<SEC-DOCUMENT>0001213900-17-010266.txt : 20171003
<SEC-HEADER>0001213900-17-010266.hdr.sgml : 20171003
<ACCEPTANCE-DATETIME>20171003164550
ACCESSION NUMBER:		0001213900-17-010266
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171003
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171003
DATE AS OF CHANGE:		20171003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IDT CORP
		CENTRAL INDEX KEY:			0001005731
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				223415036
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16371
		FILM NUMBER:		171118590

	BUSINESS ADDRESS:	
		STREET 1:		520 BROAD ST
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102
		BUSINESS PHONE:		973 438 1000

	MAIL ADDRESS:	
		STREET 1:		520 BROAD STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k100317_idtcorporation.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>FORM
8-K</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report (Date of earliest event reported): October 3, 2017</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>IDT
CORPORATION</B></FONT></P>

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

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

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

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

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    <TD STYLE="vertical-align: top; width: 32%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 0 0 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1-16371</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 0 0 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22-3415036</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
    or other jurisdiction<BR>
of incorporation)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Commission
    File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
    Employer<BR>
Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 49%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>520
    Broad Street Newark, New Jersey</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding: 0 0 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 49%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>07102</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
    of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip
    Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registrant&rsquo;s
telephone number, including area code: (973)&nbsp;438-1000</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Former
name or former address, if changed since last report.)</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):</FONT></P>

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="width: 96%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="width: 96%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="width: 96%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
    <TD STYLE="width: 96%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"></P>

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




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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 45pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;2.02.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Results
                                         of Operations and Financial Condition</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 3, 2017, IDT Corporation (the &ldquo;Registrant&rdquo;) issued a press release announcing its results of operations for
its fiscal quarter and fiscal year ended July 31, 2017. A copy of the earnings release concerning the foregoing results is furnished
herewith as Exhibit 99.1 and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item&nbsp;2.02 of Form
8-K promulgated by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). This information shall not be deemed to be
&ldquo;filed&rdquo; with the SEC or incorporated by reference into any other filing with the SEC unless otherwise expressly stated
in such filing. In addition, this Report and the press release contain statements intended as &ldquo;forward-looking statements&rdquo;
that are subject to the cautionary statements about forward-looking statements set forth in the press release.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&nbsp;9.01.
Financial Statements and Exhibits.</FONT></P>

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

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    <TD STYLE="width: 4%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 96%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="f8k100317ex99-1_idtcorp.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings Release, October 3, 2017, reporting the results of operations for IDT Corporation&rsquo;s fiscal quarter and fiscal year ended July&nbsp;31,&nbsp;2017.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Shmuel Jonas</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shmuel
    Jonas</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
October 3, 2017</FONT></P>

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
INDEX</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="f8k100317ex99-1_idtcorp.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings Release, October 3, 2017, reporting the results of operations for IDT Corporation&rsquo;s fiscal quarter and fiscal year ended July&nbsp;31,&nbsp;2017.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k100317ex99-1_idtcorp.htm
<DESCRIPTION>EARNINGS RELEASE, OCTOBER 3, 2017, REPORTING THE RESULTS OF OPERATIONS FOR IDT CORPORATION'S FISCAL QUARTER AND FISCAL YEAR ENDED JULY 31, 2017
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-1_001.jpg" ALT=""></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IDT
Corporation Reports Fourth Quarter and Full Fiscal Year 2017 Results</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEWARK,
NJ &mdash; October 3, 2017</B>: IDT Corporation (NYSE: IDT) reported a $(0.41) loss per share and non-GAAP earnings per share
(EPS)* of $0.07 on revenue of $395.0 million for the fourth quarter of FY 2017, the three months ended July 31, 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the full FY 2017, IDT reported EPS of $0.35 and non-GAAP EPS of $0.51 on revenue of $1.5 billion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>HIGHLIGHTS
</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(4Q17 results are compared to 4Q16. FY 2017 results refer
to full fiscal year 2017 results and are compared to FY 2016)</I></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q17
                                         revenue of $395.0 million compared to $368.1 million. FY 2017 revenue of $1,501.7 million
                                         compared to $1,496.3 million;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q17
                                         income from operations of $3.7 million compared to $6.2 million. FY 2017 income from
                                         operations of $5.5 million compared to $26.2 million;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q17
                                         Adjusted EBITDA* of $8.6 million compared to $10.0 million. FY 2017 Adjusted EBITDA of
                                         $37.7 million compared to $45.0 million;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q17
                                         loss per share of $(0.41) compared to diluted EPS of $0.48. FY 2017 diluted EPS of $0.35
                                         compared to $1.03;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q17
                                         non-GAAP EPS* of $0.07 compared to $0.35. FY 2017 non-GAAP EPS of $0.51 compared to $1.00;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                         June 22, 2017, IDT announced an agreement to sell its Gibraltar-based bank. The deal
                                         is awaiting regulatory approval and is expected to close later this calendar year;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
                                         has declared a dividend of $0.19 per share for 4Q17 to be paid on or about October 20,
                                         2017.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>REMARKS
B</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y SHMUEL JONAS, CEO OF IDT CORPORATION</FONT></U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;This
quarter showcased the resilience of our core communications and payments businesses while we continued to invest heavily in our
growth initiatives including net2phone&rsquo;s unified communications as a service business, National Retail Solutions, BOSS Revolution
international money transfer, and the BOSS Revolution mobile service that we expect to launch later this quarter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;IDT&rsquo;s
Board of Directors has declared a 4th quarter dividend of $0.19. The dividend will be paid on or about October 20th.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;We
continue to work toward the spin-off our non-core assets to IDT stockholders, including our real estate assets, our interests
in Rafael Pharmaceuticals, Inc. and other investments, and $50 to $60 million in cash.&rdquo;</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>4Q17
AND FY 2017 CONSOLIDATED RESULTS </U></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0">The IDT Corporation FY 2017 audit by its independent auditors
is ongoing and has not yet been completed.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Results
                                         </I></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(in
                                         millions, except EPS)</I></B></FONT></P></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q17</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0"></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3Q17</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0"></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Q16</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4Q17
                                         - 4Q16</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change</B><BR>
                                         <B>(%/$)</B></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: center; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FY
                                         2017</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FY
                                         2016</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FY
                                         2017 -FY 2016 Change</B><BR>
                                         <B>(%/$)</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">395.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">370.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">368.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,501.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,496.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.4</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    cost of revenue</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">337.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">309.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+9.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,275.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,246.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+2.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    cost of revenue as a percentage of revenue</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+130
                                         BP</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+160
                                         BP</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SG&amp;A
    expense</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">188.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+12.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
    expense</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    gains (losses)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    (loss) from operations</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    EBITDA*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    (loss) income attributable to IDT</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
    (loss) earnings per share</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.41</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.21</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.48</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.89</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.35</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.68</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-GAAP
    net income*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-GAAP
    EPS*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.07</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.12</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.35</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.28</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.51</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.49</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>*&nbsp;&nbsp;Throughout
this release, Non-GAAP EPS, Adjusted EBITDA, and Non-GAAP Net Income for all periods presented are Non-GAAP measures intended
to provide useful information that supplements IDT&rsquo;s or the relevant segment&rsquo;s core results in accordance with GAAP.
Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these terms
and their respective reconciliations to the most directly comparable GAAP measure. </I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
results in 4Q16 and FY 2016 include the results of Zedge, which was spun off to IDT stockholders on June 1, 2016. In 4Q16, Zedge
contributed revenue of $812 thousand, a loss from operations of $32 thousand and Adjusted EBITDA of $15 thousand. In FY 2016,
Zedge contributed revenue of $9.5 million, income from operations of $2.3 million and Adjusted EBITDA of $2.6 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
results for all periods presented include corporate overhead. In 4Q17, corporate G&amp;A expense decreased 17.4% to $2.2 million
from $2.7 million in the year ago quarter. For FY 2017, corporate G&amp;A expense decreased 20.5% to $8.0 million from $10.1 million
in FY 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
from operations in 4Q17 totaled $3.7 million including a gain of $0.8 million related to certain regulatory and legal matters.
Income from operations in 4Q16 of $6.2 million included a gain of $7.5 million on the sale of IDT&rsquo;s Gibraltar-based bank&rsquo;s
member interest in Visa Europe and $6.3 million in severance expense. Income from operations in FY 2017 was $5.5 million including
a charge of $10.1 million related to a legal settlement. Income from operations in FY 2016 was $26.2 million, including gains
totaling $8.2 million and severance expense of $6.5 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
loss per share in 4Q17 was $(0.41), which included income tax expense of $11.1 million from a decrease in the book value of deferred
tax assets, compared to diluted EPS of $0.48 in 4Q16 including a $2.7 million gain on foreign currency transactions and a benefit
from income taxes of $2.1 million. IDT&rsquo;s diluted EPS in FY 2017 was $0.35 compared to $1.03.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
July 31, 2017, IDT reported $148.6 million in unrestricted cash, cash equivalents and marketable securities. Current assets totaled
$371.1 million and current liabilities totaled $362.8 million. Reflecting IDT&rsquo;s agreement to sell its Gibraltar-based bank,
all of the bank&rsquo;s assets and liabilities at July 31, 2017 and 2016 are classified as &ldquo;Held for sale&rdquo; in the
consolidated balance sheets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities during 4Q17 was $18.5 million compared to $13.2 million in 4Q16. In the corresponding periods,
capital expenditures were $5.9 million and $4.4 million, respectively. FY 2017 net cash provided by operating activities totaled
$19.0 million compared to $49.1 million in FY 2016. In the corresponding periods, capital expenditures were $22.9 million and
$18.4 million, respectively.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>4Q17
AND FY 2017 RESULTS BY SEGMENT</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Results
are for 4Q17 unless otherwise noted).</I></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Quarterly Results by Segment</I></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0">TPS</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0">UCaaS</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0">CPS</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0">ALL OTHER</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1.5pt solid; padding-left: 0"><B><I>(in millions)</I></B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q17</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q16</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q17</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q16</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q17</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q16</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q17</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q16</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">Revenue</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">384.8</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">358.1</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">7.8</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">7.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">1.3</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">1.6</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">1.2</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">1.4</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0">Direct cost of revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">333.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">304.8</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">2.8</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">3.5</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.6</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.7</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.3</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.1</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0">SG&amp;A expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">41.9</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">41.9</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">4.5</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">3.0</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.6</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.3</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.7</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">4.0</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">3.9</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">1.2</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.7</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.5</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0">Income (loss) from operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">5.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">9.1</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">(0.8</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">(0.2</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.3</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.2</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.2</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.1</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0">Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">9.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">11.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.4</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.5</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.3</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.2</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.6</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">$</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0">0.6</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0">&nbsp;</TD></TR>
</TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full
    Fiscal Year Results by Segment</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCaaS</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPS</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
    OTHER</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
    millions)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,464.1</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,451.6</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.4</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.4</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    cost of revenue</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,261.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,229.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SG&amp;A
    expense</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">162.4</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">174.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    (loss) from operations</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.4</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    EBITDA</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47.7</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telecom
Platform Services (TPS) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
TPS segment contributed 97.4% of IDT&rsquo;s revenue in 4Q17 and 97.5% of IDT&rsquo;s revenue in FY 2017. TPS markets and distributes
multiple communications and payment services across three verticals each comprised of multiple offerings: Retail Communications,
Wholesale Carrier Services and Payment Services.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
4Q17 revenue increased 7.4% to $384.8 million &ndash; the highest level in two years &ndash; while TPS&rsquo; revenue less direct
costs declined 3.7% to $51.3 million. The Wholesale Carrier Services and Payment Services verticals achieved robust revenue growth
&ndash; more than offsetting a decline in Retail Communications revenues. TPS&rsquo; FY 2017 revenue increased by 0.9% to $1,464.1
million, while revenue less direct costs decreased 8.7% to $203.1 million.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-decoration: none; text-align: center; padding-left: 0; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TPS
                                         Revenue by Business Vertical</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>($
                                         in millions)</I></B></FONT></P></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q17</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0"></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">3Q17</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0"></TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">4Q16</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4Q17
                                         - 4Q16</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%
                                         Change</B></FONT></P></TD><TD STYLE="width: 1%; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4Q17-4Q16
                                         </B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%
                                         Change in Minutes of Use</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4Q17
                                         Revenue as %<BR>
of all TPS</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FY
                                         2017</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FY
                                         2016</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt; text-align: center; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FY&nbsp;2017<BR>
&ndash;<BR>
FY&nbsp;2016<BR>
%&nbsp;Change</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Retail Communications</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">151.4</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">148.6</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">163.5</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0">(7.5</TD><TD STYLE="text-align: left; padding-left: 0">)%</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0">(20.5</TD><TD STYLE="text-align: left; padding-left: 0">)%</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0">39.3</TD><TD STYLE="text-align: left; padding-left: 0">%</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">610.2</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">664.9</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0">(8.2</TD><TD STYLE="text-align: left; padding-left: 0">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Wholesale Carrier Services</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">167.4</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">152.1</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">139.1</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+20.4</FONT></TD><TD STYLE="text-align: left; padding-left: 0">%</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+4.4</FONT></TD><TD STYLE="text-align: left; padding-left: 0">%</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0">43.5</TD><TD STYLE="text-align: left; padding-left: 0">%</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">608.6</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">$</TD><TD STYLE="text-align: right; padding-left: 0">567.4</TD><TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7.3</FONT></TD><TD STYLE="text-align: left; padding-left: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">Payment Services</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid">66.0</TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid">60.1</TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid">55.5</TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+18.9</FONT></TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">%</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">na</FONT></TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid">17.2</TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">%</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid">245.3</TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid">219.3</TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+11.8</FONT></TD><TD STYLE="text-align: left; padding-left: 0; padding-bottom: 1.5pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">Total TPS</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">384.8</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">360.8</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">358.1</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>+7.4</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">%</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">(2.8</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">)%</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">100.0</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">%</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">1,464.1</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">$</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double">1,451.6</TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-left: 0; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0; border-bottom: Black 4pt double">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding-left: 0; border-bottom: Black 4pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>+0.9</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-left: 0; padding-bottom: 4pt">%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Retail
Communications</B>: IDT&rsquo;s flagship BOSS Revolution&reg; calling service &ndash; which accounted for over 90% of Retail Communications&rsquo;
revenue in 4Q17 - continued to be impacted by increased adoption of over-the-top voice and messaging, unlimited calling plans,
as well as decreased immigration into the US. These secular trends and events resulted in a 4.8% reduction in BOSS Revolution
calling service revenues compared to the year ago quarter and a 5.4% reduction compared to FY 2016. Revenues from the sale of
traditional &lsquo;hard&rsquo; prepaid calling cards in the US and overseas as well as other legacy offerings also continued to
decrease in line with expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wholesale
Carrier Services:</B> Wholesale Carrier Services grew revenue in the fourth quarter compared to 4Q16 and full fiscal year compared
to FY 2016 by 20.4% and 7.3% respectively, and increased overall minutes of use by 4.4% compared to the year ago quarter and by
2.9% compared to the prior fiscal year. Wholesale Carrier Services&rsquo; operations are managed to maximize gross profit. Wholesale
Carrier Service&rsquo;s revenues have historically been more volatile than Retail Communications revenues, and changes in revenue
do not necessarily generate corresponding changes in gross profit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payment
Services:</B> Payment Services revenue increased by $10.5 million in the fourth quarter and by $25.9 million in fiscal 2017. The
recent introduction of new mobile partners has contributed to the renewed growth of mobile top-up revenues, which achieved a record
level in 4Q17. The continued growth of the BOSS Revolution international money transfer service and National Retail Solutions&rsquo;
merchant services offerings also contributed to the robust growth of Payment Services&rsquo; revenue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
direct cost of revenue in 4Q17, expressed as a percentage of TPS&rsquo; revenue, increased to 86.7% from 85.1% in 4Q16, and to
86.1% in FY2017 from 84.7% in FY 2016. This increase primarily reflects a mix shift within TPS towards Wholesale Carrier Services
revenue, which generates relatively lower gross margins than Retail Communications&rsquo; offerings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
SG&amp;A expense in 4Q17 - $41.9 million &ndash; was unchanged compared to the year ago quarter as increases in legal and marketing
costs were offset by lower personnel and bad debt expense. TPS&rsquo; full fiscal year SG&amp;A expense decreased 7.1% to $162.4
million on reduced personnel expense. SG&amp;A expense expressed as a percentage of revenue decreased 80 basis points to 10.9%
in 4Q17 compared to the year ago quarter. For the full fiscal year 2017, SG&amp;A expense as a percentage of revenue decreased
90 basis points to 11.1% compared to the prior year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
D&amp;A expense increased to $4.0 million in 4Q17 from $3.9 million in the year ago quarter, and increased to $16.1 million in
FY 2017 from $15.8 million in FY 2016.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
income from operations decreased to $5.4 million in 4Q17 from $9.1 million in 4Q16. Income from operations in 4Q16 included a
gain of $7.5 million on the sale of IDT&rsquo;s Gibraltar-based bank&rsquo;s member interest in Visa Europe, and severance expense
of $6.0 million. TPS&rsquo; income from operations in FY 2017 was $24.4 million compared to income from operations of $32.8 million
in FY 2016 (that included other gains of $7.1 million &ndash; primarily from the sale of the member interest in Visa Europe -
and severance expense of $6.2 million).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TPS&rsquo;
Adjusted EBITDA decreased to $9.4 million in 4Q17 from $11.4 million in 4Q16 reflecting the increase in the direct cost of revenue
as a percentage of revenue. The same factor - partially offset by the reduction in SG&amp;A expense - reduced FY 2017&rsquo;s
Adjusted EBITDA to $40.6 million from $47.7 million in FY 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unified
Communications as a Service (UCaaS) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
UCaaS segment is comprised of offerings from IDT&rsquo;s net2phone<SUP>&reg;</SUP> division, including cable telephony, hosted
PBX, and SIP trunking.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCaaS&rsquo;
4Q17 revenue increased to $7.8 million from $7.0 million in 4Q16. UCaaS&rsquo; FY 2017 revenue increased to $29.4 million from
$26.4 million in FY 2016. The quarterly and full year revenue growth was driven by sales of net2phone&rsquo;s cloud-based communications
offering and, to a lesser extent, by SIP trunking and cable telephony.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCaaS&rsquo;
loss from operations in 4Q17 increased to $771 thousand from $190 thousand in 4Q16. UCaaS&rsquo; loss from operation in FY 2017
increased to $1.9 million from $1.6 million in FY 2016. The increases in the quarterly and full year losses primarily reflect
increased employee compensation and commission expense as IDT increased investment in net2phone sales and technical personnel
and increased depreciation and amortization expense, partially offset by a significant decrease in direct costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consumer
Phone Services (CPS)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Consumer Phone Services segment sells postpaid local and long-distance services in the U.S., marketed under the brand name IDT
America. CPS has been in harvest mode for more than a decade - maximizing revenue from current customers while maintaining SG&amp;A
and other expenses at the minimum levels essential to operate the business. CPS&rsquo; financial results are provided in the segment
results chart above and conformed to expectations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
Other</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other includes IDT&rsquo;s real estate holdings, comprised of its public garage in Newark and commercial properties in Newark,
Piscataway and Jerusalem, as well as other small businesses and investments, including an investment in Rafael Pharmaceuticals,
Inc., (formerly Cornerstone Pharmaceuticals, Inc.).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rafael
Pharmaceuticals is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization
of therapies that exploit the metabolic differences between normal cells and cancer cells.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other previously included Zedge, a platform and mobile app centered on self-expression. Zedge was fully spun off from IDT to IDT&rsquo;s
shareholders on June 1, 2016. Because the disposition of IDT&rsquo;s interest in Zedge did not meet the criteria to be reported
as a discontinued operation, Zedge&rsquo;s results of operations and cash flows continue to be included in prior comparative periods.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other&rsquo;s financial results are provided in the segment results chart above and conformed to expectations.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
intends to spin-off the real estate and pharmaceutical holdings included in All Other to its shareholders under the name Rafael
Holdings, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>DIVIDEND
</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28<SUP>th</SUP>, 2017, IDT&rsquo;s Board of Directors declared a quarterly dividend of $0.19 per share of Class A and
Class B common stock for 4Q17 to be paid on or about October 20, 2017. The dividend will be paid to stockholders of record as
of the close of business on October 16<SUP>th</SUP>. The ex-dividend date will be October 12<SUP>th</SUP>. This distribution will
be treated as a return of capital for tax purposes.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IDT
EARNINGS ANNOUNCEMENT &amp; SUPPLEMENTAL INFORMATION</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">This
release is available for download in the &ldquo;For Investors&rdquo; section of the IDT Corporation website (</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>http://idt.net/ir</U></B><FONT STYLE="font-weight: normal">)
and has been filed on a current report (Form 8-K) with the SEC.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">IDT
will host an earnings conference call beginning at 5:30 PM ET today with management&rsquo;s discussion of results, outlook and
strategy followed by Q&amp;A with investors. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">To
listen to the call and participate in the Q&amp;A, dial toll-free 1-888-348-8417 (from U.S.) or 1-412-902-4243 (international)
and request the IDT Corporation call.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">A
recording of the conference call can be accessed beginning one hour after the call concludes through October 10, 2017 by dialing
1-844-512-2921 (toll free from the US) or 1-412-317-6671 (international) and providing this pin code: 10111313. The recording
will also be available via streaming audio at the IDT investor relations website (</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>www.idt.net/ir</U></B><FONT STYLE="font-weight: normal">)
following the call.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ABOUT
IDT:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IDT
Corporation</U> (NYSE: IDT), through its IDT Telecom division, provides telecommunications and payment services to individuals
and businesses primarily through its flagship BOSS Revolution<SUP>&reg;</SUP> and net2phone<SUP>&reg;</SUP> brands. IDT Telecom&rsquo;s
wholesale business is a leading global carrier of international long-distance calls. For more information on IDT, visit <U>www.idt.net</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All
statements above that are not purely about historical facts, including, but not limited to, those in which we use the words &ldquo;believe,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;target&rdquo;
and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may
differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with
the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent
permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
Corporation Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bill
Ulrey</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">william.ulrey@idt.net</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">973-438-3838</FONT></P>




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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT
CORPORATION<BR>
<BR>
CONSOLIDATED BALANCE SHEETS</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid">July 31<BR> (in thousands, except per share data)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">90,344</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">104,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketable securities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">58,272</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,949</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade accounts receivable, net of allowance for doubtful accounts of $2,657 and $3,957 at July 31, 2017 and 2016, respectively&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">64,979</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,230</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid expenses&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,506</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other current assets&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,749</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Assets held for sale&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">124,267</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">107,084</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">TOTAL CURRENT ASSETS&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">371,117</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,053</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment, net&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">88,994</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Goodwill&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,326</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,218</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Investments&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,894</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred income tax assets, net&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,841</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other assets&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,657</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Assets held for sale&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,134</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,130</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">TOTAL ASSETS&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">518,963</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">469,658</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade accounts payable&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">40,989</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">29,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrued expenses&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">125,359</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred revenue&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">76,451</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other current liabilities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,659</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,092</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Liabilities held for sale&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">115,318</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">96,963</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">TOTAL CURRENT LIABILITIES&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">362,776</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343,820</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other liabilities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,080</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Liabilities held for sale&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">550</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">435</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">TOTAL LIABILITIES&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">364,406</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">EQUITY:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">IDT Corporation stockholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Preferred stock, $.01 par value; authorized shares&mdash;10,000; no shares issued&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Class A common stock, $.01 par value; authorized shares&mdash;35,000; 3,272 shares issued and 1,574 shares outstanding at July 31, 2017 and 2016&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Class B common stock, $.01 par value; authorized shares&mdash;200,000; 25,561 and 25,383 shares issued and 23,264 and 21,452 shares outstanding at July 31, 2017 and 2016, respectively&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">256</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional paid-in capital&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">394,462</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">396,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt">Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,297 and 3,931 shares of Class B common stock at July 31, 2017 and 2016, respectively&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(83,304</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(115,316</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated other comprehensive loss&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,343</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,744</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Accumulated deficit&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(163,370</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(153,673</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total IDT Corporation stockholders&rsquo; equity&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">145,734</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Noncontrolling interests&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,823</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">406</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">TOTAL EQUITY&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">154,557</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">124,203</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">TOTAL LIABILITIES AND EQUITY&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">518,963</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">469,658</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to consolidated financial statements.</FONT></P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
CORPORATION</B><BR>
<BR>
<B>CONSOLIDATED STATEMENTS OF INCOME</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid">Year ended July 31<BR> (in thousands, except per share data)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-weight: bold">REVENUES&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">1,501,729</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,496,261</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,596,777</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">COSTS AND EXPENSES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Direct cost of revenues (exclusive of depreciation and amortization) &#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,275,708</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,246,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,328,363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling, general and administrative (i) &#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">188,293</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">222,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,704</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,418</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,656</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid">Severance&#9;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,510</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,363</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">TOTAL COSTS AND EXPENSES&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,485,705</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,478,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,579,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other operating expenses&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(10,412</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,552</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on sale of member interest in Visa Europe Ltd.&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(63</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Gain on sale of interest in Fabrix Systems, Ltd.&#9;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,086</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">76,864</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income from operations&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,549</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest income (expense), net&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,254</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(159</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Other income (expense), net&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">817</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,049</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(688</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income before income taxes&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,620</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,203</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Benefit from (provision for) income taxes&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,021</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,110</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,088</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">NET INCOME&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,641</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Net income attributable to noncontrolling interests&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,464</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,844</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,625</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">NET INCOME ATTRIBUTABLE TO IDT CORPORATION&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,177</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">23,514</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">84,490</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Earnings per share attributable to IDT Corporation common stockholders:</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid">Basic&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">0.35</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1.03</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3.69</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid">Diluted&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">0.35</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1.03</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3.63</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid">Weighted-average number of shares used in calculation of earnings per share:</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid">Basic&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">23,182</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">22,765</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">22,903</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid">Diluted&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">23,309</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">22,815</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">23,247</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">(i) Stock-based compensation included in selling, general and administrative expenses&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,740</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,680</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,185</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to consolidated financial statements.</FONT></P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
CORPORATION</B><BR>
<BR>
<B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid">Year ended July 31<BR> (in thousands)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">OPERATING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Net income&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">9,641</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">25,358</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">86,115</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,704</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,418</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income taxes&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,328</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,877</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Provision for doubtful accounts receivable&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">686</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain on sale of interest in Fabrix Systems Ltd.&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,086</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,864</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gain on sale of member interest in Visa Europe Ltd.&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,476</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net realized (gain) loss from marketable securities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(323</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(543</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest in the equity of investments&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(356</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,699</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stock-based compensation&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,740</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,185</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Change in assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted cash and cash equivalents&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17,702</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,548</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,286</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade accounts receivable&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17,972</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">616</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid expenses, other current assets and other assets&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,856</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Trade accounts payable, accrued expenses, other current liabilities and other liabilities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,343</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,099</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,125</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Customer deposits&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,980</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,939</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Deferred revenue&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(9,543</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,211</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,939</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash provided by operating activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,014</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,534</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">INVESTING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital expenditures&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(22,949</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,370</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,556</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payment for acquisition, net of cash acquired&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,827</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from sale of interest in Fabrix Systems Ltd., net of cash and cash equivalents sold&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from sale of member interest in Visa Europe Ltd&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash used for purchase of investments&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(9,438</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,002</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from sales and redemptions of investments&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Purchases of marketable securities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(53,402</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,909</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,360</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Proceeds from maturities and sales of marketable securities&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">47,996</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">35,011</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">24,126</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash (used in) provided by investing activities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(39,605</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,482</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">FINANCING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dividends paid&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17,874</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,358</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,594</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Distributions to noncontrolling interests&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,482</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,834</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,050</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sale of Class B common stock to Howard S. Jonas&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,930</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from sale of interest and rights in Rafael Pharmaceuticals, Inc. to Howard S. Jonas&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from sale of member interests in CS Pharma Holdings, LLC&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,250</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash of Zedge deconsolidated as a result of spin-off&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,381</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proceeds from sale of Zedge equity prior to the spin-off&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds from exercise of stock options&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">836</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,424</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Repayments of borrowings including revolving credit loan payable&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,353</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,271</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Class B common stock from Howard S. Jonas&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,500</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Repurchases of Class B common stock&#9;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,838</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,773</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,202</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash provided by (used in) financing activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,822</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,575</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,193</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">292</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,821</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,685</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net decrease in cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(13,477</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(824</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,462</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Cash and cash equivalents at beginning of year</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">109,537</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">110,361</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">153,823</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Cash and cash equivalents&nbsp;&nbsp;at end of year</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">96,060</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">109,537</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">110,361</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Cash payments made for interest</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,209</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,205</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">745</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Cash payments made for income taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">576</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">779</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">320</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING ACTIVITIES</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Reclassification of liability for member interests in CS Pharma Holdings, LLC</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,750</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Net assets excluding cash and cash equivalents of Zedge deconsolidated as a result of spin-off</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,681</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Shares of Visa Inc. Series C preferred stock received from sale of member interest in Visa Europe Ltd.</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,580</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Net liabilities excluding cash and cash equivalents of Fabrix Systems Ltd. sold</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,333</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
of Non-GAAP Financial Measures for the Fourth Quarter Fiscal 2017 and 2016</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the
United States of America (GAAP), IDT also disclosed, for 4Q17, 3Q17 and 4Q16, Adjusted EBITDA, non-GAAP net income and non-GAAP
diluted earnings per share, or EPS, which are non-GAAP measures. Generally, a non-GAAP financial measure is a numerical measure
of a company&rsquo;s performance, financial position, or cash flows that either excludes or includes amounts that are not normally
excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
measure of Adjusted EBITDA consists of revenues less direct cost of revenues and selling, general and administrative expense.
Another way of calculating Adjusted EBITDA is to start with income from operations, add depreciation and amortization, severance
expense and other operating expenses, and subtract other operating gain, the gain on the sale of member interest in Visa Europe
Ltd. and the gain on sale of interest in Fabrix Systems Ltd.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
measure of non-GAAP net income starts with net income in accordance with GAAP and adds severance expense, stock-based compensation,
other operating expenses, and the tax expense from the increase in the valuation allowance on deferred tax assets, and subtracts
other operating gain, the gain on the sale of member interest in Visa Europe Ltd., the gain on sale of interest in Fabrix Systems
Ltd. and the tax benefit from the release of the valuation allowance and full recognition of deferred tax assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDT&rsquo;s
measure of non-GAAP diluted EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
in 4Q17, depreciation and amortization expense is no longer an adjustment to net income in IDT&rsquo;s measure of non-GAAP net
income. Comparative results have been restated in all periods presented.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2017 and fiscal 2016 periods.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that IDT&rsquo;s Adjusted EBITDA, non-GAAP net income and non-GAAP EPS measures provide useful information to both management
and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT&rsquo;s or the
relevant segment&rsquo;s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator
of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA,
non-GAAP net income and non-GAAP EPS to evaluate operating performance in relation to IDT&rsquo;s competitors. Disclosure of these
financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying
supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically
reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing
performance, therefore the inclusion of comparative numbers provides consistency in financial reporting at this time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated
level to facilitate internal and external comparisons to the segments&rsquo; and IDT's historical operating results, in making
operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current
period allocation of costs associated with long-lived assets acquired or constructed in prior periods. IDT&rsquo;s Adjusted EBITDA,
which is exclusive of depreciation and amortization, is a useful indicator of its current performance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
expense is excluded from the calculation of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS. Severance expense is reflective
of decisions made by management in each period regarding the aspects of IDT&rsquo;s and its segments&rsquo; businesses to be focused
on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and
magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT&rsquo;s core and continuing operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
operating expenses and other operating gain, the gains on the sale of member interest in Visa Europe Ltd. and the sale of interest
in Fabrix Systems Ltd. are components of income from operations. In fiscal 2017, other operating expenses included a non-routine
expense for a settlement and mutual release, and the associated legal fees, related to potential liabilities and claims under
agreements related to IDT&rsquo;s spin-off of Straight Path Communications Inc. in 2013. In the fourth quarter of fiscal 2017,
the other operating gain was primarily the result of insurance proceeds related to the claims. In fiscal 2016, other operating
expenses included a loss on disposal of property, plant and equipment. Other operating expenses, other operating gain, and the
gains on the sale of member interest in Visa Europe Ltd. and the sale of interest in Fabrix Systems Ltd. are excluded from the
calculation of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS. From time-to-time, IDT may incur costs related to non-routine
legal and regulatory matters or disposal of certain assets. In addition, IDT may select and incubate promising early stage businesses
outside of its core business for eventual sale or spin-off to its stockholders. However, such legal and regulatory matters and
disposals do not occur each quarter. IDT does not believe the gains or losses from asset sales or from non-routine legal and regulatory
matters are components of IDT&rsquo;s or the relevant segment&rsquo;s core operating results.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
other calculation of Adjusted EBITDA consists of revenues less direct cost of revenues and selling, general and administrative
expense. As the other excluded items are not reflected in this calculation, they are excluded automatically and there is no need
to make additional adjustments. This calculation results in the same Adjusted EBITDA amount and its utility and significance is
as explained above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as
the various valuation methodologies and subjective assumptions that are permitted under GAAP.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock-based compensation is excluded
from IDT&rsquo;s calculation of non-GAAP net income and non-GAAP EPS because management believes this allows investors to make
more meaningful comparisons of the operating results per share of IDT&rsquo;s core business with the results of other companies.
However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important
part of employees&rsquo; compensation that impacts their performance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
1Q17, IDT recorded a foreign income tax benefit of $16.6 million from the release of the valuation allowance and full recognition
of certain deferred tax assets, and in 4Q17, IDT recorded a federal income tax expense of $11.1 million from the increase in the
valuation allowance on deferred tax assets. The income tax benefit and expense are excluded from IDT&rsquo;s calculation of non-GAAP
net income and non-GAAP EPS because neither was directly related to the current results of IDT&rsquo;s core operations. These
income tax benefit and expense are not expected to be reoccurring items.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
EBITDA, non-GAAP net income and non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income
(loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures
of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT&rsquo;s measurements of Adjusted EBITDA,
non-GAAP net income and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
are reconciliations of Adjusted EBITDA, non-GAAP net income and non-GAAP EPS to the most directly comparable GAAP measure, which
are, (a) for Adjusted EBITDA, income (loss) from operations for IDT&rsquo;s reportable segments and net income for IDT on a consolidated
basis, (b) for non-GAAP net income, net income and, (c) for non-GAAP EPS, basic and diluted earnings per share.</FONT></P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
Corporation</B></FONT><BR>
 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reconciliation of Adjusted EBITDA to Net (Loss) Income
</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited) </FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in millions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Figures may not foot or cross-foot due to
rounding to millions.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 0in 0in 1.5pt 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; border-top: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">UCaaS</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">Consumer Phone Services</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">All Other</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">Corporate</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0in 0in 0in 0; text-indent: 0; border-left: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Three Months Ended July 31, 2017 </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(4Q17)</B></P></TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Adjusted EBITDA</TD><TD STYLE="width: 1%; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8.6</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%; border-right: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">9.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(2.2</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Subtract (Add):</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Depreciation and amortization</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 1.5pt 10pt; text-indent: 0; border-left: Black 1.5pt solid">Other operating gain</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt; border-right: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 1.5pt 0; border-left: Black 1.5pt solid; text-indent: 0">Income (loss) from operations</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">3.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-right: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">5.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(0.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">0.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(1.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; text-indent: 0; border-left: Black 1.5pt solid">Interest income, net</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; text-indent: 0; border-left: Black 1.5pt solid">Other expense, net</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; text-indent: 0; border-left: Black 1.5pt solid">Income before income taxes</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; text-indent: 0; border-left: Black 1.5pt solid">Provision for income taxes</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(12.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Net loss</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Net income attributable to noncontrolling interests</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-indent: 0">Net loss attributable to IDT Corporation</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(9.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0; text-indent: 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0in 0in 1.5pt 0; border-left: Black 1.5pt solid; border-top: Black 1.5pt solid; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center">Total IDT Corporation</TD><TD STYLE="border-top: Black 1.5pt solid; font-weight: bold; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">UCaaS</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Consumer Phone Services</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">All Other</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Corporate</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0in 0in 0in 0; text-align: left; border-left: Black 1.5pt solid; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Three Months Ended April 30, 2017 </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>(3Q17)</B></P></TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Adjusted EBITDA</TD><TD STYLE="width: 1%; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">9.1</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">9.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(2.0</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0in 0in 0in 0; text-align: left; border-left: Black 1.5pt solid; text-indent: 0">Subtract:</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-right: 0in; padding-left: 20pt; border-left: Black 1.5pt solid; text-indent: -10pt">Depreciation and amortization</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; border-left: Black 1.5pt solid; text-indent: 0">Other operating expense</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">(Loss) income from operations</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; border-top: Black 1.5pt solid">(6.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; border-top: Black 1.5pt solid">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; border-top: Black 1.5pt solid">5.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; border-top: Black 1.5pt solid">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; border-top: Black 1.5pt solid">(0.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; border-top: Black 1.5pt solid">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; border-top: Black 1.5pt solid">0.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; border-top: Black 1.5pt solid">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; border-top: Black 1.5pt solid">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; border-top: Black 1.5pt solid">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; border-top: Black 1.5pt solid">(12.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; border-left: Black 1.5pt solid; text-indent: 0">Interest income, net</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; border-left: Black 1.5pt solid; text-indent: 0">Other expense, net</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0.4</TD><TD STYLE="border-right: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Loss before income taxes</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 10pt; border-left: Black 1.5pt solid; text-indent: 0">Benefit from income taxes</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2.2</TD><TD STYLE="border-right: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Net loss</TD><TD STYLE="border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.5</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; text-indent: 0">Net income attributable to noncontrolling interests</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0.3</TD><TD STYLE="border-right: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0in 0in 0in 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-indent: 0">Net loss attributable to IDT Corporation</TD><TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reconciliation
of Adjusted EBITDA to Net Income</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
millions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figures
may not foot or cross-foot due to rounding to millions.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">UCaaS</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Consumer Phone Services</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">All Other</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Three Months Ended July 31, 2016</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(4Q16)</B></FONT></P></TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Adjusted EBITDA</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">10.0</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">11.4</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">0.5</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">0.2</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">0.6</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">(2.7</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Subtract (Add):</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; border-left: Black 1.5pt solid">Depreciation and amortization</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">5.0</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">3.9</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; border-left: Black 1.5pt solid">Severance expense</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">6.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">6.0</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; border-left: Black 1.5pt solid; text-indent: 0; padding-left: 10pt">Gain on sale of member interest in Visa Europe Ltd.</TD><TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(7.5</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(7.5</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Income (loss) from operations</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">6.2</TD><TD STYLE="padding-bottom: 1.5pt; border-right: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">9.1</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(0.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.1</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(3.0</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; border-left: Black 1.5pt solid">Interest income, net</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; padding-bottom: 1.5pt; border-left: Black 1.5pt solid">Other income, net</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">2.8</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Income before income taxes</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">9.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 10pt; padding-bottom: 1.5pt; border-left: Black 1.5pt solid">Benefit from income taxes</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">2.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Net income</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">11.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-left: Black 1.5pt solid">Net income attributable to noncontrolling interests</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">(0.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Net income attributable to IDT Corporation</TD><TD STYLE="padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">11.0</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="width: 100%; padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
        Corporation</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reconciliation
        of Adjusted EBITDA to Net Income </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
        millions</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figures
        may not foot or cross-foot due to rounding to millions.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Total IDT Corporation</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">Telecom Platform Services</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">UCaaS</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">Consumer Phone Services</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">All Other</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-top: Black 1.5pt solid; padding-left: 0; text-indent: 0">Corporate</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">Year Ended July 31, 2017 (FY 2017)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Adjusted EBITDA</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">37.7</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">40.6</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">2.0</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">1.1</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">2.0</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">(8.0</TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Subtract:</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">Depreciation and amortization</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">21.7</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">16.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">3.9</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">Adjustment to gain on sale of member interest in Visa Europe Ltd.</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.1</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; border-left: Black 1.5pt solid; text-indent: -10pt">Other operating expense</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">10.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">10.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Income (loss) from operations</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">5.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">24.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(1.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(18.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; border-left: Black 1.5pt solid; text-indent: -10pt">Interest income, net</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.3</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; border-left: Black 1.5pt solid; text-indent: -10pt">Other income, net</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">0.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Income before income taxes</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">7.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; border-left: Black 1.5pt solid; text-indent: -10pt">Benefit from income taxes</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">2.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Net income</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">9.6</TD><TD STYLE="text-align: left; border-right: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Net income attributable to noncontrolling interests</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-left: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">(1.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">Net income attributable to IDT Corporation</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">8.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; border-left: Black 1.5pt solid; text-indent: -10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-align: center; border-top: Black 1.5pt solid">Total IDT Corporation</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Telecom Platform Services</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">UCaaS</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Consumer Phone Services</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">All Other</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Year Ended July 31, 2016 (FY 2016)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Adjusted EBITDA</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">45.0</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">47.7</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">1.2</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">1.2</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">5.1</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0">(10.1</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Subtract (Add):</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">Depreciation and amortization</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">20.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">15.8</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">2.8</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">2.0</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">Severance expense</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">6.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">6.2</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">Gain on sale of member interest in Visa Europe Ltd.</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(7.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(7.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; border-left: Black 1.5pt solid">Gain on sale of interest in Fabrix Systems Ltd.</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(1.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(1.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Other operating expense</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Income (loss) from operations</TD><TD STYLE="padding-bottom: 1.5pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right; padding-left: 0; text-indent: 0">26.2</TD><TD STYLE="border-right: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">32.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(1.6</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">4.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(10.4</TD><TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">Interest income, net</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.2</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">Other income, net</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">2.0</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Income before income taxes</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">29.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; border-left: Black 1.5pt solid">Provision for income taxes</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">(4.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Net income</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">25.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid">Net income attributable to noncontrolling interests</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">(1.8</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">Net income attributable to IDT Corporation</TD><TD STYLE="padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">23.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>





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

<!-- Field: Page; Sequence: 14; Value: 2 -->
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; padding-right: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDT
        Corporation</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reconciliations
        of Net (Loss) Income to Non-GAAP Net Income and Diluted EPS to Non-GAAP Diluted EPS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
        millions, except per share data</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Figures
        may not foot due to rounding to millions.</FONT></P></TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 50%; text-align: left; padding-bottom: 1.5pt; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">4Q17</TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid"></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">3Q17</TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid"></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">4Q16</TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid"></TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year Ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>July 31, 2017</B></FONT></P></TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0; text-indent: 0; border-top: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year Ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>July 31, 2016</B></FONT></P></TD><TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid; border-top: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Net (loss) income</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(9.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(4.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">11.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">9.6</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">25.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Adjustments (add) subtract:</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Stock-based compensation</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.9</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(3.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(2.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 0; border-left: Black 1.5pt solid">Gain on sale of member interest in Visa Europe Ltd.</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">7.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">7.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Gain on sale of interest in Fabrix Systems Ltd.</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.1</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Severance expense</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(6.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(6.5</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Other operating gain (expense)</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.8</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(10.2</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(10.4</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Income tax (expense) benefit</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(11.1</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.9</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">5.5</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.9</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">Total adjustments</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(11.3</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(10.9</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(8.7</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Income tax effect of total adjustments</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">-</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">3.6</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1.7</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">6.4</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">2.5</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">11.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">7.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(3.4</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">2.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(2.5</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Non-GAAP net income</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">2.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">8.0</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">11.9</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">22.9</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">Earnings per share:</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">Basic</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.41</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.21</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.49</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.35</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.03</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Total adjustments</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.48</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.33</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(0.14</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.16</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(0.03</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Non-GAAP EPS - basic</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.07</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.12</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.35</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.51</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1.00</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt">Weighted-average number of shares used in calculation of basic earnings per share</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">24.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">23.1</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">22.7</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">23.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">22.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">Diluted</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.41</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">(0.21</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.48</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">0.35</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">1.03</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Total adjustments</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.48</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.33</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(0.13</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">)</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.16</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">(0.03</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0">Non-GAAP EPS - diluted</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.07</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.12</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.35</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">0.51</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">1.00</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; text-indent: 0; text-align: left; border-left: Black 1.5pt solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; border-left: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-left: Black 1.5pt solid; padding-left: 20pt; text-indent: -10pt; border-bottom: Black 1.5pt solid">Weighted-average number of shares used in calculation of diluted earnings per share</TD><TD STYLE="border-left: Black 1.5pt solid; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">24.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">23.1</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">22.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">23.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0; text-indent: 0">22.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0; text-indent: 0; border-right: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

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

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