000</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(7)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Larry
  Ellberger</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">20,000</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(8)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Henry C.
  Marsh, Jr., Ph. D.</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">138,989</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(9)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Avery W.
  Catlin</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">221,000</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(10)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>5% Holders</B></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">None</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>All Directors and executive officers as a group</B></FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1,881,093</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(11)</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.49</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(Consisting
  of 9 persons)</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=TOP>
  <HR SIZE=1 WIDTH="25%" NOSHADE COLOR=BLACK ALIGN=LEFT>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">*</FONT></P>

  </TD>
  <TD WIDTH="96%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Unless
  otherwise indicated, the address is c/o AVANT Immunotherapeutics, Inc., 119
  Fourth Avenue, Needham, Massachusetts 02494-2725.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">**</FONT></P>
</TD>
  <TD WIDTH="96%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Less than
  1%.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Unless
  otherwise indicated, the persons shown have sole voting and investment power
  over the shares listed.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Common stock
  includes all outstanding common stock plus, as required for the purpose of
  determining beneficial ownership (in accordance with Rule 13d-3(d)(1) of the
  Securities Exchange Act of 1934, as amended), all common stock subject to any
  right of acquisition, through exercise or conversion of any security, within
  60 days of the record date.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(3)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  118,833 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date. The business address
  of Dr. Ward is KuDOS Pharmaceuticals Ltd., 327 Cambridge Science Park,
  Cambridge CB4 OW9, England.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(4)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  1,040,345 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date. Includes 32,000 shares
  owned by Dr. Ryan&#146;s husband, of which Dr. Ryan disclaims beneficial
  ownership.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(5)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  70,000 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date. The business address of
  Mr. Penner is Nascent BioScience LLC, 6 White Pine Lane, Guilford,
  Connecticut 06437.</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">11</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(6)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  50,000 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date. The business address
  of Mr. Sears is 1659 E. Boot Road, West Chester, Pennsylvania 19380.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(7)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  30,000 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date. The business address
  of Ms. Lipton is American Association of Blood Banks, 8101 Glenbrook Road,
  Bethesda, MD 20814.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(8)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  20,000 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date.&#160; The business address of Mr. Ellberger is
  Healthcare Ventures Associates, 119 Cherry Hill Road, Suite 215, Parsippany,
  NJ 07054.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(9)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  133,154 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(10)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  215,000 shares of common stock issuable upon exercise of options, which are
  vested or will vest within 60 days of the record date.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(11)</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  1,677,332 shares of common stock issuable upon exercise of options which are
  vested or will vest within 60 days of the record date.</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><A NAME=A028></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>COMPENSATION
OF DIRECTORS AND EXECUTIVE OFFICERS</B></FONT></P>

<P><A NAME=A029></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Director Compensation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
who are not employees of AVANT are each entitled to receive a retainer fee of
$12,000 each fiscal year.&#160; Each Board committee
Chairman receives an additional retainer fee of $3,000.&#160; In addition, each non-employee director is
entitled to receive $1,500 for attendance at each meeting of the Board of
Directors and $750 for attendance at each meeting of a Board committee.&#160; The AVANT 1999 Stock Option and Incentive
Plan provides for annual automatic grants to each independent director of an
option to purchase 10,000 shares of common stock with vesting after one year, a
ten year term, and an exercise price equal to the fair market value of the
common stock on the day of grant.&#160; As of
the record date, the current independent directors had the following stock
options outstanding: J. Barrie Ward&#151;118,833; Harry H. Penner, Jr.&#151;80,000; Peter
A. Sears&#151;60,000, Karen Shoos Lipton&#151;40,000 and Larry Ellberger&#151;20,000. </FONT></P>

<P><A NAME=A030></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Executive Compensation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary
Compensation Table.</I>&#160;
The following table shows, for the fiscal years ended December 31, 2003,
December 31, 2002 and December 31, 2001, the cash compensation paid by AVANT,
as well as other compensation paid or accrued for these fiscal years, to the
Chief Executive Officer and the other most highly compensated officers whose
total compensation for 2003 exceeded $100,000. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">12</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><A NAME=A031></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Summary Compensation Table</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="18%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Annual Compensation</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="22%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Long-Term<BR>

  Compensation Awards</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="14%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="18%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="22%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="14%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Name and
  Principal Position</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Year</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Salary<BR>
</B><B>($)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Bonus<BR>
</B><B>($)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Restricted<BR>

  Stock<BR>

  Awards</B><B><BR>

  ($)</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Securities<BR>

  Underlying<BR>

  Options<BR>
</B><B>(#)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="14%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>All Other<BR>

  Compensation(2)<BR>

  (</B><B>$)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="14%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Una S. Ryan, Ph.D.</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2003</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">362,000&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">86,880</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1,104,000</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">100,000</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3,700</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">President and Chief</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2002</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">350,000&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3,300</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
<TR>
  <TD WIDTH="31%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;Executive
  Officer</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2001</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">315,000&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">37,800</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">100,000</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3,000</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Avery W. Catlin</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2003</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">215,280&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">25,834</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10,000</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,779</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Senior Vice President and
  Chief</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2002</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">208,000&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,749</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;Financial
  Officer</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2001</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">189,000&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">15,120</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">25,000</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,431</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Henry C. Marsh, Jr., Ph.D.</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2003</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">173,919&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">20,870</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10,000</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,346</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Vice President, Research</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2002</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">168,038&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,093</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="31%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2001</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">160,036&nbsp;&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">12,803</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10,000</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1,900</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P>

  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">On September
  18, 2003, the Company awarded Dr. Ryan 400,000 Restricted Stock Units, which
  were valued at $1,104,000 based on $2.76 per share, the closing price of
  AVANT&#146;s common stock on the award date.&#160;
  The value of the Restricted Stock Units as of December 31, 2003 was
  $1,096,000 based on $2.74 per share, the closing price of AVANT&#146;s common
  stock on that date.&#160; The Restricted
  Stock Units will vest over four years.&#160;
  In the event that AVANT pays a stock or cash dividend on its common
  stock, dividend equivalents will be paid on the Restricted Stock Units. </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Includes
  AVANT&#146;s matching cash contribution to the 401(k) Savings Plan of each named
  executive officer and premiums paid for life insurance under the Company&#146;s
  nondiscriminatory group plan for each named executive officer. </FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><A NAME=A032></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Options
Granted in Last Fiscal Year</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth each grant of stock options made during the 2003
fiscal year to each of the executive officers named in the Summary compensation
Table above: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="47%" COLSPAN="15" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Individual Grants</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="21%" COLSPAN="7" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Potential&nbsp;Realizable<BR>
 Value&nbsp;at&nbsp;Assumed&nbsp;Annual<BR>

  Rates of<BR>

  Price Appreciation<BR>

  for Option Term</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="47%" COLSPAN="15" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="21%" COLSPAN="7" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Number of<BR>

  Securities<BR>

  Underlying<BR>

  Options</B><B><BR>

  Granted (#)</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Percent&nbsp;of<BR>
Total&nbsp;Options<BR>
Granted&nbsp;to<BR>
Employees&nbsp;in</B><B><BR>

  Fiscal&nbsp;Year&nbsp;(1)</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exercise<BR>

  Per Share<BR>

  Price</B><B><BR>

  ($/Sh)(2)</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Expiration</B><B><BR>

  Date</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>5% ($)</B></FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>10% ($)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="10%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="9%" COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Una S. Ryan, Ph.D.</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">100,000</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">29</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.1400</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">01/02/13</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">71,694</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">181,687</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Avery W. Catlin</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10,000</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.1400</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">01/02/13</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">7,169</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">18,169</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="26%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Henry C. Marsh, Jr., Ph.D.</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">10,000</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">3</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">%</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.1400</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="7%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">01/02/13</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">7,169</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="6%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">18,169</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">During the
  2003 fiscal year, a total of 120,000 stock options were granted to the
  executive officers named in the Summary Compensation Table above.&#160; During 2003, a total of 342,100 stock
  options were granted to employees of AVANT. </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(2)</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Equal to the
  average of the high and low market prices of the common stock on the grant
  date. </FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">13</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><A NAME=A033></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Aggregated
Option Exercises in Last Fiscal Year and Fiscal Year End Option Values</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth, for each of the executive officers named in the
Summary Compensation Table above, the shares of common stock acquired and the
value realized in each exercise of stock options during the 2003 fiscal year
and the fiscal year end number and value of unexercised options: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="25%" ROWSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Name</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" ROWSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Shares<BR>

  Acquired</B><B><BR>

  on<BR>
Exercise<BR>

  </B><B>(#)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" ROWSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Value</B><B><BR>

  Realized<BR>

  ($)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="24%" COLSPAN="5" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Number of Securities<BR>

  Underlying Unexercised</B><B><BR>

  Options at Fiscal Year End (#)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Value of Unexercised<BR>

  In-the-Money Options</B><B><BR>

  at Fiscal Year End (1) ($)</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="24%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="25%" COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exercisable</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Unexercisable</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exercisable</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Unexercisable</B></FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="12%" COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Una S. Ryan, Ph.D.</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">974,095</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">211,250</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">339,772</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">45,416</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Avery W. Catlin</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">162,500</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">72,500</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">65,575</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">35,775</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="25%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Henry C. Marsh, Jr., Ph.D.</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#151;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">124,404</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">23,750</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">1,208</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="8%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN">2,354</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="1%" VALIGN=BOTTOM BGCOLOR="AQUA">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(1)</FONT></P>
</TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Based on the
  $2.74 per share closing price of AVANT&#146;s common stock on December 31, 2003. </FONT></P>
</TD>
 </TR>
</TABLE>

<P><A NAME=A034></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment
Contracts, Termination of Employment and Change-of-Control Arrangements </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Ryan
entered into an agreement with AVANT on August 20, 1998 which was amended and
restated as of December 23, 2002 and again as of September 18, 2003.&#160; The term of the agreement is for one (1)
year with rolling automatic one-year extensions.&#160; If prior to a change in control (as defined in the AVANT
Immunotherapeutics, Inc. 1999 Stock Option and Incentive Plan), Dr. Ryan&#146;s
employment is terminated by the Company without cause (as defined in the
agreement), Dr. Ryan will be eligible to receive a lump sum amount equal to one
year&#146;s salary, at the rate then in effect, and continuation of group health
plan benefits for a period of up to twelve (12) months.&#160; If within a year after a change in control,
Dr. Ryan&#146;s employment is terminated by the Company without cause or by Dr. Ryan
for good reason (as defined in the agreement), or if a change in control occurs
within one (1) year after Dr. Ryan is terminated without cause by the Company,
Dr. Ryan is entitled to receive a lump sum amount equal to three (3) times the
base amount (as defined in Section 280G(b)(3) of the Internal Revenue Code of
1986, as amended) applicable to Dr. Ryan, less one dollar ($1.00).&#160; Such severance may be further reduced to the
extent necessary to preserve the Company&#146;s tax deduction. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Catlin
has an agreement with AVANT under which he is eligible for a severance payment
of twelve month&#146;s base salary, continuation of health insurance benefits and
100% vesting of all stock option grants in the event of his termination
following a change-of-control, as defined in the AVANT Immunotherapeutics, Inc.
1999 Stock Option and Incentive Plan. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">14</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><A NAME=A035></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>REPORT OF THE
COMPENSATION COMMITTEE</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee of the Board of Directors, which is comprised of
non-employee directors, is responsible for establishing and administering the
policies governing the compensation of AVANT&#146;s employees, including salary,
bonus and stock option grants. The policy of the Compensation Committee is to
compensate our employees with competitive salaries based on their level of
experience and job performance. All permanent employees, including executive
officers, are eligible for annual bonus awards based on achievement of AVANT&#146;s
strategic corporate goals, and participation in our stock option program. The
bonus awards and stock option grants are made in accordance with the AVANT
Performance Plan and 1999 Stock Option and Incentive Plan.&#160; The Compensation Committee is also
responsible for the administration of our 1994 Employee Stock Purchase Plan, in
which employees participate on a voluntary basis. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to
both attract and retain experienced and qualified executives to manage AVANT,
the Compensation Committee&#146;s policy on executive compensation is to (i) pay
salaries which are competitive with the salaries of executives in comparable
positions in the biotechnology industry, and (ii) allow for additional
compensation upon achievement of goals under the Performance Plan and through
the appreciation of stock-based incentive awards.&#160; This policy is designed to have a significant portion of each
executive&#146;s total compensation be tied to AVANT&#146;s progress in order to
incentivize the executive to fully dedicate himself or herself to achievement
of corporate goals, and to align the executive&#146;s interest with those of our
stockholders through equity incentive compensation. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
executive officer (except the Chief Executive Officer whose performance is
reviewed by the Compensation Committee) has an annual performance review with
the Chief Executive Officer who makes recommendations on salary increases,
promotions and stock option grants to the Compensation Committee. The
recommended salary increases are based on the average salary increases expected
in the biotechnology industry in the Boston, Massachusetts area, with the
salaries in 2003 either at or slightly above the average of the salaries paid
to persons in comparable positions using an independently prepared 2003
employee compensation survey of over 400 biotechnology companies.</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bonus
award is based on achievement of AVANT&#146;s strategic goals which are set at the
beginning of each fiscal year and measured against performance at the end of
the year by AVANT in accordance with the Performance Plan. For 2003 two sets of
goals were applicable to all employees, including the executive officers:&#160; (i) overall corporate goals and (ii) goals
applicable to the therapeutic programs.&#160;
Both sets of goals were allocated between specific product and financial
performance targets.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Una
Ryan, our President and Chief Executive Officer, received a salary increase of
3% in 2003.&#160; Dr. Ryan&#146;s current base
salary, which reflects the salary increase, is within the range of base
salaries paid to other Chief Executive Officers in similar sized, publicly
traded companies in the biotechnology industry, based on the previously
referenced 2003 employee compensation survey.&#160;
As discussed above, the Compensation Committee determined that Dr. Ryan
had met certain milestones in 2003 and that a cash payout of $86,880 would be
made to Dr. Ryan under the Performance Plan for 2003.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January
2, 2003, Drs. Ryan and Marsh and Mr. Catlin were granted options to purchase
100,000 shares, 10,000 shares and 10,000 shares, respectively, of AVANT common
stock at an exercise price of $1.14.&#160;
These options vest over four years and have a ten-year term.&#160; <I>&#160;</I></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Compensation Committee </B></FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">J. Barrie
  Ward, Chairman <BR>

  Karen Shoos Lipton <BR>

  Larry Ellberger&#160; </FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">15</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><A NAME=A036></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Compensation Committee Interlocks and Insider
Participation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee of the Board of Directors was composed of three
non-employee directors during the year, Messrs. J. Barrie Ward, Karen Shoos
Lipton and Larry Ellberger.&#160; None of
these Compensation Committee members is an officer or employee of AVANT.&#160; Dr. Ward was formerly an employee of AVANT
and was a consultant for the Company until December 31, 2003.&#160; Dr. Ward did not participate in actions or
discussions with respect to his own compensation.&#160; No Compensation Committee interlocks between AVANT and another
entity exist. </FONT></P>

<P ALIGN=CENTER><A NAME=A037></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>REPORT OF THE
AUDIT COMMITTEE</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned members of the Audit Committee of the Board of Directors of AVANT
submit this report in connection with the committee&#146;s review of the financial
reports for the fiscal year ended December 31, 2003 as follows: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">1.</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee has reviewed and discussed with management the audited financial
  statements for AVANT for the fiscal year ended December 31, 2003. </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">2.</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee has discussed with representatives of PricewaterhouseCoopers LLP
  the matters which are required to be discussed with them under the provisions
  of SAS 61.&#160; That Statement of
  Accounting Standards requires the auditors to ensure that the Audit Committee
  received information regarding the scope and results of the audit.&#160; PricewaterhouseCoopers LLP has also
  communicated with the Audit Committee on matters required by Rule 2-07 of
  Regulation S-X. </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">3.</FONT></P>
</TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee has discussed with PricewaterhouseCoopers LLP, the independent
  auditors, the auditors&#146; independence from management and AVANT including the
  matters in the written disclosures and the letter from the independent
  auditors required by the Independence Standards Board, Standard No. 1. </FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Audit Committee considered whether the provision of information
technology services or other non-audit services by PricewaterhouseCoopers LLP
is compatible with maintaining its independence.&#160; In reliance on the reviews and discussions referred to above, the
Audit Committee recommended to the Board of Directors (and the Board has
approved) that the audited financial statements be included in AVANT&#146;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2003 for filing with
the Securities and Exchange Commission. </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Audit Committee</B></FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="50%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Peter A.
  Sears, Chairman <BR>

  Harry H. Penner, Jr.&#160; <BR>

  Larry Ellberger</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">16</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><A NAME=A038></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>INDEPENDENT
ACCOUNTANTS</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February
10, 1994, our Board of Directors approved the engagement of PricewaterhouseCoopers,
LLP as its independent auditors.&#160; We
expect that a representative from PricewaterhouseCoopers, LLP will be present
at the annual meeting to make a statement if he or she desires to do so and to
respond to appropriate questions. </FONT></P>

<P><A NAME=A039></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Audit Fees </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees for
the fiscal year 2003 audit and the review of Forms 10-Q during fiscal 2003 were
$76,500, of which an aggregate amount of $49,500 had been billed through
December 31, 2003. </FONT></P>

<P><A NAME=A040></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Audit-Related Fees </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-related
fees are for assurance and other activities not explicitly related to the audit
of the Company&#146;s financial statements, and consisted principally of fees for
consultations concerning financial accounting and reporting standards and audit
fees associated with benefit plans. &#160;Audit-related fees for fiscal year 2003 were $41,900, and $16,700
for fiscal year 2002. </FONT></P>

<P><A NAME=A041></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Tax Fees </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees
associated with tax compliance, tax advice, tax planning and tax preparation
services for fiscal year 2003 were $26,140, and for fiscal year 2002 were
$24,000.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee is responsible for appointing, setting compensation and overseeing
the work of the independent auditors.&#160;
The Audit Committee has established a policy regarding pre-approval of
all auditing services and the terms thereof and non-audit services (other than
non-audit services prohibited under Section 10A(g) of the Exchange Act or the
applicable rules of the SEC or the Public Company Accounting Oversight Board)
to be provided to the Company by the independent auditor.&#160; However, the pre-approval requirement may be
waived with respect to the provision of non-audit services for the Company if
the &#147;de minimus&#148; provisions of Section 10A(i)(1)(B) of the Exchange Act are
satisfied. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee has considered whether the provision of Audit-Related Fees, Tax Fees,
and all other fees as described above is compatible with maintaining
PricewaterhouseCoopers LLP&#146;s independence and has determined that such services
for fiscal years 2003 and 2002 were compatible.&#160; All such services were approved by the Audit Committee pursuant
to Rule 2-01 of Regulation S-X under the Exchange Act to the extent that rule
was applicable.&#160;&#160; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">17</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P ALIGN=CENTER><A NAME=A042></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>STOCK
PERFORMANCE GRAPH</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The graph
below represents a comparison of the cumulative shareholder return on the
common stock for AVANT&#146;s last five fiscal years, including the fiscal year
ended December 31, 2003, with the cumulative total stockholder return of the
Nasdaq Stock Market (U.S.) Index and Nasdaq Pharmaceutical Stock Index (which
is made up of companies quoted on the Nasdaq National Market whose Primary
Industrial Classification Code is 283, Pharmaceutical Companies). The graph
assumes an investment of $100 made on December 31, 1998 in AVANT&#146;s common stock
and in the two indexes. </FONT></P>

<CENTER><IMG SRC="chart.jpg"></CENTER>
<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>12/31/98 </B></FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>12/31/99</B></FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>12/31/00</B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>12/29/01</B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>12/31/02</B></FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>12/31/03</B></FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="7%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="AQUA">
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">AVANT
  Immunotherapeutics, Inc.</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">100</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">141</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">393</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">229</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">65</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">157 </FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Nasdaq Stock
  Market (U.S.) Index</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">100</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">185</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">112</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">89</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">61</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">92</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="AQUA">
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Nasdaq
  Pharmaceutical Stock Index</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">100</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">189</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">235</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">200</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">130</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="0%" VALIGN=BOTTOM>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">$</FONT></P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2   FACE="TIMES NEW ROMAN">190 </FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><A NAME=A043></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>OTHER MATTERS</B></FONT></P>

<P><A NAME=A044></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Expenses of Solicitation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expense
of preparing, printing and mailing the notice of annual meeting of stockholders
and proxy material, and all other expenses of soliciting proxies will be borne
by AVANT.&#160; We have retained ADP
Financial Services, Inc. as agent for soliciting proxies.&#160; Officers or other employees of AVANT may,
without additional compensation therefore, solicit proxies in person, by
telephone, facsimile, mail or the Internet.&#160;
We may also reimburse brokerage firms, banks, trustees, nominees and
other persons for their expenses in forwarding proxy material to the beneficial
owners of shares held by them of record. </FONT></P>

<P><A NAME=A045></A><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Stockholder Proposals for 2005 Annual Meeting
</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
stockholder proposals submitted pursuant to Exchange Act Rule 14a-8 for
inclusion in AVANT&#146;s proxy statement and form of proxy for our 2005 annual
meeting must be received by AVANT on or before December 11, 2004 in order to be
considered for inclusion in our proxy statement and form of proxy.&#160; Such proposal must also comply with the
requirements as to form and substance established by the SEC if such proposals
are to be included in the proxy statement and form of proxy.&#160; Any such proposal shall be mailed to:&#160; AVANT Immunotherapeutics. Inc., 119 Fourth
Avenue, Needham, MA 02494-2725, Attn.: Secretary. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
proposals to be presented at AVANT&#146;s 2005 annual meeting, other than
stockholder proposals submitted pursuant to Exchange Act Rule 14a-8, must be
received in writing at the principal executive office of </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">18</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">AVANT Immunotherapeutics, Inc., 119 Fourth Avenue, Needham, MA
02494-2725 not earlier than January 14, 2005 nor later than February 28, 2005
unless our 2005 annual meeting of stockholders is scheduled to take place
before April 13, 2005 or after July 12, 2005.&#160;
Our by-laws state that the stockholder must provide timely written
notice of such nomination or proposal and supporting documentation as well as
be present at such meeting, either in person or by a representative.&#160; A stockholder&#146;s notice shall be timely
received by AVANT at our principal executive office not less than seventy-five
(75) days nor more than one hundred twenty (120) days prior to the anniversary
date of the immediately preceding annual meeting (the &#147;Anniversary Date&#148;);
provided, however, that in the event the annual meeting is scheduled to be held
on a date more than thirty (30) days before the Anniversary Date or more than
sixty (60) days after the Anniversary Date, a stockholder&#146;s notice shall be
timely if received by AVANT at our principal executive office not later than
the close of business on the later of (1) the seventy-fifth (75<SUP>th</SUP>)
day prior to the scheduled date of such annual meeting or (2) the fifteenth (15<SUP>th</SUP>)
day following the day on which such public announcement of the date of such
annual meeting is first made by AVANT.&#160;
Proxies solicited by our Board of Directors will confer discretionary
voting authority with respect to these proposals, subject to SEC rules and
regulations governing the exercise of this authority.&#160; Any such proposal shall be mailed to:&#160; AVANT Immunotherapeutics. Inc., 119 Fourth Avenue, Needham, MA
02494-2725, Attn.: Corporate Secretary. </FONT></P>

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<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A NAME="A046"></A><B>APPENDIX A</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>A<SMALL>VANT
</SMALL>I<SMALL>MMUNOTHERAPEUTICS</SMALL>, I<SMALL>NC</SMALL>.<BR>

2004 E<SMALL>MPLOYEE
</SMALL>S<SMALL>TOCK</SMALL>
P<SMALL>URCHASE
</SMALL>P<SMALL>LAN</SMALL></B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose.</U>&#160; The purpose of the Avant Immunotherapeutics,
Inc. 2004 Employee Stock Purchase Plan (the &#147;Plan&#148;) is to provide eligible
employees of Avant Immunotherapeutics, Inc. (the &#147;Company&#148;) and certain of its
subsidiaries with opportunities to purchase shares of the Company&#146;s common
stock, par value $.01 per share (the &#147;Common Stock&#148;).&#160; One hundred fifty thousand (150,000) shares of Common Stock in
the aggregate have been approved and reserved for this purpose.&#160; The Plan is intended to constitute an
&#147;employee stock purchase plan&#148; within the meaning of Section 423(b) of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and shall be
interpreted in accordance with that intent.&#160;
</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration.</U>&#160; The Plan will be administered by the person
or persons (the &#147;Administrator&#148;) appointed by the Company&#146;s Board of Directors
(the &#147;<U>Board</U>&#148;) for such purpose.&#160; The
Administrator has authority to make rules and regulations for the
administration of the Plan, and its interpretations and decisions with regard
thereto shall be final and conclusive.&#160;
No member of the Board or individual exercising administrative authority
with respect to the Plan shall be liable for any action or determination made
in good faith with respect to the Plan or any option granted hereunder. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Offerings.</U>&#160; The Company will make one or more offerings
to eligible employees to purchase Common Stock under the Plan
(&#147;Offerings&#148;).&#160; Unless otherwise
determined by the Administrator, each Offering will begin on the first business
day occurring on or after each January 1 and July 1 and will end on the last
business day occurring on or before the following June 30 and December 31,
respectively.&#160; The Administrator may, in
its discretion, designate a different period for any Offering, provided that no
Offering shall exceed 27 months in duration or overlap any other Offering. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility.</U>&#160; Each individual classified as an employee
(within the meaning of Section 3401(c) of the Code and the regulations
thereunder) by the Company or a Designated Subsidiary (as defined in Section
12) on the Company&#146;s or the Designated Subsidiary&#146;s payroll records during the
relevant participation period are eligible to participate in any one or more of
the Offerings under the Plan, provided that as of the first day of the
applicable Offering (the &#147;Offering Date&#148;) they are customarily employed by the
Company or a Designated Subsidiary for more than 20 hours a week and more than
five months in the calendar year during which the Offering Date occurs or in
the calendar year immediately preceding such year, and have completed at least
60 days of employment. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation.</U>&#160; An employee eligible on any Offering Date
may participate in such Offering by submitting an enrollment form to his
appropriate payroll location at least 15 business days before the Offering Date
(or by such other deadline as shall be established for the Offering).&#160; The form will (a) state a whole percentage
to be deducted from his Compensation (as defined in Section 12) per pay period,
(b) authorize the purchase of Common Stock for him in each Offering in
accordance with the terms of the Plan and (c) specify the exact name or names
in which shares of Common Stock purchased for him are to be issued pursuant to
Section 11.&#160; An employee who does not
enroll in accordance with these procedures will be deemed to have waived his
right to participate.&#160; Unless an
employee files a new enrollment form or withdraws from the Plan, his deductions
and purchases will continue at the same percentage of Compensation for future
Offerings, provided he remains eligible.&#160;
Notwithstanding the foregoing, participation in the Plan will neither be
permitted nor be denied contrary to the requirements of the Code. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Contributions.</U>&#160; Each eligible
employee may authorize payroll deductions at a minimum of one percent (1%) up
to a maximum of fifteen percent (15%) of his Compensation for each pay
period.&#160; The Company will maintain book
accounts showing the amount of payroll deductions made by each participating
employee for each Offering.&#160; No interest
will accrue or be paid on payroll deductions. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deduction
Changes.</U>&#160; Except as may be
determined by the Administrator in advance of an&#160; Offering, an employee may not increase or decrease his payroll
deduction during any Offering, but may increase or </FONT></P>

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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">decrease his payroll deduction with respect to the next Offering
(subject to the limitations of Section 6) by filing a new enrollment form at
least 15 business days before the next Offering Date (or by such other deadline
as shall be established for the Offering).&#160;
The Administrator may, in advance of any Offering, establish rules
permitting an employee to increase, decrease or terminate his payroll deduction
during an Offering. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawal.</U>&#160; An employee may withdraw from participation
in the Plan by delivering a written notice of withdrawal to his appropriate
payroll location.&#160; The employee&#146;s
withdrawal will be effective as of the next business day.&#160; Following an employee&#146;s withdrawal, the
Company will promptly refund to him his entire account balance under the Plan
(after payment for any Common Stock purchased before the effective date of
withdrawal).&#160; Partial withdrawals are
not permitted.&#160; The employee may not
begin participation again during the remainder of the Offering, but may enroll
in a subsequent Offering in accordance with Section 5. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Options.</U>&#160; On each Offering Date,
the Company will grant to each eligible employee who is then a participant in
the Plan an option (&#147;Option&#148;) to purchase on the last day of such Offering (the
&#147;Exercise Date&#148;), at the Option Price hereinafter provided for, (a) a number of
shares of Common Stock determined by dividing such employee&#146;s accumulated
payroll deductions on such Exercise Date by the lower of (i) 85% of the Fair
Market Value of the Common Stock on the Offering Date, or (ii) 85% of the Fair
Market Value of the Common Stock on the Exercise Date, or (b) such other lesser
maximum number of shares as shall have been established by the Administrator in
advance of the Offering; provided, however, that such Option shall be subject
to the limitations set forth below.&#160;
Each employee&#146;s Option shall be exercisable only to the extent of such
employee&#146;s accumulated payroll deductions on the Exercise Date.&#160; The purchase price for each share purchased under
each Option (the &#147;Option Price&#148;) will be 85% of the Fair Market Value of the
Common Stock on the Offering Date or the Exercise Date, whichever is less.&#160; In addition, no Participant may purchase
more than 500 shares of Common Stock pursuant to the Plan in any calendar year,
unless otherwise determined by the Committee. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no employee may be granted an option hereunder if such employee,
immediately after the option was granted, would be treated as owning stock possessing
five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Company or any Parent or Subsidiary (as defined in
Section 12).&#160; For purposes of the
preceding sentence, the attribution rules of Section 424(d) of the Code shall
apply in determining the stock ownership of an employee, and all stock which
the employee has a contractual right to purchase shall be treated as stock
owned by the employee.&#160; In addition, no
employee may be granted an Option which permits his rights to purchase stock
under the Plan, and any other employee stock purchase plan of the Company and
its Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the
fair market value of such stock (determined on the option grant date or dates)
for each calendar year in which the Option is outstanding at any time.&#160; The purpose of the limitation in the
preceding sentence is to comply with Section 423(b)(8) of the Code and shall be
applied taking Options into account in the order in which they were granted. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Option and Purchase of Shares.</U>&#160; Each
employee who continues to be a participant in the Plan on the Exercise Date
shall be deemed to have exercised his Option on such date and shall acquire
from the Company such number of whole shares of Common Stock reserved for the
purpose of the Plan as his accumulated payroll deductions on such date will
purchase at the Option Price, subject to any other limitations contained in the
Plan.&#160; Any amount remaining in an employee&#146;s
account at the end of an Offering will be refunded to the employee promptly. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Certificates.</U>&#160; Certificates
representing shares of Common Stock purchased under the Plan may be issued only
in the name of the employee, in the name of the employee and another person of
legal age as joint tenants with rights of survivorship, or in the name of a
broker authorized by the employee to be his, or their, nominee for such
purpose. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions.</U></FONT></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;Compensation&#148; means the amount of base pay, prior to salary reduction
pursuant to either Sections 125, 132(f) or 401(k) of the Code, but excluding
overtime, commissions, incentive or bonus awards, allowances and reimbursements
for expenses such as relocation allowances or travel expenses, income or gains
on the exercise of Company stock options, and similar items. </FONT></P>

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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;Designated Subsidiary&#148; means any present or future Subsidiary (as defined
below) that has been designated by the Board to participate in the Plan.&#160; The Board may so designate any Subsidiary,
or revoke any such designation, at any time and from time to time, either
before or after the Plan is approved by stockholders. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;Fair Market Value of the Common Stock&#148; on any given date means the fair
market value of the Common Stock determined in good faith by the Administrator;
provided, however, that if the Common Stock is admitted to quotation on the
National Association of Securities Dealers Automated Quotation System
(&#147;NASDAQ&#148;), NASDAQ National System or national securities exchange, the
determination shall be made by averaging the high and the low asked price on
such date.&#160; If there are no market
quotations for such date, the determination shall be made by reference to the
last date preceding such date for which there are market quotations.&#160;&#160; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;Parent&#148; means a &#147;parent corporation&#148; with respect to the Company, as
defined in Section 424(e) of the Code. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;Subsidiary&#148; means a &#147;subsidiary corporation&#148; with respect to the Company,
as defined in Section 424(f) of the Code. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
on Termination of Employment.</U>&#160; If a
participating employee&#146;s employment terminates for any reason before the
Exercise Date for any Offering, no payroll deduction will be taken from any pay
due and owing to the employee and the balance in his account will be paid to
him or, in the case of his death, to his designated beneficiary as if he had
withdrawn from the Plan under Section 8.&#160;
An employee will be deemed to have terminated employment, for this
purpose, if the corporation that employs him, having been a Designated
Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any
corporation other than the Company or a Designated Subsidiary.&#160; An employee will not be deemed to have
terminated employment, for this purpose, if the employee is on an approved
leave of absence for military service or sickness, or for any other purpose
approved by the Company, if the employee&#146;s right to reemployment is guaranteed
either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Administrator otherwise provides in
writing. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Rules.</U>&#160; Notwithstanding anything
herein to the contrary, the Administrator may adopt special rules applicable to
the employees of a particular Designated Subsidiary, whenever the Administrator
determines that such rules are necessary or appropriate for the implementation
of the Plan in a jurisdiction where such Designated Subsidiary has employees;
provided that such rules are consistent with the requirements of Section 423(b)
of the Code.&#160; Such special rules may
include (by way of example, but not by way of limitation) the establishment of
a method for employees of a given Designated Subsidiary to fund the purchase of
shares other than by payroll deduction, if the payroll deduction method is
prohibited by local law or is otherwise impracticable.&#160; Any special rules established pursuant to
this Section 14 shall, to the extent possible, result in the employees subject
to such rules having substantially the same rights as other participants in the
Plan. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optionees
Not Stockholders.</U>&#160; Neither the
granting of an Option to an employee nor the deductions from his pay shall
constitute such employee a holder of the shares of Common Stock covered by an
Option under the Plan until such shares have been purchased by and issued to
him. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
Not Transferable.</U>&#160; Rights under the
Plan are not transferable by a participating employee other than by will or the
laws of descent and distribution, and are exercisable during the employee&#146;s
lifetime only by the employee. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Funds.</U>&#160; All funds received or
held by the Company under the Plan may be combined with other corporate funds
and may be used for any corporate purpose. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment
in Case of Changes Affecting Common Stock.</U>&#160;
In the event of a subdivision of outstanding shares of Common Stock, or
the payment of a dividend in Common Stock, the number of shares approved for
the Plan, and the share limitation set forth in Section 9, shall be increased
proportionately, and such other adjustment shall be made as may be deemed
equitable by the Administrator.&#160; In the
event of any other change </FONT></P>

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<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">affecting the Common Stock, such adjustment shall be made as may be
deemed equitable by the Administrator to give proper effect to such event. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
of the Plan.</U>&#160; The Board may at any
time, and from time to time, amend the Plan in any respect, except that without
the approval, within 12 months of such Board action, by the stockholders, no
amendment shall be made increasing the number of shares approved for the Plan
or making any other change that would require stockholder approval in order for
the Plan, as amended, to qualify as an &#147;employee stock purchase plan&#148; under
Section 423(b) of the Code. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insufficient
Shares.</U>&#160; If the total number of
shares of Common Stock that would otherwise be purchased on any Exercise Date
plus the number of shares purchased under previous Offerings under the Plan
exceeds the maximum number of shares issuable under the Plan, the shares then
available shall be apportioned among participants in proportion to the amount
of payroll deductions accumulated on behalf of each participant that would
otherwise be used to purchase Common Stock on such Exercise Date. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of the Plan.</U>&#160; The Plan may be
terminated at any time by the Board.&#160;
Upon termination of the Plan, all amounts in the accounts of
participating employees shall be promptly refunded. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governmental
Regulations.</U>&#160; The Company&#146;s
obligation to sell and deliver Common Stock under the Plan is subject to
obtaining all governmental approvals required in connection with the
authorization, issuance, or sale of such stock. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan
shall be governed by Massachusetts law except to the extent that such law is
preempted by federal law. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Shares.</U>&#160; Shares may be issued
upon exercise of an Option from authorized but unissued Common Stock, from
shares held in the treasury of the Company, or from any other proper source. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Withholding.</U>&#160; Participation in the
Plan is subject to any minimum required tax withholding on income of the
participant in connection with the Plan.&#160;
Each employee agrees, by entering the Plan, that the Company and its
Subsidiaries shall have the right to deduct any such taxes from any payment of
any kind otherwise due to the employee, including shares issuable under the Plan.
</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
Upon Sale of Shares.</U>&#160; Each employee
agrees, by entering the Plan, to give the Company prompt notice of any
disposition of shares purchased under the Plan where such disposition occurs
within two years after the date of grant of the Option pursuant to which such
shares were purchased. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date and Approval of Shareholders.</U>&#160;
The Plan was adopted by the Board of Directors on March 31, 2004 and
shall take effect on the date that it is approved by the holders of a majority
of the votes cast at a meeting of stockholders at which a quorum is
present.&#160;&#160;&#160;&#160; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">23</FONT></P>


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<P ALIGN=RIGHT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><A NAME="A047"></A><B>APPENDIX B</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Audit Committee Charter</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">A NASDAQ-QUOTED COMPANY</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">Adopted by the Board of Directors at a
meeting held on March 11, 2004</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Statement of Purpose </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purposes of the Audit Committee of the Board of Directors (the &#147;<U>Audit
Committee</U>&#148;) of AVANT Immunotherapeutics, Inc. (the &#147;<U>Company</U>&#148;) are to: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">oversee the
  accounting and financial reporting processes of the Company and the audits of
  the Company&#146;s financial statements; </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">take, or
  recommend that the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) take,
  appropriate action to oversee the qualifications, independence and
  performance of the Company&#146;s independent auditors; and </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">prepare the
  report required by the rules of the Securities and Exchange Commission (the
  &#147;<U>SEC</U>&#148;) to be included in the Company&#146;s annual proxy statement.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Composition
</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee shall consist of at least three (3) members of the Board, each of
whom must (1) be &#147;independent&#148; as defined in Rule 4200(a)(15) under the
Marketplace Rules of the National Association of Securities Dealers, Inc.
(&#147;<U>NASD</U>&#148;); (2) meet the criteria for independence set forth in Rule 10A-3(b)(1)
promulgated under Section 10A(m)(3) of the Securities Exchange Act of 1934, as
amended (the &#147;<U>Exchange Act</U>&#148;), subject to the exemptions provided in Rule
10A-3(c) under the Exchange Act; and (3) not have participated in the
preparation of the financial statements of the Company or a current subsidiary
of the Company at any time during the past three years. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, one director who (1) is not &#147;independent&#148; as defined in Rule
4200 under the Marketplace Rules of the NASD; (2) satisfies the criteria for
independence set forth in Section 10A(m)(3) of the Exchange Act and the rules
thereunder; and (3) is not a current officer or employee or a Family Member of
such officer or employee, may be appointed to the Audit Committee, if the
Board, under exceptional and limited circumstances, determines that membership
on the Audit Committee by the individual is required by the best interests of
the Company and its stockholders, and the Board discloses, in the next annual
proxy statement subsequent to such determination (or, if the Company does not
file a proxy statement, in its Form 10-K or 20-F), the nature of the
relationship and the reasons for that determination.&#160; A member appointed under this exception may not serve on the
Audit Committee for more than two years and may not chair the Audit Committee. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member
of the Audit Committee must be able to read and understand fundamental
financial statements, including a company&#146;s balance sheet, income statement,
and cash flow statement.&#160; At least one
member of the Audit Committee shall have past employment experience in finance
or accounting, requisite professional certification in accounting, or any other
comparable experience or background which results in the individual&#146;s financial
sophistication, including being or having been a chief executive officer, chief
financial officer or other senior officer with financial oversight
responsibilities.&#160; One or more members
of the Audit Committee may qualify as an &#147;audit committee financial expert&#148;
under the rules promulgated by the SEC. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee shall recommend to the Board
nominees for appointment to the Audit Committee annually and as vacancies or
newly created positions occur.&#160; The
members of the Audit Committee shall be appointed annually by the Board and may
be replaced or removed by the Board with </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">24</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">or without cause.&#160; Resignation
or removal of a Director from the Board, for whatever reason, shall
automatically and without any further action constitute resignation or removal,
as applicable, from the Audit Committee. Any vacancy on the Audit Committee,
occurring for whatever reason, may be filled only by the Board.&#160; The Board shall designate one member of the
Audit Committee to be Chairman of the committee. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;Compensation </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A member of
the Audit Committee may not, other than in his or her capacity as a member of
the Audit Committee, the Board or any other committee established by the Board,
receive directly or indirectly from the Company any consulting, advisory or
other compensatory fee from the Company.&#160;
A member of the Audit Committee may receive additional directors&#146; fees
to compensate such member for the significant time and effort expended by such
member to fulfill his or her duties as an Audit Committee member. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee shall meet as often as it determines is appropriate to carry out its
responsibilities under this charter, but not less frequently than quarterly.&#160; A majority of the members of the Audit
Committee shall constitute a quorum for purposes of holding a meeting and the
Audit Committee may act by a vote of a majority of the members present at such
meeting.&#160; In lieu of a meeting, the
Audit Committee may act by unanimous written consent. The Chairman of the Audit
Committee, in consultation with the other committee members, may determine the
frequency and length of the committee meetings and may set meeting agendas
consistent with this Charter. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsibilities
and Authority </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review
of Charter </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>

  </TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall review and reassess the adequacy of this Charter annually and
  recommend to the Board any amendments or modifications to the Charter that
  the Audit Committee deems appropriate. </FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Performance Evaluation of the Audit Committee </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">At least
  annually, the Audit Committee shall evaluate its own performance and report
  the results of such evaluation to the Board.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matters
Relating to Selection, Performance and Independence of Independent Auditor </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall be directly responsible for the appointment, retention and
  termination, and for determining the compensation, of the Company&#146;s
  independent auditor engaged for the purpose of preparing or issuing an audit
  report or performing other audit, review or attest services for the
  Company.&#160; The Audit Committee may
  consult with management in fulfilling these duties, but may not delegate
  these responsibilities to management.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall be directly responsible for oversight of the work of the
  independent auditor (including resolution of disagreements between management
  and the independent auditor regarding financial reporting) engaged for the
  purpose of preparing or issuing an audit report or performing other audit,
  review or attest services for the Company.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall instruct the independent auditor that the independent auditor
  shall report directly to the Audit Committee.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="92%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall pre-approve all auditing services and the terms thereof
  (which may include providing comfort letters in connection with securities
  underwritings) and non-audit services (other than non-audit services
  prohibited under Section 10A(g) of the Exchange Act or the applicable rules
  of the SEC or the Public Company Accounting Oversight Board) to be provided
  to the Company by the</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">25</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">independent
  auditor; provided, however, the pre-approval requirement is waived with
  respect to the provision of non-audit services for the Company if the &#147;de
  minimus&#148; provisions of Section 10A(i)(1)(B) of the Exchange Act are
  satisfied.&#160; This authority to
  pre-approve non-audit services may be delegated to one or more members of the
  Audit Committee, who shall present all decisions to pre-approve an activity
  to the full Audit Committee at its first meeting following such decision.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may review and approve the scope and staffing of the independent
  auditors&#146; annual audit plan(s).</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall request that the independent auditor provide the Audit
  Committee with the written disclosures and the letter required by
  Independence Standards Board Standard No. 1, as modified or supplemented,
  require that the independent auditor submit to the Audit Committee on a
  periodic basis a formal written statement delineating all relationships
  between the independent auditor and the Company, discuss with the independent
  auditor any disclosed relationships or services that may impact the
  objectivity and independence of the independent auditor, and based on such
  disclosures, statement and discussion take or recommend that the Board take
  appropriate action in response to the independent auditor&#146;s report to satisfy
  itself of the independent auditor&#146;s independence.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may consider whether the provision of the services covered in Items
  9(e)(2) and 9(e)(3) of Regulation 14A of the Exchange Act (or any successor
  provision) is compatible with maintaining the independent auditor&#146;s
  independence.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall evaluate the independent auditors&#146; qualifications,
  performance and independence, and shall present its conclusions with respect
  to the independent auditors to the full Board.&#160; As part of such evaluation, at least annually, the Audit
  Committee shall:</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">obtain and
  review a report or reports from the independent auditor describing (1) the
  auditor&#146;s internal quality-control procedures, (2) any material issues raised
  by the most recent internal quality-control review or peer review of the
  auditors or by any inquiry or investigation by government or professional
  authorities, within the preceding five years, regarding one or more
  independent audits carried out by the auditors, and any steps taken to
  address any such issues, and (3) in order to assess the auditor&#146;s
  independence, all relationships between the independent auditor and the
  Company.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">review and
  evaluate the performance of the independent auditor and the lead partner (and
  the Audit Committee may review and evaluate the performance of other members
  of the independent auditor&#146;s audit staff); and</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">assure the
  regular rotation of the audit partners (including, without limitation, the
  lead and concurring partners) as required under the Exchange Act and
  Regulation S-X.</FONT></P>
</TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="94%" COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In this
  regard, the Audit Committee shall also (1) seek the opinion of management and
  the internal auditors of the independent auditors&#146; performance and (2)
  consider whether, in order to assure continuing auditor independence, there
  should be regular rotation of the audit firm.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="89%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may recommend to the Board polices with respect to the potential
  hiring of current or former employees of the independent auditor.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audited
Financial Statements and Annual Audit </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall review the overall audit plan (both internal and external)
  with the independent auditor and the members of management who are
  responsible for preparing the Company&#146;s financial statements, including the
  Company&#146;s Chief Financial Officer and/or principal accounting officer or
  principal financial officer (the Chief Financial Officer and such other
  officer or officers are referred to herein collectively as the &#147;<U>Senior
  Accounting Executive</U>&#148;).</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">26</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall review and discuss with management (including the Company&#146;s
  Senior Accounting Executive) and with the independent auditor the Company&#146;s
  annual audited financial statements, including (a) all critical accounting
  policies and practices used or to be used by the Company, (b) the Company&#146;s
  disclosures under &#147;Management&#146;s Discussion and Analysis of Financial
  Conditions and Results of Operations&#148; prior to the filing of the Company&#146;s
  Annual Report on Form 10-K, and (c) any significant financial reporting
  issues that have arisen in connection with the preparation of such audited
  financial statements.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee must review:</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(i)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">any analyses
  prepared by management, and/or the independent auditors setting forth
  significant financial reporting issues and judgments made in connection with
  the preparation of the financial statements, including analyses of the
  effects of alternative GAAP methods on the financial statements.&#160; The Audit Committee may consider the
  ramifications of the use of such alternative disclosures and treatments on
  the financial statements, and the treatment preferred by the independent
  auditor.&#160; The Audit Committee may also
  consider other material written communications between the registered public
  accounting firm and management, such as any management letter or schedule of
  unadjusted differences;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(ii)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">major issues
  as to the adequacy of the Company&#146;s internal controls any special audit steps
  adopted in light of material control deficiencies;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(iii)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">major issues
  regarding accounting principles and procedures and financial statement
  presentations, including any significant changes in the Company&#146;s selection
  or application of accounting principles; and</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(iv)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">the effects of
  regulatory and accounting initiatives, as well as off-balance sheet
  transactions and structures, on the financial statements of the Company.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall review and discuss with the independent auditor (outside of
  the presence of management) how the independent auditor plans to handle its
  responsibilities under the Private Securities Litigation Reform Act of 1995,
  and request assurance from the auditor that Section 10A of the Private
  Securities Litigation Reform Act of 1995 has not been implicated.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall review and discuss with the independent auditor any audit
  problems or difficulties and management&#146;s response thereto.&#160; This review shall include (1) any
  difficulties encountered by the auditor in the course of performing its audit
  work, including any restrictions on the scope of its activities or its access
  to information, (2) any significant disagreements with management and (3) a
  discussion of the responsibilities, budget and staffing of the Company&#146;s internal
  audit function.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">This review
  may also include:</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(i)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">any
  accounting adjustments that were noted or proposed by the auditors but were
  &#147;passed&#148; (as immaterial or otherwise);</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(ii)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">any
  communications between the audit team and the audit firm&#146;s national office
  regarding auditing or accounting issues presented by the engagement; and</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">(iii)</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">any
  management or internal control letter issued, or proposed to be issued, by
  the auditors.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="86%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall discuss with the independent auditors those matters brought
  to the attention of the Audit Committee by the auditors pursuant to Statement
  on Auditing Standards No. 61, as amended (&#147;SAS 61&#148;).</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">27</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall also review and discuss with the independent auditors the
  report required to be delivered by such auditors pursuant to Section 10A(k)
  of the Exchange Act.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">If brought
  to the attention of the Audit Committee, the Audit Committee shall discuss
  with the CEO and CFO of the Company (1) 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
  Company&#146;s ability to record, process, summarize and report financial
  information required to be disclosed by the Company in the reports that it
  files or submits under the Exchange Act, within the time periods specified in
  the SEC&#146;s rules and forms, and (2) any fraud involving management or other
  employees who have a significant role in the Company&#146;s internal control over
  financial reporting.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Based on the
  Audit Committee&#146;s review and discussions (1) with management of the audited
  financial statements, (2) with the independent auditor of the matters
  required to be discussed by SAS 61, and (3) with the independent auditor
  concerning the independent auditor&#146;s independence, the Audit Committee shall
  make a recommendation to the Board as to whether the Company&#146;s audited
  financial statements should be included in the Company&#146;s Annual Report on Form
  10-K for the last fiscal year.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall prepare the Audit Committee report required by Item 306 of
  Regulation S-K of the Exchange Act (or any successor provision) to be
  included in the Company&#146;s annual proxy statement.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaudited
Quarterly Financial Statements</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall discuss with management and the independent auditor, prior to
  the filing of the Company&#146;s Quarterly Reports on Form 10-Q, (1) the Company&#146;s
  quarterly financial statements and the Company&#146;s related disclosures under
  &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
  Operations,&#148;(2)
  such issues as may be brought to the Audit Committee&#146;s attention by the
  independent auditor pursuant to Statement on Auditing Standards No. 100, and
  (3) any significant financial reporting issues that have arisen in connection
  with the preparation of such financial statements.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings
Press Releases</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall discuss the Company&#146;s earnings press releases, as well as
  financial information and earnings guidance provided to analysts and rating
  agencies, including, in general, the types of information to be disclosed and
  the types of presentation to be made (paying particular attention to the use
  of &#147;pro forma&#148; or &#147;adjusted&#148; non-GAAP information).</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk
Assessment and Management</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall discuss the guidelines and policies that govern the process
  by which the Company&#146;s exposure to risk is assessed and managed by
  management.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In
  connection with the Audit Committee&#146;s discussion of the Company&#146;s risk
  assessment and management guidelines, the Audit Committee may discuss or
  consider the Company&#146;s major financial risk exposures and the steps that the
  Company&#146;s management has taken to monitor and control such exposures.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedures
for Addressing Complaints and Concerns</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall establish procedures for (1) the receipt, retention and
  treatment of complaints received by the Company regarding accounting,
  internal accounting controls, or auditing matters and (2) the confidential,
  anonymous submission by employees of the Company of concerns regarding
  questionable accounting or auditing matters.</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">28</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may review and reassess the adequacy of these procedures
  periodically and adopt any changes to such procedures that the Audit
  Committee deems necessary or appropriate.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular
Reports to the Board </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee shall regularly report to and review with the Board any issues that
  arise with respect to the quality or integrity of the Company&#146;s financial
  statements, the Company&#146;s compliance with legal or regulatory requirements,
  the performance and independence of the independent auditors, the performance
  of the internal audit function and any other matters that the Audit Committee
  deems appropriate or is requested to review for the benefit of the Board.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Authority </B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit
Committee is authorized, on behalf of the Board, to do any of the following as
it deems necessary or appropriate: </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engagement
of Advisors </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may engage independent counsel and such other advisors it deems
  necessary or advisable to carry out its responsibilities and powers, and, if
  such counsel or other advisors are engaged, shall determine the compensation
  or fees payable to such counsel or other advisors.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal
and Regulatory Compliance</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may discuss with management and the independent auditor, and review
  with the Board, the legal and regulatory requirements applicable to the
  Company and its subsidiaries and the Company&#146;s compliance with such
  requirements.&#160; After these discussions,
  the Audit Committee may, if it determines it to be appropriate, make
  recommendations to the Board with respect to the Company&#146;s policies and
  procedures regarding compliance with applicable laws and regulations.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may discuss with management legal matters (including pending or
  threatened litigation) that may have a material effect on the Company&#146;s
  financial statements or its compliance policies and procedures.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts
of Interest</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit Committee
  shall conduct an appropriate review of all related party transactions for
  potential conflict of interest situations on an ongoing basis, and the
  approval of the Audit Committee shall be required for all such transactions.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may form and delegate authority to subcommittees consisting of one
  or more of its members as the Audit Committee deems appropriate to carry out
  its responsibilities and exercise its powers.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee may perform such other oversight functions outside of its stated
  purpose as may be requested by the Board from time to time.&#160; </FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">In
  performing its oversight function, the Audit Committee shall be entitled to
  rely upon advice and information that it receives in its discussions and
  communications with management, the independent auditor and such experts,
  advisors and professionals as may be consulted with by the Audit Committee.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee is authorized to request that any officer or employee of the
  Company, the Company&#146;s outside legal counsel, the Company&#146;s independent
  auditor or any other professional</FONT></P>
</TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">29</FONT></P>

<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>
<PAGE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">retained by
  the Company to render advice to the Company attend a meeting of the Audit
  Committee or meet with any members of or advisors to the Audit Committee.</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&#149;</FONT></P>
</TD>
  <TD WIDTH="91%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">The Audit
  Committee is authorized to incur such ordinary administrative expenses as are
  necessary or appropriate in carrying out its duties.</FONT></P>
</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the responsibilities and powers of the Audit Committee set forth in this
Charter, the Audit Committee does not have the responsibility of planning or
conducting audits of the Company&#146;s financial statements or determining whether
the Company&#146;s financial statements are complete, accurate and in accordance with
GAAP.&#160; Such responsibilities are the
duty of management and, to the extent of the independent auditor&#146;s audit
responsibilities, the independent auditor.&#160;
In addition, it is not the duty of the Audit Committee to conduct
investigations or to ensure compliance with laws and regulations or the
Company&#146;s Code of Business Conduct and Ethics. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">30</FONT></P>


<HR STYLE="MARGIN-TOP: -2PX" NOSHADE SIZE=1>
<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>

<PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE='WIDTH:100.0%;  BORDER-COLLAPSE:COLLAPSE;'>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>VOTE BY INTERNET - <U>www.proxyvote.com</U></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" ROWSPAN="4" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Use the Internet to transmit your voting instructions and for
  electronic delivery of information up until 11:59 P.M. Eastern Time the day
  before the cut-off date or meeting date. Have your proxy card in hand when
  you access the web site and follow the instructions to obtain your records
  and to create an electronic voting instruction form.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVANT IMMUNOTHERAPEUTICS, INC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 FOURTH AVENUE<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEEDHAM, MASSACHUSETTS 02494<BR></I></B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B><BR>VOTE BY PHONE - 1-800-690-6903</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Use any touch-tone telephone to transmit your voting instructions up
  until 11:59 P.M. Eastern Time the day before the cut-off date or meeting
  date. Have your proxy card in hand when you call and then follow the
  instructions.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>VOTE BY MAIL</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="50%" VALIGN=TOP STYLE='WIDTH:50.0%;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">Mark, sign and date your proxy card and return it in the postage-paid
  envelope we&#146;ve provided or return to Avant Immunotherapeutics, Inc., c/o ADP,
  51 Mercedes Way, Edgewood, NY 11717.</FONT></P></TD>
 </TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE='WIDTH:100.0%;  BORDER-COLLAPSE:COLLAPSE;'>
 <TR>
  <TD WIDTH="54%" VALIGN=TOP STYLE='WIDTH:54.42%;BORDER-BOTTOM:DASHED BLACK 1.5PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">TO
  VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P>
  </TD>
  <TD WIDTH="12%" VALIGN=TOP STYLE='WIDTH:12.26%;BORDER-BOTTOM:DASHED BLACK 1.5PT; BORDER-LEFT:NONE;'>
  <P ALIGN=RIGHT STYLE='TEXT-ALIGN:RIGHT'><FONT SIZE=1 FACE="TIMES NEW ROMAN">AVANT1</FONT></P></TD>
  <TD WIDTH="33%" VALIGN=TOP STYLE='WIDTH:33.32%;BORDER-BOTTOM:DASHED BLACK 1.5PT; BORDER-LEFT:NONE;'>
  <P ALIGN=RIGHT STYLE='TEXT-ALIGN:RIGHT'><FONT SIZE=1 FACE="TIMES NEW ROMAN">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="66%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:66.68%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="33%" VALIGN=TOP STYLE='WIDTH:33.32%;BORDER-TOP:NONE;BORDER-LEFT: NONE;'>
  <P ALIGN=RIGHT STYLE='TEXT-ALIGN:RIGHT'><FONT SIZE=1 FACE="TIMES NEW ROMAN">DETACH AND RETURN THIS PORTION ONLY</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:100.0%;'>
  <P ALIGN=CENTER STYLE='MARGIN-BOTTOM: 3PT;'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></P></TD>
 </TR>
</TABLE>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE='WIDTH:100.0%;  BORDER-COLLAPSE:COLLAPSE;'>
 <TR>
  <TD WIDTH="43%" COLSPAN="5" ROWSPAN="2" VALIGN=TOP STYLE='WIDTH:43.02%; BORDER-TOP:SOLID BLACK 2.25PT;BORDER-LEFT:SOLID BLACK 2.25PT; BORDER-BOTTOM:NONE;BORDER-RIGHT:NONE;'>
  <P STYLE='MARGIN-TOP:3.0PT;MARGIN-RIGHT:0IN;MARGIN-BOTTOM: 0IN;MARGIN-LEFT:.1IN'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>AVANT IMMUNOTHERAPEUTICS, INC.</B></FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;BORDER:NONE; BORDER-TOP:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;BORDER:NONE;BORDER-TOP:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER-TOP:SOLID BLACK 2.25PT; BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="6" VALIGN=TOP STYLE='WIDTH:28.16%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:4.98%;BORDER-TOP:SOLID BLACK 2.25PT; BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="43%" COLSPAN="5" VALIGN=TOP STYLE='WIDTH:43.02%;BORDER:NONE; BORDER-LEFT:SOLID BLACK 2.25PT;'>
  <P STYLE='MARGIN-LEFT:.1IN'>&nbsp;</P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="6" VALIGN=TOP STYLE='WIDTH:28.16%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:4.98%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">2.</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Election of Directors.</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="28%" COLSPAN="6" VALIGN=TOP STYLE='WIDTH:28.16%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:4.98%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" ROWSPAN="6" VALIGN=TOP STYLE='WIDTH:35.56%; '>
  <P STYLE='MARGIN-TOP:2.0PT;MARGIN-BOTTOM:0PT'><FONT SIZE=1 FACE="TIMES NEW ROMAN">Nominees:<BR>
  (01) J. Barrie Ward<BR>
  (02) Una S. Ryan<BR>
  (03) Harry H. Penner, Jr.<BR>
  (04) Peter A. Sears<BR>
  (05) Karen Shoos Lipton<BR>
  (06) Larry Ellberger</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.76%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>For<BR>
  All</B></FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.36%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Withhold<BR>
  All</B></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP STYLE='WIDTH:6.14%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>For All<BR>
  Except</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="7" VALIGN=TOP STYLE='WIDTH:30.4%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">To
  withhold authority to vote, mark &#147;For All Except&#148; and write the nominee&#146;s
  number on the line below.</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:5.08%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.76%;'>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.36%;'>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP STYLE='WIDTH:6.14%;'>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="7" VALIGN=TOP STYLE='WIDTH:30.4%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:5.08%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.76%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3 FACE="WINGDINGS 2"><B>&#153;</B></FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.36%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3 FACE="WINGDINGS 2"><B>&#153;</B></FONT></P></TD>
  <TD WIDTH="6%" VALIGN=TOP STYLE='WIDTH:6.14%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3 FACE="WINGDINGS 2"><B>&#153;</B></FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="7" VALIGN=TOP STYLE='WIDTH:30.4%;BORDER:NONE; BORDER-BOTTOM:SOLID BLACK 1.5PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:5.08%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="30%" COLSPAN="7" VALIGN=TOP STYLE='WIDTH:30.4%;BORDER:NONE;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="5%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:5.08%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP STYLE='WIDTH:13.5%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>For</B></FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.32%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Against</B></FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=1 FACE="TIMES NEW ROMAN"><B>Abstain</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP STYLE='WIDTH:2.18%;BORDER:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP STYLE='WIDTH:13.5%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.32%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP STYLE='WIDTH:2.18%;BORDER:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP STYLE='WIDTH:13.5%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.32%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP STYLE='WIDTH:2.18%;BORDER:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">1.</FONT></P></TD>
  <TD WIDTH="57%" COLSPAN="8" STYLE='WIDTH:57.06%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">To
  approve and adopt the AVANT Immunotherapeutics, Inc. 2004 Employee Stock
  Purchase Plan.</FONT></P></TD>
  <TD WIDTH="13%" VALIGN=TOP STYLE='WIDTH:13.5%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3 FACE="WINGDINGS 2"><B>&#153;</B></FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.32%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3 FACE="WINGDINGS 2"><B>&#153;</B></FONT></P></TD>
  <TD WIDTH="6%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:6.24%;'>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3 FACE="WINGDINGS 2"><B>&#153;</B></FONT></P></TD>
  <TD WIDTH="2%" VALIGN=TOP STYLE='WIDTH:2.18%;BORDER:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.18%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:35.56%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="18%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:18.26%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="3%" VALIGN=TOP STYLE='WIDTH:3.24%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="35%" COLSPAN="10" VALIGN=TOP STYLE='WIDTH:35.48%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" COLSPAN="17" VALIGN=TOP STYLE='WIDTH:93.38%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Please sign exactly as
  your name(s) appear(s) on the books of the Company.&#160; Joint owners should each sign personally.&#160; Trustees and other fiduciaries should
  indicate the capacity in which they sign, and where more than one name
  appears, a majority must sign. If a corporation, this signature should be
  that of an authorized officer who should state his or her title.</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" COLSPAN="17" VALIGN=TOP STYLE='WIDTH:93.38%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" COLSPAN="17" VALIGN=TOP STYLE='WIDTH:93.38%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Please be sure to sign and
  date this Proxy.</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER:NONE;BORDER-LEFT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="93%" COLSPAN="17" VALIGN=TOP STYLE='WIDTH:93.38%;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1.0PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:27.02%;BORDER-TOP:SOLID BLACK 1.0PT; BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP STYLE='WIDTH:8.46%;BORDER-TOP:SOLID BLACK 1.0PT; BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:13.98%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 1.0PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="5" VALIGN=TOP STYLE='WIDTH:26.02%;BORDER-TOP:SOLID BLACK 1.0PT; BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.9%;BORDER-TOP:SOLID BLACK 1.0PT; BORDER-LEFT:NONE;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:9.98%;BORDER:NONE;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 1.0PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:27.02%;BORDER-TOP:NONE; BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1.5PT;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP STYLE='WIDTH:8.46%;BORDER-TOP:NONE;BORDER-LEFT: NONE;BORDER-BOTTOM:SOLID BLACK 1.5PT;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:13.98%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 1.0PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="5" VALIGN=TOP STYLE='WIDTH:26.02%;BORDER-TOP:NONE; BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1.5PT;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.9%;BORDER-TOP:NONE; BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1.5PT;BORDER-RIGHT:SOLID BLACK 1.0PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="9%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:9.98%;BORDER:NONE;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER:NONE; BORDER-RIGHT:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="4%" VALIGN=TOP STYLE='WIDTH:4.28%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:SOLID BLACK 2.25PT;BORDER-RIGHT: NONE;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="27%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:27.02%;BORDER:NONE; BORDER-BOTTOM:SOLID BLACK 2.25PT; '>
  <P STYLE='MARGIN-BOTTOM:1.0PT'><FONT SIZE=1 FACE="TIMES NEW ROMAN">Signature [PLEASE SIGN WITHIN BOX]</FONT></P></TD>
  <TD WIDTH="8%" VALIGN=TOP STYLE='WIDTH:8.46%;BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Date</FONT></P></TD>
  <TD WIDTH="13%" COLSPAN="3" VALIGN=TOP STYLE='WIDTH:13.98%;BORDER:NONE; BORDER-BOTTOM:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="26%" COLSPAN="5" VALIGN=TOP STYLE='WIDTH:26.02%;BORDER:NONE; BORDER-BOTTOM:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Signature
  (Joint Owners)</FONT></P></TD>
  <TD WIDTH="7%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:7.9%;BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 2.25PT;PADDING: 0IN 0IN 0IN 0IN'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">Date</FONT></P></TD>
  <TD WIDTH="9%" COLSPAN="4" VALIGN=TOP STYLE='WIDTH:9.98%;BORDER:NONE; BORDER-BOTTOM:SOLID BLACK 2.25PT;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="2%" COLSPAN="2" VALIGN=TOP STYLE='WIDTH:2.34%;BORDER-TOP:NONE; BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 2.25PT;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>

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 </TR>
</TABLE>
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<HR STYLE="MARGIN-TOP: -10PX" NOSHADE SIZE=4>

<PAGE>
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<BR>
<BR>
<BR>
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<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE='WIDTH:100.0%;  BORDER-COLLAPSE:COLLAPSE;'>
 <TR>
  <TD WIDTH="54%" VALIGN=TOP STYLE='WIDTH:54.42%;BORDER-BOTTOM:DASHED BLACK 1.5PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="12%" VALIGN=TOP STYLE='WIDTH:12.26%;BORDER-BOTTOM:DASHED BLACK 1.5PT; BORDER-LEFT:NONE;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
  <TD WIDTH="33%" VALIGN=TOP STYLE='WIDTH:33.32%;BORDER-BOTTOM:DASHED BLACK 1.5PT; BORDER-LEFT:NONE;'>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE='WIDTH:100.0%;  BORDER-COLLAPSE:COLLAPSE;'>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER:SOLID BLACK 2.25PT; BORDER-BOTTOM:NONE;'>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3><B>AVANT IMMUNOTHERAPEUTICS, INC.</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3><B>&nbsp;</B></FONT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Proxy
  Solicited by the Board of Directors for the</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3><B>&nbsp;</B></FONT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Annual
  Meeting of Stockholders</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3><B>&nbsp;</B></FONT><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>on
  May 13, 2004</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P STYLE='MARGIN-TOP:0IN;MARGIN-RIGHT:.2IN;MARGIN-BOTTOM: 0IN;MARGIN-LEFT:.2IN'><FONT SIZE=2 FACE="TIMES NEW ROMAN">The undersigned hereby appoints J. Barrie Ward
  and Una S. Ryan, and each of&#160; them, as
  the true and lawful attorneys, agents and proxies of the undersigned, with
  full power of substitution, and hereby authorizes them to represent and to
  vote, as designated on the reverse, all shares of Common Stock held of record
  by the undersigned on March 19, 2004, at the Annual Meeting of Stockholders
  (the &#147;Meeting&#148;) to be held at 2:00 p.m. on May 13, 2004 at the Company&#146;s
  offices located at 119 Fourth Avenue, Needham, Massachusetts 02494, or at any
  adjournment or postponement thereof.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P STYLE='MARGIN-TOP:0IN;MARGIN-RIGHT:.2IN;MARGIN-BOTTOM: 0IN;MARGIN-LEFT:.2IN'><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>When properly executed, this
  proxy will be voted in the manner directed herein by the undersigned stockholder(s).&#160; If no direction is given in connection
  with Proposal 1, such abstention will have no impact on the proposal for
  approval of the Stock Purchase Plan.&#160;
  If no direction is given in connection with Proposal 2, this proxy
  will be voted FOR the election of the nominees for director and, in their
  discretion, the proxies are each authorized to vote upon such other business
  as may properly come before the Meeting and any adjournments or postponements
  thereof.&#160; Any stockholders wishing to
  vote in accordance with the Board of Directors&#146; recommendations need only
  sign and date this proxy and return it in the postage-paid envelope provided.</B></FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P STYLE='MARGIN-TOP:0IN;MARGIN-RIGHT:.2IN;MARGIN-BOTTOM: 0IN;MARGIN-LEFT:.2IN'><FONT SIZE=2 FACE="TIMES NEW ROMAN">The undersigned hereby acknowledges(s) receipt of
  a copy of the accompanying Notice of Annual Meeting of Stockholders, the
  Proxy Statement with respect thereto and the Company&#146;s 2003 Annual Report to
  Stockholders, and hereby revoke(s) any proxy or proxies heretofore
  given.&#160; This proxy may be revoked at
  any time before it is executed.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=2 FACE="TIMES NEW ROMAN">PLEASE VOTE, DATE, AND SIGN ON REVERSE SIDE</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER-TOP:NONE;BORDER-LEFT: SOLID BLACK 2.25PT;BORDER-BOTTOM:NONE;BORDER-RIGHT:SOLID BLACK 2.25PT; '>
  <P ALIGN=CENTER STYLE='TEXT-ALIGN:CENTER'><FONT SIZE=3>&nbsp;</FONT><FONT SIZE=2 FACE="TIMES NEW ROMAN">AND
  RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="100%" VALIGN=TOP STYLE='WIDTH:100.0%;BORDER:SOLID BLACK 2.25PT; BORDER-TOP:NONE;'>
  <P ALIGN=CENTER><FONT SIZE=1 FACE="TIMES NEW ROMAN">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
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