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<SEC-DOCUMENT>0000950103-06-001955.txt : 20060815
<SEC-HEADER>0000950103-06-001955.hdr.sgml : 20060815
<ACCEPTANCE-DATETIME>20060815073829
ACCESSION NUMBER:		0000950103-06-001955
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20060814
FILED AS OF DATE:		20060815
DATE AS OF CHANGE:		20060815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Himax Technologies, Inc.
		CENTRAL INDEX KEY:			0001342338
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51847
		FILM NUMBER:		061033056

	BUSINESS ADDRESS:	
		STREET 1:		10TH FLOOR, NO. 605, CHUNGSHAN ROAD
		STREET 2:		HSINHUA, TAINAN COUNTY 712
		CITY:			TAIWAN
		STATE:			F5
		ZIP:			-
		BUSINESS PHONE:		866 (6) 505-0880

	MAIL ADDRESS:	
		STREET 1:		10TH FLOOR, NO. 605, CHUNGSHAN ROAD
		STREET 2:		HSINHUA, TAINAN COUNTY 712
		CITY:			TAIWAN
		STATE:			F5
		ZIP:			-
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp03326_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</head>
<BODY bgcolor="#ffffff">
<HR align="center" width="100%" size="4" noshade color="#000000" style="margin-top: -2px">
<HR align="center" width="100%" size="1" noshade color="#000000" style="margin-top: -10px">
<P align="center">
  <STRONG><FONT SIZE="2" FACE="Times New Roman, Times, serif"><FONT size="3">FORM 6-K<br>
  </FONT></FONT><FONT size=3 face="Times New Roman, Times, serif">SECURITIES
    AND EXCHANGE COMMISSION<BR>
  Washington, D.C. 20549</FONT></STRONG></P>
<P align="center">
  <STRONG><FONT size=3 face="Times New Roman, Times, serif">Report of Foreign Issuer<BR>
  <br>
  </FONT></STRONG>  <STRONG><FONT size=3 face="Times New Roman, Times, serif">Pursuant to Rule
  13a-16 or 15d-16<br>
  of the Securities Exchange Act of 1934<br>
  <br>
  </FONT></STRONG>
  <FONT size=2 face="Times New Roman, Times, serif">For the month of August, 2006</FONT></P>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">Commission File Number: 000-51847</FONT></P>
<P align="center"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><B><FONT size="4">Himax Technologies, Inc.</FONT></B><BR>
(Exact name of registrant as specified in its charter) </FONT></P>
<P align="center"><FONT SIZE="2" FACE="Times New Roman, Times, serif">  <STRONG>
10<sup>th</sup> Floor, No. 605, Chungshan Road<br>
Hsinhua, Tainan County 712<br>
Taiwan, Republic of China
</STRONG><BR>
  (Address of principal executive offices)<BR>
</FONT></P>
<blockquote>
    <blockquote>
      <p><font size="2" face="Times New Roman, Times, serif">Indicate by check
          mark whether the registrant files or will file annual reports under
          cover of Form 20-F or Form 40-F:</font></p>
  </blockquote>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
            20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font></td>
        <td width="50%" align="left" valign="top"></td>
        <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
            40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td></tr>
    </table>
  </div>
  <blockquote>
    <p><font size="2" face="Times New Roman, Times, serif">
 Indicate by check mark if the registrant is submitting the Form 6-K in paper
 as permitted by Regulation S-T Rule 101(b)(1):

</font></p>
  </blockquote>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="50%" align="left" valign="top"></td>
        <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td></tr>
    </table>
    <blockquote>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </font></p>
      <table width="50%" border=0 cellpadding=0 cellspacing=0>
        <tr align="center">
          <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
          <td width="50%" align="left" valign="top"></td>
          <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
        </tr>
      </table>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</font></p>
      <table width="50%" border=0 cellpadding=0 cellspacing=0>
        <tr align="center">
          <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
          <td width="50%" align="left" valign="top"></td>
          <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
        </tr>
      </table>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  <U>&nbsp;N/A&nbsp;</U></font></p>
    </blockquote>
  </div>
</blockquote>
<hr align="center" width="100%" size="1" noshade color="#000000" style="margin-top: -2px">
<hr align="center" width="100%" size="4" noshade color="#000000" style="margin-top: -10px">
<br>
<br>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=5%> </TD>
    <TD width=2%> </TD>
    <TD width=79%> </TD>
    <TD width=2%> </TD>
    <TD width=10%> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=CENTER> <font size="2">Himax Technologies, Inc.</font></TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=CENTER> <FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif">INDEX
        TO EXHIBITS</FONT></TD>
    <TD>&nbsp; </TD>
    <TD nowrap colspan=1 align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=CENTER nowrap><B><u><FONT size="2" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exhibit</FONT></u></B></TD>
    <TD><FONT SIZE="1">&nbsp;</FONT> <FONT SIZE="1">&nbsp;</FONT> <FONT SIZE="1">&nbsp;</FONT> </TD>
    <TD colspan=1 align=left nowrap><FONT SIZE="1">&nbsp;</FONT> <FONT SIZE="1">&nbsp;</FONT> <FONT SIZE="1">&nbsp;</FONT> </TD>
    <TD><FONT SIZE="1">&nbsp;</FONT> <FONT SIZE="1">&nbsp;</FONT> <FONT SIZE="1">&nbsp;</FONT> </TD>
    <TD colspan=1 align=center nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=1 align=CENTER VALIGN="top"><FONT size="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif">99.1</FONT> </TD>
    <TD valign="top">&nbsp;   </TD>
    <TD colspan=3 align=left VALIGN="top"><font face="Times New Roman, Times, Serif"><font size="2">
    Himax Technologies, Inc. Notice of Annual General Meeting
    of Members </FONT></font></TD>
  </TR>
  <TR valign="bottom">
       <TD colspan=1 align=CENTER VALIGN="top"><font size="2">99.2 </font></TD>
       <TD valign="top">&nbsp;</TD>
       <TD colspan=3 align=left VALIGN="top"><font size="2">Himax Technologies,
          Inc. 2005 Condensed Annual Report</font></TD>
  </TR>
</TABLE>
<div align="center">     <br>
    <BR>
<font size="2">2</font></div>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<div align="center"><FONT FACE="Times New Roman, Times, serif"><br>
</FONT><FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif"><strong>SIGNATURES</strong></FONT></div>
<P align="left"> <FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,
          thereunto duly authorized.</FONT></P>
<div align=right>
     <TABLE WIDTH="40%" border=0 cellpadding=0 cellspacing=0>
          <TR>
               <TD width=11%> </TD>
               <TD width=3%> </TD>
               <TD width=86%> </TD>
          </TR>
          <TR ALIGN="LEFT" valign="bottom">
               <TD nowrap colspan=3> <FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif">HIMAX
                         TECHNOLOGIES, INC.</FONT></TD>
          </TR>
          <TR>
               <TD colspan=3>&nbsp; </TD>
          </TR>
          <TR valign="bottom">
               <TD nowrap align=left> <FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT><FONT SIZE="2">&nbsp;</FONT></TD>
               <TD nowrap align=left>&nbsp;</TD>
               <TD nowrap align=left><FONT SIZE="2" face="Times New Roman, Times, serif">/s/
                         Max Chan</FONT></TD>
          </TR>
          <TR valign="bottom">
               <TD nowrap colspan=1 align=left>&nbsp;</TD>
               <TD>&nbsp;</TD>
               <TD nowrap colspan=1 align=left><hr align="left" width="60%" size=1 noshade>
               </TD>
          </TR>
          <TR valign="bottom">
               <TD nowrap colspan=1 align=left> <FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name:</FONT></TD>
               <TD>&nbsp; </TD>
               <TD nowrap colspan=1 align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">Max
                         Chan</FONT><FONT SIZE="2">&nbsp;</FONT></TD>
          </TR>
          <TR valign="bottom">
               <TD nowrap colspan=1 align=left> <FONT SIZE="2" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Title:</FONT></TD>
               <TD>&nbsp; </TD>
               <TD nowrap colspan=1 align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">Chief
                         Financial Officer</FONT></TD>
          </TR>
     </TABLE>
</DIV>
<BR>
<P align="left"> <FONT SIZE="2" face="Times New Roman, Times, serif">Date: August
          14, 2006</FONT></P>
<div align="center"><font size="2" face="Times New Roman, Times, serif"></font></div>
<P align="center">
     <FONT size="2" face="serif" baseface="serif">3</FONT></P>

<BR>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<div align="right"><B><FONT size=2 face="sans-serif">Exhibit 99.1</FONT></B></div>
<br>


<div align="center"><B><FONT face="sans-serif">HIMAX TECHNOLOGIES, INC.<br>
     </FONT></B><B><FONT face="sans-serif">NOTICE OF ANNUAL GENERAL MEETING OF MEMBERS</FONT></B>
</div>
<P>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">NOTICE
     IS HEREBY GIVEN that the Annual General Meeting of Members (the &#147;Meeting&#148;) of Himax Technologies, Inc., a Cayman Islands company (the &#147;Company&#148;),
     will be held at 9:00 a.m., local time, on September 6, 2006, at the Incubator
     at Tainan Science Park, Room B101 (International Conference Hall) No. 12,
     Nanke 2<SUP>nd</SUP> Road, Tainan Science Park, Tainan
County, Taiwan, for the following purposes:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="5%" align="center" valign=top nowrap>
          <FONT size="2" face="sans-serif">1.</FONT><font size="2">&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width="95%">
          <FONT size="2" face="sans-serif">To approve the 2005 audited financial reports</FONT> </TD>
</TR>
<TR><TD align="center">&nbsp;</TD>
     <TD width="95%">&nbsp;</TD>
</TR><TR>
     <TD width="5%" align="center" valign=top nowrap>
          <FONT size="2" face="sans-serif">2.</FONT><font size="2">&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width="95%">
          <FONT size="2" face="sans-serif">To re-elect Mr. Jordan Wu as a director of the Company</FONT>        </TD>
</TR>
<TR><TD align="center">&nbsp;</TD>
     <TD width="95%">&nbsp;</TD>
</TR><TR>
     <TD width="5%" align="center" valign=top nowrap>
          <FONT size="2" face="sans-serif">3.</FONT><font size="2">&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width="95%">
          <FONT size="2" face="sans-serif">To transact any other business properly brought before the Meeting</FONT>    </TD>
</TR></TABLE>
<P>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Members of record at the close of business on July 26, 2006 of shares in the capital of the Company will be entitled to vote at the Meeting or any adjournment or postponement thereof. A member
entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him. A proxy need not be a member of the Company.</FONT></font></P>
<P>
     <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Pursuant
     to the Company&#146;s Amended and Restated Articles of Association, on a
     poll, every member present in person or by proxy shall be entitled to one
vote in respect of each ordinary share held by him on the Record Date.</FONT></font></P>
<p><FONT size="2" face="sans-serif">By Order of the Board of Directors</FONT></p>
<p><font size="2"><img src="sig.jpg" width="125" height="28">
     <BR>
     <FONT face="sans-serif"><br>
     Jordan Wu </FONT><BR>
<FONT face="sans-serif">Director, President and CEO</FONT></font></p>
<p><font size="2">     <FONT face="sans-serif">August 7, 2006</FONT></font>




     <BR>
     <br>
</p>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<div align="right"><br>
          <B><FONT size=2 face="sans-serif">Exhibit 99.2</FONT></B><br>

</div>
<br>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">LETTER TO SHAREHOLDERS</font></td>
     </tr>
</table>

<p>&nbsp;</p>
<P>
<FONT size=2 face="sans-serif">Dear Shareholders:</FONT></P>
<P>
<FONT size=2 face="sans-serif">Since our inception in 2001, Himax has successfully established a solid position in the display driver business. We are now well positioned to become a leading semiconductor solution provider for the flat panel display industry.</FONT></P>
<P>
<FONT size=2 face="sans-serif">At this time last year, we at Himax collectively came to the conclusion that our market opportunity was growing and that we needed to capitalize on this growth trend. Our Nasdaq IPO at the end of March 2006 was in-line
with our growth plan, as it not only strengthened our balance sheet but also served as a global branding event for Himax.</FONT></P>
<P>
<FONT size=2 face="sans-serif">As a leading supplier in the TFT-LCD industry, Himax already has a solid track record of share gains in the global large panel display drivers segment. While we have accomplished a great deal in the past, we believe
that the greatest opportunities lie ahead of us. We are strengthening our market position in small- and medium-sized display driver business. We also continue to expand successfully into new segments such as LCD TV chipsets and LCOS
microdisplays.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We achieved impressive growth led by favorable market dynamics and the execution of our business plan. Overall, Himax ended 2005 in the number 3 spot, with 15.8% share in large panel display driver revenue globally.
There is clearly more room for expansion as we continue to grow with our anchor customers and expand our market share through new customers.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Display driver for TV panel shows strong growth.  This segment is one of the largest opportunities in the semiconductor industry. It continues to see strong demand growth due to superior performance and viewing
experience offered by flat panel displays. We continue to believe that the LCD industry is still in the early stages of expansion, with the TV segment offering the greatest potential for growth.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We also expect further growth in the monitor and notebook computer segments as flat panels are now the dominant display system worldwide. In these segments, low cost is one of the most important considerations for
customers. We are addressing this customer demand by introducing higher channel ICs, new designs, and more diversified supplier base. We expect that both shipments and revenues will continue to grow as demand for flat panel applications remains
strong.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Display driver shipments for both handset and consumer electronics have grown significantly since 2004, when the segment was only a small contributor. We have made considerable progress in penetrating the small- and
medium-sized TFT-LCD driver segment, especially the displays for mobile handsets. We expect a continued transition to drivers for high-resolution displays, which typically carry higher ASPs. Our technologies and product offerings ideally position us
to benefit from this trend.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We also expect to benefit from the significant investments we have made in R&amp;D to broaden our product offering into other markets that offer the potential for attractive growth and higher gross margins. We have
started shipping video processors for LCD TVs and expect to introduce more integrated products in this area.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Capitalizing on our significant expertise in LCOS microdisplay technology, we are developing differentiated products that address our customers&#146; specific display requirements such as high performance, low power
consumption, and cost efficiency for various applications. We believe the diversity in our offering revenue will further strengthen our position in the marketplace and increase shareholder value.</FONT></P>
<P>
<FONT size=2 face="sans-serif">In summary, the dedication of our employees and the strength of our technology and service have put Himax in a strong position. We thank you for your support, and we will continue to drive for excellence and strive to
achieve the growth you have come to expect.</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="64%"><font size=2 face="sans-serif">Sincerely,</font></td>
          <td width="11%">&nbsp;</td>
          <td width="25%">&nbsp;</td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td colspan="2"><img src="sig2.jpg" width="231" height="55"></td>
     </tr>
     <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td><font size=2 face="sans-serif">Jordan Wu</font><br>
               <font size=2 face="sans-serif">President and CEO</font><br>
               <font size=2 face="sans-serif">Himax Technologies, Inc.</font></td>
     </tr>
</table>


<p align="right">     <FONT size=2 face="sans-serif">1</FONT></p>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">ANNUAL REPORT TO SHAREHOLDERS FOR
          THE YEAR 2005</font></td>
     </tr>
</table>
<br>

<P>&nbsp;</P>
<div align=center>
<TABLE width="70%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left>
<B><FONT size=2 face="sans-serif">Contents</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Forward-Looking Statements</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Selected Financial Data</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">History and Development of the Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Business Operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Critical Accounting Policies and Estimates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">32</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Results of Operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">36</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Consolidated Financial Statements</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">47</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="sans-serif">Corporate Information</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">91</FONT>
        </TD>
</TR>
</TABLE>
</div>
<BR>
<P align="right">
<FONT size=2 face="sans-serif">2</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">FORWARD-LOOKING STATEMENTS</font></td>
     </tr>
</table>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">This annual report contains &#147;forward-looking statements&#148; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition, or business prospects, are based on our own information and information from other sources we believe to be
reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report. The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;expect,&#148; &#147;intend,&#148;
&#147;plan,&#148; &#147;estimate&#148; and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements. Our actual results of operations, financial condition or business prospects may differ
materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things and not limited to, our anticipated growth strategies, our future business developments, results of operations and
financial condition, our ability to develop new products, the expected growth of the display driver markets, the expected growth of end-use applications that use flat panel displays, particularly TFT-LCD panels, development of alternative flat panel
display technologies, other factors.</FONT></P>
<P>
<FONT size=2 face="sans-serif">All references to &#147;New Taiwan dollars,&#148; &#147;NT dollars&#148; and &#147;NT$&#148; are to the legal currency of the ROC; and all </FONT><FONT size=2 face="sans-serif">references
to &#147;dollars,&#148; &#147;U.S. dollars,&#148; and &#147;$&#148; are to the
legal currency of the United States.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">3</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">SELECTED FINANCIAL DATA</font></td>
     </tr>
</table><br>

<P>
<FONT size=2 face="sans-serif">The selected consolidated statement of operations data for the years ended December 31, 2003, 2004 and 2005 and the selected consolidated balance sheet data as of December 31, 2004 and 2005 are derived from our
consolidated financial statements included herein, which have been audited by KPMG Certified Public Accountants, or KPMG, and were prepared in accordance with U.S. GAAP. The selected consolidated balance sheet data as of December 31, 2001, 2002 and
2003 and the selected consolidated statement of operations data for the period from our inception on June 12, 2001 to December 31, 2001 and the year ended December 31, 2002 have been derived from our consolidated financial statements that have not
been included herein but have been audited by KPMG and were prepared in accordance with U.S. GAAP. Our consolidated financial statements include the accounts of Himax Technologies, Inc. and its subsidiaries as if we had been in existence for all
years presented. As a result of our recent reorganization, 100% of our outstanding ordinary shares are owned by former shareholders of Himax Taiwan. This reorganization is a change in legal organization for which no change in accounting basis is
appropriate. Therefore, in presenting our consolidated financial statements, the assets and liabilities, revenues and expenses of Himax Taiwan and its subsidiaries are included in our consolidated financial statements at their historical amounts for
all periods presented. Our historical results do not necessarily indicate results expected for any future periods. The selected financial and operating data set forth below should be read in conjunction with the consolidated financial statements and
the notes to those statements included herein.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=40% align=left>

        </TD>
        <TD width=2% align=right>&nbsp;
</TD>
        <TD width=8% align=center nowrap><font size=1 face="sans-serif">For the Period</font></TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% rowspan="4" align="center">&nbsp;
        </TD>
        <TD colspan="14" rowspan="4" align="center">
          <FONT size=1 face="sans-serif">Year Ended December 31,</FONT>
        </TD>
        <TD width=2% rowspan="4" align=center></TD>
</TR>
<TR>
     <TD align="left"></TD>
     <TD align="right"></TD>
     <TD align="center" nowrap><font size=1 face="sans-serif">from</font></TD>
     <TD align="center"></TD>
     </TR>
<TR>
     <TD align="left"></TD>
     <TD align="right"></TD>
     <TD align="center" nowrap><font size=1 face="sans-serif">June 12, 2001</font></TD>
     <TD align="center"></TD>
     </TR>
<TR>
     <TD align="left"></TD>
     <TD align="right"></TD>
     <TD align="center" nowrap><font size=1 face="sans-serif">(Inception) to </font></TD>
     <TD align="center"></TD>
     </TR>
<TR>
        <TD width="40%" align="left">
        </TD>
        <TD width="2%" align="right">
        </TD>
        <TD width="8%" align="center" nowrap><font size=1 face="sans-serif">December 31,</font></TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center"><HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center"><HR noshade size=1>
        </TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="right"><HR noshade size=1></TD>
        <TD width="8%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="center"><HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left></TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=center nowrap><FONT size=1 face="sans-serif">2001</FONT></TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2002</FONT></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2003</FONT></TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=center><font size=1 face="sans-serif">2004</font></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center><FONT size=1 face="sans-serif">2005</FONT></TD>
     <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%" align="left">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="2%" align="center">&nbsp;</TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>

        </TD>
        <TD width=2% align=right>

        </TD>
        <TD colspan="17" align=center>       <font size=1 face="sans-serif">(in thousands, except
          per share data)</font>        </TD>
        <TD width=2% align=center></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Consolidated Statements of Operations Data:</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Revenues</FONT>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8,980</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right><FONT size=2 face="sans-serif">$</FONT></TD>
        <TD width=8% align=right><font size=2 face="sans-serif">56,478</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">131,843</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font></TD>
        <TD width=8% align=right><font size=2 face="sans-serif">300,273</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">540,204</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Costs and expenses</FONT><SUP><FONT size=2 face="sans-serif">(1)</FONT></SUP><FONT size=2 face="sans-serif">:</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left> <FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp;Cost of revenues</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7,176</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">45,313</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">100,102</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">235,973</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">419,380</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp;Research
and development</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,509</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7,800</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">21,077</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">24,021</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">41,278</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp;General
and administrative</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">317</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,489</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,614</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,654</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,784</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>Sales and marketing</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">162</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">884</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,669</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,742</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,762</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%" align="left">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total costs and expenses</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">9,164</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">55,486</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">128,462</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">267,390</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">472,204</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%" align="left">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Operating income (loss)</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">(184</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">992</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,381</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">32,883</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">68,000</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%" align="left">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Net income (loss)</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">20</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right"><FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">513</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">(581</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right><font size=2 face="sans-serif">36,000</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">61,558</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%" align="left">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=2>     </TD>
        <TD width="8%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right"><HR noshade size=2>        </TD>
        <TD width="8%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=2>        </TD>
        <TD width="8%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right"><HR noshade size=2>        </TD>
        <TD width="8%" align="right"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right"><HR noshade size=2>        </TD>
        <TD width="8%" align="right">
<HR noshade size=2>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Earnings (loss) per ordinary share</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT> and
per ADS</FONT><SUP><FONT size=2 face="sans-serif">(3)</FONT></SUP><FONT size=2 face="sans-serif">:</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Basic</FONT>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.00</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right"><FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.00</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">(0.00</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.21</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.35</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Diluted</FONT>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.00</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right"><FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.00</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">(0.00</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.21</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.34</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Weighted-average number of shares used in</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">earnings
                  per share computation:</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Basic</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">25,732</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size=2 face="sans-serif">103,276</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">116,617</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">169,320</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">176,105</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Diluted</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">26,057</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size=2 face="sans-serif">104,739</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">116,617</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">173,298</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">180,659</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=1 face="sans-serif">Note: (1) The amount of share-based compensation included in applicable costs and expenses categories is summarized as follows:</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD align=right>&nbsp; </TD>
          <TD align=center><font size=1 face="sans-serif">For the Period</font></TD>
          <TD align=center> </TD>
          <TD rowspan="4" align="center">&nbsp; </TD>
          <TD colspan="14" rowspan="4" align="center"> <FONT size=1 face="sans-serif">Year
                    Ended December 31,</FONT> </TD>
          <TD rowspan="4" align=center></TD>
     </TR>
     <TR>
          <TD align="left"></TD>
          <TD align="right"></TD>
          <TD align="center"><font size=1 face="sans-serif">from</font></TD>
          <TD align="center"></TD>
     </TR>
     <TR>
          <TD align="left"></TD>
          <TD align="right"></TD>
          <TD align="center"><font size=1 face="sans-serif">June 12, 2001</font></TD>
          <TD align="center"></TD>
     </TR>
     <TR>
          <TD align="left"></TD>
          <TD align="right"></TD>
          <TD align="center"><font size=1 face="sans-serif">(Inception) to </font></TD>
          <TD align="center"></TD>
     </TR>
     <TR>
          <TD align="left"> </TD>
          <TD align="right"> </TD>
          <TD align="center"><font size=1 face="sans-serif">December 31,</font></TD>
          <TD align="center"> </TD>
          <TD align="center"> </TD>
          <TD align="right"><HR noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center"><HR noshade size=1>
          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="right"><HR noshade size=1>          </TD>
          <TD align="center"><HR noshade size=1>
          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="right"><HR noshade size=1></TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="center"><HR noshade size=1>
          </TD>
          <TD align="center"><HR noshade size=1></TD>
          <TD align="right"><HR noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center">&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD align=right> </TD>
          <TD align=center> <FONT size=1 face="sans-serif">2001</FONT></TD>
          <TD align=center> </TD>
          <TD align="center">&nbsp; </TD>
          <TD align="right">&nbsp; </TD>
          <TD align=center> <FONT size=1 face="sans-serif">2002</FONT></TD>
          <TD align="center">&nbsp; </TD>
          <TD align=center> </TD>
          <TD align="right">&nbsp; </TD>
          <TD align=center> <FONT size=1 face="sans-serif">2003</FONT></TD>
          <TD align=center> </TD>
          <TD align="center">&nbsp; </TD>
          <TD align=right> </TD>
          <TD align=center><font size=1 face="sans-serif">2004</font></TD>
          <TD align="center">&nbsp; </TD>
          <TD align=center></TD>
          <TD align="right">&nbsp; </TD>
          <TD align=center><FONT size=1 face="sans-serif">2005</FONT></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left"> </TD>
          <TD align="right">
               <HR noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center"> </TD>
          <TD align="right"><HR noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center"> </TD>
          <TD align="center">&nbsp; </TD>
          <TD align="right"><hr noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>

          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center"> </TD>
          <TD align="right">
               <HR noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center"> </TD>
          <TD align="center">&nbsp;</TD>
          <TD align="right"><HR noshade size=1>          </TD>
          <TD align="center">
               <HR noshade size=1>
          </TD>
          <TD align="center">&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD align=right> </TD>
          <TD colspan="17" align=center> <font size=1 face="sans-serif">(in thousands)</font> </TD>
          <TD align=center></TD>
     </TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Cost of revenues</FONT>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">17</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">172</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">827</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">291</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">188</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Research and development</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">344</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,057</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,666</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,288</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,336</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">General and administrative</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">34</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">353</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,124</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">721</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">848</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>

<FONT size=2 face="sans-serif">Sales and marketing</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">35</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">348</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,349</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">537</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,241</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Total</FONT>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">430</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,930</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">15,966</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
</TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,837</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8,613</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=2>     </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=2>        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=2>        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=2>        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=2>        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD width="90%">
<FONT size=1 face="sans-serif">Under the ROC Statute for Upgrading Industries, we are exempt from income taxes for income attributable to expanded production capacity or newly developed technologies. If we had not been exempt from paying this income
tax, net income and basic and diluted earnings per share would have been $52.4 million, $0.30 and $0.29 for the year ended December 31, 2005, respectively. This tax exemption expires on March 31, 2009.</FONT>        </TD>
</TR><TR>
     <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD width="90%">
<FONT size=1 face="sans-serif">Each ADS represents one ordinary share. Earnings (loss) per ADS are unaudited.</FONT>    </TD>
</TR></TABLE>
<P>
<FONT size=2 face="sans-serif">The following table presents our selected consolidated balance sheet data as of December 31, 2001, 2002, 2003, 2004 and 2005:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=40% align=left>

        </TD>
        <TD width=2% align=right>

        </TD>
        <TD colspan="17" align=center>
          <FONT size=1 face="sans-serif">As of December 31,</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center"><HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center"><hr noshade size=1>
        </TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="right"><HR noshade size=1></TD>
        <TD width="8%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="right"><HR noshade size=1></TD>
        <TD width="8%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>

        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2001</FONT></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center><FONT size=1 face="sans-serif">2002</FONT></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2003</FONT></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center><FONT size=1 face="sans-serif">2004</FONT></TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=center><FONT size=1 face="sans-serif">2005</FONT></TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="2%" align="right">
<HR noshade size=1>     </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
        <TD width="1%" align="right"><hr noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center"></TD>
        <TD width="2%" align="center"></TD>
        <TD width="1%" align="right"><HR noshade size=1>        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>

        </TD>
        <TD width=2% align=right>

        </TD>
        <TD colspan="17" align=center><FONT size=1 face="sans-serif">(in thousands)</FONT></TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Consolidated Balance Sheet Data:</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Cash and cash equivalents</FONT>
        </TD>
        <TD width=2% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,067</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,697</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,529</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;
        </TD>
        <TD width=1% align="right"><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,577</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font></TD>
        <TD width=8% align=right><font size=2 face="sans-serif">7,086</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Accounts receivable, net</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">80</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,637</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12,543</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">26,860</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">80,158</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Accounts receivable from related parties</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,901</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,786</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">22,893</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">39,285</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">69,688</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Inventories</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,222</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12,056</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">21,088</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">54,092</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">105,004</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total current assets</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7,621</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">26,885</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">88,245</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">144,414</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">300,056</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total assets</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">9,079</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">29,423</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">96,159</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">157,770</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">327,239</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Short-term debt</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">27,274</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Accounts payable</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,249</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,803</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">22,901</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">38,649</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">105,801</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total current liabilities</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,922</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,750</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">43,613</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">52,157</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">160,784</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total liabilities</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,922</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,975</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">43,870</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">52,246</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">160,784</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total stockholders&#146; equity</FONT>
        </TD>
        <TD width=2% align=right>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,157</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">17,448</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">52,289</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">104,860</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align="right">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">165,831</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="sans-serif">5</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">HISTORY AND DEVELOPMENT OF THE COMPANY</font></td>
     </tr>
</table>

<P>&nbsp;</P>
<P>
<B><FONT face="sans-serif">Himax launched IPO on Nasdaq on March 31, 2006</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Himax Taiwan, our predecessor, was incorporated on June 12, 2001 as a limited liability company under the laws of the ROC. On April 26, 2005, we established Himax Technologies Limited, an exempted company with limited
liability under the Companies Law Cap. 22 of the Cayman Islands, or the Companies Law, as a holding company to hold the shares of Himax Taiwan in connection with our reorganization and share exchange. On October 14, 2005, Himax Taiwan became our
wholly owned subsidiary through a share exchange consummated pursuant to the ROC Business Mergers and Acquisitions Law through which we acquired all of the issued and outstanding shares of Himax Taiwan, and we issued ordinary shares to the
shareholders of Himax Taiwan. Shareholders of Himax Taiwan received one of our ordinary shares in exchange for one Himax Taiwan common share. The share exchange was unanimously approved by shareholders of Himax Taiwan on June 10, 2005 with no
dissenting shareholders and by the ROC Investment Commission on August 30, 2005 for our inbound investment in Taiwan, and on September 7, 2005 for our outbound investment outside of Taiwan. Acquisition of our ordinary shares by non-ROC shareholders
of Himax Taiwan is not subject to the approval of the ROC Investment Commission. We effected this reorganization and share exchange to comply with ROC laws, which prohibit a Taiwan incorporated company not otherwise publicly listed in Taiwan from
listing its shares on an overseas stock exchange. Our reorganization enables us to maintain our operations through our Taiwan subsidiary, Himax Taiwan, while allowing us to list our shares overseas through our holding company structure.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Pursuant to the approval letters from the ROC Investment Commission, we and Himax Taiwan have to satisfy certain documentation requirements in order to evidence the completion of the share exchange, some of which have
yet to be completed as of the date of this annual report. On November 24, 2005, Himax Taiwan submitted to the ROC Investment Commission (1) the status report confirming the completion of the share exchange, (2) the shareholders&#146; notice setting
the record date of the share exchange and (3) the shareholders register maintained by our registrar. In addition, on December 5, 2005, Himax Taiwan submitted to the ROC Investment Commission its latest corporate registration card issued by the ROC
Ministry of Economic Affairs. The ROC Investment Commission is in the process of reviewing these documents and may request Himax Taiwan to provide further documents to satisfy the documentation requirement. We do not anticipate any difficulties in
providing the required documentation to the ROC Investment Commission and expect that any further required documents (if any) will be submitted on a timely basis in satisfaction of our obligations under the relevant approval letter.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The common shares of Himax Taiwan were traded on the Emerging Stock Board from December 26, 2003 to August 10, 2005, under the stock code &#147;3222.&#148; Himax Taiwan&#146;s common shares were delisted from the
Emerging Stock Board on August 11, 2005. As a result of our reorganization, Himax Taiwan is no longer a Taiwan public company, and its common shares are no longer listed or traded on any trading markets.</FONT></P>
<P>
<FONT size=2 face="sans-serif">On September 26, 2005, we changed our name to &#147;Himax Technologies, Inc.,&#148; and on October 17, 2005 Himax Taiwan changed its name to &#147;Himax Technologies Limited&#148; upon the approval of shareholders of
both companies and amendments to the respective constitutive documents. We effected the name exchange in order to</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">6</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">maintain continuity of operations and marketing under the trade name &#147;Himax Technologies, Inc.,&#148; which had </FONT><FONT size=2 face="sans-serif">been previously used by Himax Taiwan.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We closed our initial public offering on April 4, 2006 and our ADSs have been quoted on the Nasdaq National Market since March 31, 2006. Our ordinary shares are not listed or publicly traded on any trading markets. As
of May 1, 2006, approximately 199.4 million of our shares were outstanding. We believe that, of such shares, approximately 56.7 million shares in the form of ADSs were held by approximately 6,125 holders in the United States as of May 1,
2006.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our principal executive offices are located at 10th Floor, No. 605, Chungshan Road, Hsinhua, Tainan County 712, Taiwan, Republic of China. Our telephone number at this address is +886 (6) 505-0880. Our registered
office in the Cayman Islands is located at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, Georgetown, Grand Cayman, Cayman Islands. Our telephone number at this address is +(1-345) 949-1040. In addition, we have regional offices in
Hsinchu and Taipei, Taiwan; Suzhou and Shenzhen, China; Yokohama, Japan; and Anyangsi Kyungkido, South Korea. Investor inquiries should be directed to us at the address and telephone number of our principal executive offices set forth above. Our
website is www.himax.com.tw. The information contained on our website is not part of this annual report. Our agent for service of process in the United States is Puglisi &amp; Associates located at 850 Library Avenue, Suite 204, Newark, Delaware
19711.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">7</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">BUSINESS OPERATIONS</font></td>
     </tr>
</table>
<br>

<P>
<B><FONT face="sans-serif">Himax is one of the world&#146;s leading large-sized TFT-LCD panel <br>
display driver suppliers, with a market share of approximately <br>
15.8% in terms of revenues in 2005.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">Overview<br>
</FONT></B><FONT size=2 face="sans-serif">We
design, develop and market semiconductors that are critical components of flat
panel displays. We believe we are among the world&#146;s leading suppliers of
large-sized TFT-LCD panel display drivers, with a market share of approximately
15.8% in terms of revenues in 2005, according to iSuppli. Our principal products
are display drivers for large-sized TFT-LCD panels, which are used in desktop
monitors, notebook computers and televisions, and display drivers for small-
and medium-sized TFT-LCD panels, which are used in mobile handsets and consumer
electronics products such as digital cameras, mobile gaming devices and car navigation
displays. We also offer display drivers for panels using OLED technology and
LTPS technology. In addition, we are expanding our product offering to include
television semiconductor solutions, as well as LCOS products. Our customers are
panel and television makers. We believe that our leading design and engineering
expertise, combined with our focus on customer service and close relationships
with semiconductor manufacturing service providers, has contributed to our success.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Industry Background<br>
</FONT></B><FONT size=2 face="sans-serif">We
operate in the flat panel display semiconductor industry. As our semiconductors
are critical components of flat panel displays, our industry is closely linked
to the trends and developments of the flat panel display industry. According
to iSuppli, global unit shipments of large-sized (ten inches and above in diagonal
measurement) flat panel displays are expected to grow from approximately 203.7
million units in 2005 to approximately 352.7 million units in 2009. iSuppli also
forecasts global unit shipments of small- and medium-sized (less than ten inches
in diagonal measurement) flat panel displays to grow from approximately 1.5 billion
units in 2005 to approximately 1.8 billion units in 2009. This projected growth
is expected to drive the demand for semiconductors used in large-sized panels
and small- and medium-sized panels. Panel manufacturers are primarily located
in Taiwan, South Korea, Japan and China. We believe that Taiwan-based semiconductor
companies are well positioned to take advantage of the geographic proximity to
work closely with panel manufacturers to design semiconductors to be integrated
into such customers&#146; products.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Flat Panel Displays</strong><br>
</FONT><FONT size=2 face="sans-serif">Flat panel displays are thin displays that are widely used in a broad range of applications, including notebook computers, desktop monitors, televisions, mobile handsets and consumer electronics products. Flat panel
displays have a number of attractive characteristics, including flat and thin screens, light weight, high resolution, stable picture quality with no flickering, low power consumption and low radiation. Technological innovation and production
efficiency have resulted in the reduction in the price of flat panel displays and have narrowed the price difference between flat panel displays and traditional cathode ray tube, or CRT, displays. For certain large-sized applications such as desktop
monitors and televisions, CRT displays are increasingly being replaced by flat panel displays. This trend is expected to drive the demand for large-sized flat panel displays. Further, the demand for low-cost, high-quality color displays for
small-sized applications and consumer preferences for multimedia color panels are expected to drive the demand for mobile handsets and other mobile devices.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">8</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">There are several alternative flat panel display technologies at various stages of development and commercial production, including the following:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=3>
<TR>
        <TD width="5%" align="center" valign=top nowrap>
<LI></LI>       </TD>
        <TD width="95%">
<FONT size=2 face="sans-serif">Amorphous silicon thin film transistor liquid
crystal display technology, or a-Si TFT-LCD, is an advanced active matrix technology
that uses a matrix of transistors embedded on a thin film of silicon to change
the transparency of the LCD when voltage is applied. An a-Si TFT-LCD panel consists
of two thin glass substrates between which a layer of liquid crystals is deposited
and behind which a light source is mounted. The front glass substrate is fitted
with a color filter, while the back glass substrate, also called a</FONT> <font size=2 face="sans-serif">TFT
array, has a thin film of transistors, or TFT, formed on its surface. The liquid
crystals are normally aligned to allow the polarized light from the backlight
unit to pass through the two glass panels to form a</font> <font size=2 face="sans-serif">picture
element, or pixel. When voltage is applied to the transistors on the TFT array,
the liquid crystals change their alignment and alter the amount of light that
passes through them. Meanwhile, the color filter on the front glass substrate
gives each pixel its own color. The combination of these pixels in different
colors and levels of brightness forms the image on the panel. A-Si TFT-LCD panels
are used in devices of different sizes ranging from one inch to greater than
50 inches for various applications. Unless otherwise indicated, the term
&#147;TFT-LCD&#148; is used generally in this prospectus to refer to a-Si TFT-LCD.</font>       </TD>
</TR><TR>
        <TD width="5%" align="center" valign=top nowrap>
<LI></LI>       </TD>
        <TD>
<FONT size=2 face="sans-serif">LTPS is an alternative form of TFT-LCD technology and uses poly silicon instead of the amorphous silicon used in standard TFT-LCD panels. LTPS is currently primarily used in small-sized panels.</FONT> </TD>
</TR><TR>
        <TD width="5%" align="center" valign=top nowrap>
<LI></LI>       </TD>
        <TD>
<FONT size=2 face="sans-serif">OLED technology uses electro-luminescent materials under active or passive matrix schemes. OLED is currently primarily used in small-sized panels.</FONT>        </TD>
</TR><TR>
        <TD width="5%" align="center" valign=top nowrap>
<LI></LI>       </TD>
        <TD>
<FONT size=2 face="sans-serif">Super twisted nematic, or STN, is a passive matrix LCD technology. STN is a low-power, low-cost solution that has been widely used in small displays. There are two types of STN displays, monochrome and color. Color STN
displays have largely replaced monochrome STNs, with monochrome STNs primarily used in low-end mobile handsets. However, color STN is gradually being replaced by TFT-LCD and other technologies that offer superior image quality compared with color
STN technology.</FONT>  </TD>
</TR><TR>
        <TD width="5%" align="center" valign=top nowrap>
<LI></LI>       </TD>
        <TD>
<FONT size=2 face="sans-serif">Liquid crystal on silicon technology, or LCOS, is a microdisplay technology that creates high-resolution images with liquid crystals and silicon chips. LCOS displays are constructed with a silicon chip, a layer of
liquid crystals and a glass cover plate in contrast to the more common TFT-LCD construction of liquid crystals sandwiched between two glass plates. LCOS is at a relatively early stage of commercialization and is currently used in large-sized
projection televisions and certain small-sized applications.</FONT>     </TD>
</TR><TR>
        <TD width="5%" align="center" valign=top nowrap>
<LI></LI>       </TD>
        <TD>
<FONT size=2 face="sans-serif">Digital light processing technology, or DLP, is
another microdisplay technology. Instead of using liquid crystals, the DLP chip
is a reflective surface containing tiny mirrors. Each mirror represents a single
 pixel.</FONT> <font size=2 face="sans-serif">DLP technology is primarily used
in large-sized projection televisions.</font>   </TD>
</TR></TABLE>
<P>
<FONT size=2 face="sans-serif">Of these technologies, TFT-LCD technology was the most widely used flat panel display technology in 2005 in terms of revenues, with global sales of TFT-LCD driver products representing approximately 68.3% of the total
flat panel driver market, according to iSuppli. TFT-LCD is currently the dominant technology used in desktop monitors and notebook computers and is becoming more widely adopted in televisions. The attractiveness of the TFT-LCD market opportunity has
spurred substantial investments in capital expenditures on new generation fabs leading to expanded and improved manufacturing capacity and increased focus and spending on research and development by panel manufacturers. Additionally, the TFT-LCD
market opportunity has contributed to the growth of a highly developed and specialized supply chain. The combination of these factors is expected to</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">9</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>

<br>
<br>

<P>
<FONT size=2 face="sans-serif">continue to improve performance and reduce the unit cost of TFT-LCD panels and thereby further drive demand for such products and their components.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Flat Panel Display Semiconductors<br>
</strong></FONT><FONT size=2 face="sans-serif">Flat panel displays require different semiconductors depending upon the display technologies and the application. Some of the most important ones include the following:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=3>
<TR valign="bottom">
     <TD align=center valign="top"><FONT size=2 face="sans-serif">&#149;</FONT> </TD>
     <TD align=left valign="top"><i><font size=2 face="sans-serif">Display Driver. </font></i><font size=2 face="sans-serif">The
               display driver receives image data from the timing controller
               and delivers precise</font> <font size=2 face="sans-serif">analog
               voltages or currents to create images on the display. The two
               main types of display drivers for a</font> <font size=2 face="sans-serif">TFT-LCD
               panel are gate drivers and source drivers. Gate drivers turn on
               the transistor within each pixel</font> <font size=2
face="sans-serif">cell on the horizontal line on the panel for data input at
               each row. Source drivers receive image data from</font> <font size=2 face="sans-serif">the
               timing controller and generate voltage that is applied to the
               liquid crystal within each pixel cell on the</font> <font size=2 face="sans-serif">vertical
               line on the panel for data input at each column. The combination
               determines the colors generated</font> <font size=2 face="sans-serif">by
               each pixel. Typically multiple gate drivers and source drivers
               are installed separately on the panel.</font> <font size=2 face="sans-serif">However,
               for certain small-sized applications, gate drivers and source
               drivers are integrated into a single</font> <font size=2 face="sans-serif">chip
               due to space and cost considerations. The number of display drivers
               required for each panel</font> <font size=2 face="sans-serif">depends
               on the resolution. Large-sized panels typically have higher resolution
               and require more display</font> <font size=2 face="sans-serif">drivers
          than smaller-sized panels.</font></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=95% align=left valign="top">
<I><FONT size=2 face="sans-serif">Timing Controller. </FONT></I><FONT size=2 face="sans-serif">The
timing controller receives image data and converts the format for the source
drivers&#146; input.
The timing controller also generates controlling signals for gate and source
drivers. Typically the timing controller is a discrete semiconductor
in large-sized TFT-LCD panels. For small-sized applications,</FONT> <font size=2 face="sans-serif">however,
the timing controller may be integrated with display drivers.</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=95% align=left valign="top">
<I><FONT size=2 face="sans-serif">Scaler. </FONT></I><FONT size=2 face="sans-serif">For
certain displays, a scaler is installed to magnify or shrink image data in order
for the image to fill the panel.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center valign="top"><FONT size=2 face="sans-serif">&#149;</FONT>

        </TD>
        <TD width=95% align=left valign="top"><i><font size=2 face="sans-serif">Operational
                       Amplifier. </font></i><font size=2 face="sans-serif">An operational
                       amplifier supplies the reference voltage to source drivers in
                       order</font> <font size=2 face="sans-serif">to make their output
                       voltage uniform.</font>
</TD>
</TR>
<TR valign="bottom">
     <TD align=center valign="top"><FONT size=2 face="sans-serif">&#149;</FONT> </TD>
     <TD align=left valign="top"><i><font size=2 face="sans-serif">Television
                    Chipset. </font></i><font size=2 face="sans-serif">Television
                    flat panel displays require chipsets that typically contain
          all or some of the following components: an audio processor, analog
          interfaces, digital interfaces, a video processor, a</font> <font size=2 face="sans-serif">channel
          receiver and a digital television decoder. See &#147;&#150;Products&#150;Television
          Semiconductor Solutions&#150;</font><font size=2 face="sans-serif">Television
          Chipsets&#148; for a description of these components.</font>   </TD>
</TR>
<TR valign="bottom">
     <TD align=center valign="top"><FONT size=2 face="sans-serif">&#149;</FONT> </TD>
     <TD align=left valign="top"><i><font size=2 face="sans-serif">Others. </font></i><font size=2 face="sans-serif">Flat
               panel displays also require multiple general purpose semiconductors
               such as memory,</font> <font size=2 face="sans-serif">power converters
          and inverters.</font></TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="sans-serif"><strong>Characteristics of the Display Driver Market</strong><br>
</FONT><FONT size=2 face="sans-serif">Although we operate in several distinct segments of the flat panel display semiconductor industry, our principal products are display drivers. Display drivers are critical components of flat panel displays. As a
result, we believe that the projected growth in the demand for flat panel displays will result in the growth in demand for display drivers. According to iSuppli, shipments of display drivers are expected to grow from 4.2 billion units in 2005 to 6.3
billion units in 2009, with global sales revenues increasing from $7.8 billion in 2005 to $9.3 billion in 2009. The display driver market has specific characteristics, including those discussed below.</FONT></P>
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<I><FONT size=2 face="sans-serif">Concentration of Panel Manufacturers<br>
</FONT></I><FONT size=2 face="sans-serif">The
global TFT-LCD panel industry consists of a small number of manufacturers, substantially
all of which are based in Asia. According to iSuppli, the top ten TFT-LCD panel
manufacturers of large-sized panels in terms of unit sales accounted for 95.7%
of global sales in the first three quarters of 2005. All of these manufacturers
are based in Asia. In recent years, TFT-LCD panel manufacturers, in particular
Taiwan- and Korea-based manufacturers, have invested heavily to establish, construct
and ramp up additional fab capacity. The capital intensive nature of the industry
often results in TFT-LCD panel manufacturers operating at a high level of capacity
utilization in order to reduce unit costs. This tends to create a temporary oversupply
of panels, which reduces the average selling price of panels and puts pricing
pressure on display driver companies. Moreover, the concentration of panel manufacturers
permits major panel manufacturers to exert pricing pressure on display driver
companies such as us. The small number of panel manufacturers intensifies this
as display driver companies, in addition to seeking to expand their customer
base, must also focus on winning a larger percentage of such customers&#146; display
driver requirements.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Customization Requirements<br>
</FONT></I><FONT size=2 face="sans-serif">Each
panel display has a unique pixel design to meet its particular requirements.
To optimize the panel&#146;s performance, display drivers have to be customized for each panel design. The most common customization
requirement is for the display driver company to optimize the gamma curve of each display driver for each panel design. Display driver companies must work closely with their customers to develop semiconductors that meet their customers&#146; specific
needs in order to optimize the performance of their products.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Mixed-Signal Design and High-Voltage CMOS Process Technology<br>
</FONT></I><FONT size=2 face="sans-serif">Display drivers have specific design and manufacturing requirements that are not standard in the semiconductor industry. Some display drivers require mixed-signal design since they combine both analog and digital
devices on a single semiconductor to process both analog signals and digital data. Manufacturing display drivers requires high-voltage complementary metal oxide semiconductor, or CMOS, process technology typically operating at eight to 16 volts for
source drivers and 10 to 40 volts for gate drivers, levels of voltage which are not standard in the semiconductor industry. For display drivers, the driving voltage must be maintained under a very high degree of uniformity, which can be difficult to
achieve using standard CMOS process technology. However, manufacturing display drivers does not require very small-geometry semiconductor processes. Typically, the manufacturing process for large panel display drivers requires geometries between
0.18 micron and 1 micron because the physical dimensions of a high-voltage device do not allow for the economical reduction in geometries below this range. We believe that there are a limited number of fabs with high-voltage CMOS process technology
that are capable of high-volume manufacturing of display drivers.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Special Assembly and Testing Requirements<br>
</FONT></I><FONT size=2 face="sans-serif">Manufacturing display drivers requires certain assembly and testing technologies and equipment that are not standard for other semiconductors and are offered by a limited number of providers. The assembly of display
drivers typically uses either tape automated bonding, also known as TAB, or chip-on-glass, also known as COG, technologies. Display drivers also require gold bumping, which is a process in which gold bumps are plated onto each wafer to connect the
die and the processed tape, in the case of TAB packages, and the glass, in the case of COG packages. TAB may utilize tape carrier package, also known as TCP, or chip on film, also</FONT></P>
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<FONT size=2 face="sans-serif">known as COF. The type of assembly used depends on the panel manufacturer&#146;s design which is influenced by panel size and application and is typically determined by the panel manufacturers. Display drivers for
large-sized applications typically require TAB package types and, to a lesser extent COG package types, whereas display drivers for mobile handsets and consumer electronics products typically require COG packages. The testing of display drivers also
requires special testers that can support high-channel and high-voltage output semiconductors. Such testers are not standard in the semiconductor industry.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Supply Chain Management<br>
</FONT></I><FONT size=2 face="sans-serif">The
manufacturing of display drivers is a complex process and requires several manufacturing
stages such as wafer fabrication, gold bumping and assembly and testing, and
the availability of materials such as the processed tape used in TAB packaging.
We refer to these manufacturing stages and material requirements collectively
as the &#147;supply chain.&#148; Panel manufacturers typically operate at high levels of capacity utilization and require a reliable
supply of display drivers. A shortage of display drivers, or a disruption to this supply, may disrupt panel manufacturers&#146; operations since replacement supplies may not be available on a timely basis or at all, given the customization of
display drivers. As a result, a display driver company&#146;s ability to deliver
its products on a timely basis at the quality and quantity required is critical
to satisfying its existing customers and winning new ones. Such supply chain
management is particularly crucial to fabless display driver companies that do
not have their own in-house manufacturing capacity. In the case of display drivers,
supply chain management is further complicated by the high-voltage CMOS process
technology and the special assembly and testing requirements that are not standard
in the semiconductor industry. Access to this capacity also depends in part on
display driver companies having received assurances of demand for their products
since semiconductor manufacturing service providers require credible demand forecasts
before allocating capacity among customers and investing to expand their capacity
to support growth.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Need for Higher Level of Integration<br>
</FONT></I><FONT size=2 face="sans-serif">The small form factor of mobile handsets and certain consumer electronics products restricts the space for components. Small-sized panel applications require one source driver, one gate driver and one timing
controller, which can be installed as separate semiconductors or as an integrated single-chip driver. Customers are increasingly demanding higher levels of integration in order to manufacture more compact panels, simplify the module assembly process
and reduce unit costs. Display driver companies must be able to offer highly integrated chips that combine the source driver, gate driver and timing controller, as well as semiconductors such as memory, power circuit and image processors, into a
single chip. Due to the size restrictions and stringent power consumption constraints of such display drivers, single-chip drivers are complex to design. For large-sized panel applications, integration is both more difficult to achieve and less
important since size and weight are less of a priority.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>The Taiwan Advantage in the Flat Panel Display Driver Industry</strong><br>
</FONT><FONT size=2 face="sans-serif">The
highly developed Taiwan semiconductor supply chain and the close proximity to
panel manufacturers have contributed to the growth of Taiwan&#146;s display driver industry. Taiwan is one of the world&#146;s
leading locations for outsourced semiconductor manufacturing and back-end services,
with leading semiconductor manufacturing service providers offering outsourced,
high-volume and advanced manufacturing for each of the various stages of the
semiconductor manufacturing process, including wafer fabrication, gold bumping,
assembly and testing.</FONT></P>
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<FONT size=2 face="sans-serif">This cluster effect gives Taiwan-based display driver companies access to significant capacity, economies of scale, specialized expertise and manufacturing flexibility. Moreover, Taiwan-based semiconductor
manufacturing service providers can leverage Taiwan&#146;s large pool of highly skilled engineers and other personnel suitable for sophisticated manufacturing industries. The ready availability of semiconductor manufacturing in Taiwan helps
Taiwan-based display driver companies such as us to mass-produce their products at competitive prices. Taiwan is also a key location for panel manufacturers. The close proximity to customers facilitates efficient joint development and improved
manufacturing processes and engineering support.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">The Himax Solution</FONT></B></P>
<P>
<FONT size=2 face="sans-serif"> Our semiconductors and solutions provide our customers with the following benefits:</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="sans-serif">Comprehensive Display Driver Solutions. </FONT></I><FONT size=2 face="sans-serif">We
offer comprehensive display driver solutions and have</FONT> <FONT size=2 face="sans-serif">devoted
substantial resources to  satisfy our customers&#146; short- and long-term needs.
We are highly skilled</FONT> <FONT size=2 face="sans-serif">in the design of
customized, high-performance and cost-effective display drivers. We believe that
we</FONT> <FONT size=2
face="sans-serif">design and offer display drivers that meet the various and
fast-changing requirements of panel manufacturers. We
have in-depth knowledge of display technologies and liquid crystal characteristics
and are committed to working closely with
our customers and using this know-how to solve their  display-related problems and
to optimize the performance of their products.</FONT><br></LI>
<Li><I><FONT size=2 face="sans-serif">Broad Product Portfolio. </FONT></I><FONT size=2 face="sans-serif">We
offer a broad range of display drivers to meet the requirements of our customers.
We provide display  drivers to support a wide range of resolutions, panel sizes
and various interface technologies, including customized interfaces, as well
as COF, COG and TCP package types. To further broaden our product portfolio,
we are developing source and gate  drivers with a higher number of channels and
higher-bit source drivers for large-sized TFT-LCD panels, expanding our portfolio
of display drivers for LTPS and developing display drivers for panels utilizing
OLED technology.</FONT><br></li>
<LI>
<I><FONT size=2 face="sans-serif">Customized Products That Optimize Panel Performance. </FONT></I><FONT size=2 face="sans-serif">We design many of our products based on</FONT> <FONT size=2 face="sans-serif">our customers&#146; specifications, and we
work closely with our direct customers, and in some cases our</FONT> <FONT size=2 face="sans-serif">customers&#146; customers, to better understand their needs and to align our products with their product</FONT> <FONT size=2
face="sans-serif">roadmaps. For example, our continuing close relationship and collaboration with CMO, a leading panel</FONT> <FONT size=2 face="sans-serif">manufacturer, have improved our understanding of the requirements of panel manufacturers and
enhanced</FONT> <FONT size=2 face="sans-serif">our ability to optimize panel performance. Our customized product approach allows our engineers to focus</FONT> <FONT size=2 face="sans-serif">on customer service and deliver engineering samples and
offer engineering solutions. Finally, our ability</FONT> <FONT size=2 face="sans-serif">to quickly change the driving gamma curve allows us to optimize the performance of various liquid crystal</FONT> <FONT size=2 face="sans-serif">materials and
customize our products.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Fabless Model for Manufacturing Efficiency and Flexibility. </FONT></I><FONT size=2 face="sans-serif">We use semiconductor manufacturing service</FONT> <FONT size=2 face="sans-serif">providers such as foundries and
assembly and testing houses. We engage foundries with high-voltage</FONT> <FONT size=2 face="sans-serif">CMOS process technology for our display drivers, and we work with assembly and testing houses that</FONT> <FONT size=2
face="sans-serif">specialize in TAB and COG assembly, thereby allowing us to take advantage of the economies of scale</FONT> <FONT size=2 face="sans-serif">and specialization of such semiconductor manufacturing service providers. In addition, we are
able to</FONT> <FONT size=2 face="sans-serif">capture the financial and operational benefits of the fabless model, including reduced manufacturing</FONT> <FONT size=2 face="sans-serif">personnel, capital expenditures, fixed assets and fixed costs.
Our fabless model also provides us with the</FONT> <FONT size=2 face="sans-serif">flexibility to use the most suitable technology and service provider for a particular product.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Cost-Effective Solutions for High-Volume Manufacturing. </FONT></I><FONT size=2 face="sans-serif">We strive to design cost-effective semiconductors</FONT> <FONT size=2 face="sans-serif">for high-volume manufacturing
by reducing manufacturing and material costs while maintaining the desired</FONT></LI>
</UL>
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<UL>
<FONT size=2 face="sans-serif">level of performance. We believe that our relationships with our suppliers provide us with access to</FONT> <FONT size=2 face="sans-serif">processed tape used in TAB package and equipment at competitive prices. Since
panel manufacturers</FONT> <FONT size=2 face="sans-serif">are price sensitive, we must leverage existing product design expertise to shrink the die size in order to</FONT> <FONT size=2 face="sans-serif">develop cost-effective products with desired
features and performances. Moreover, we strive to achieve</FONT> <FONT size=2 face="sans-serif">cost savings by economies of scale, yield improvements, design improvements and manufacturing efficiency.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Highly Integrated, Small and Power Efficient Display Drivers for Mobile Handsets and Consumer Electronics</FONT></I> <I><FONT size=2 face="sans-serif">Products. </FONT></I><FONT size=2 face="sans-serif">Our
engineers are highly skilled at combining various multi-voltage, mixed signal functional building blocks into a single chip. For example, our display drivers for mobile device applications combine
source drivers, gate drivers, power circuit, timing controllers and static random access memory, or SRAM, into a single chip. We have devoted significant time and engineering resources
collaborating with our customers to simulate, characterize, and, as necessary, adapt these processes to design and develop our products for higher performances and smaller
die sizes. As a result, we believe our display drivers for mobile handsets are currently among the smallest in the industry. Similarly, we work to reduce the power
consumption and heat generation of our products, as improved power efficiency extends battery life, which is particularly important for mobile devices.</FONT></LI>
</UL>
<P>
<B><FONT size=2 face="sans-serif">Strategy<br>
</FONT></B><FONT size=2 face="sans-serif">We
are a leading supplier of display drivers for large-sized TFT-LCD panels. Our
aim is to become one of the world&#146;s leading providers of semiconductors
for flat panel display applications. We intend to pursue this goal through the
following strategies:</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Expand and Diversify Our Customer Base and Capture a Larger Percentage of Our Customers&#146; Large-sized Panel Display Driver Requirements. </FONT></I><FONT size=2 face="sans-serif">We currently sell display
drivers to many of the world&#146;s leading panel manufacturers, including CMO, CPT, Innolux Display, Samsung and SVA-SEC. We believe we are among the world&#146;s leading suppliers of display drivers for large-sized TFT-LCD panel display drivers,
with a market share of approximately 15.8% in terms of revenues in 2005, according to iSuppli. This position, which we achieved in a relatively short period of time, reflects our customers&#146; confidence in our ability to scale up our production
to meet their volume requirements and our ability to provide customized, high-performance and cost-effective products. We intend to leverage our market position to continue to enhance and strengthen our relationship with existing customers and
expand and diversify our customer base. We seek to capture a larger percentage of their requirements by continuing to focus on customization and enhanced product performance. We are actively working with existing and prospective customers on new
designs. Additionally, the trend towards display drivers with a higher number of channels with the advanced interface technologies required of higher-resolution panels should offer opportunities for us to achieve additional design wins. We aim to
capture growth opportunities presented by these industry developments and to reduce our reliance on any one customer.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Target Leadership Position in Mobile Handset Display Driver Market. </FONT></I><FONT size=2 face="sans-serif">We aim to establish a leadership position in the mobile handset display driver market. We offer display
drivers for panels using TFT-LCD and LTPS technologies and are developing display drivers for panels using OLED technology to further expand our product offerings and market penetration. We commenced volume shipments of single-chip TFT-LCD display
drivers for use in mobile handsets in August 2004 and of our small-sized display drivers using our die shrink know-how for mobile handsets in June 2005. We believe our display drivers for mobile handsets are currently</FONT></P>
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<FONT size=2 face="sans-serif">among the smallest in the industry. We believe that mobile handset display drivers will provide us with significant growth opportunities as a result of the growing demand for low-cost, high-quality displays and as
mobile handsets increasingly incorporate multimedia features. Moreover, we believe that achieving a leadership position in the mobile handset display driver market would enable us to diversify our sources of revenue.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Leverage Design and Engineering Expertise to Capture Other Growth Opportunities. </FONT></I><FONT size=2 face="sans-serif">We plan to leverage our display-related semiconductor and engineering expertise to develop
other products for which we believe there are significant growth opportunities. For example, we are focusing on television chipsets for use in flat panel and advanced CRT televisions. Our close collaboration with panel manufacturers that are focused
on the LCD television market enables us to better understand the requirements of LCD television makers. Additionally, we have leveraged our design and process capabilities to develop and commercialize LCOS products, which are targeted at projection
TV and microdisplay opportunities.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Strengthen Our Semiconductor Manufacturing Supply Chain. </FONT></I><FONT size=2 face="sans-serif">We aim to strengthen our access to stable, larger, more reliable, diverse and cost-efficient manufacturing capacity
and supply of processed tape. We believe this is important to our ability to meet our customers&#146; delivery requirements, since to do so our semiconductor manufacturing service providers and suppliers must meet the schedules and quality
specifications that we set for them. Our customers expect us to have access to sufficient high-quality and diverse manufacturing capacity to meet their long-term growth targets. We plan to strengthen our relationships with our existing foundries and
to begin sourcing from additional semiconductor manufacturing service providers.</FONT></P>
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<B><FONT face="sans-serif">Our focus on customer service and close relationships with <br>
semiconductor manufacturing service providers has contributed <br>
to our success.</FONT></B></P>
<p><B><FONT size=2 face="sans-serif">Products<br>
</FONT></B><FONT size=2 face="sans-serif">We have three principal product lines:</FONT></p>
<UL>
<LI>
<FONT size=2 face="sans-serif">display drivers and timing controllers;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">television semiconductor solutions; and</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">LCOS products.</FONT></LI>
</UL>
<P>
<FONT size=2 face="sans-serif">We commenced volume shipments of our first source and gate driver for large-sized panels in July 2001 and have developed a broad product portfolio of display drivers and timing controllers for use in large-sized
TFT-LCD panels. We commenced volume shipments of our first display drivers for use in consumer electronics applications in April 2002, volume shipments of two-chip display drivers for mobile handsets in August 2003 and volume shipments of
single-chip display drivers for mobile handsets in August 2004. In September 2004, we commenced volume shipments of our first television semiconductor solutions. We commenced shipping engineering samples of LCOS products in December 2003.</FONT></P>
<FONT size=2 face="sans-serif"><strong>Display Drivers and Timing Controllers</strong></FONT>
<P>
<I><FONT size=2 face="sans-serif">Display Driver Characteristics<br>
</FONT></I><FONT size=2 face="sans-serif">Display drivers deliver precise analog voltages and currents that activate the pixels on panels. The following is a summary of certain display driver characteristics and their relationship to panel performance.</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="sans-serif">Resolution and Number of Channels. </FONT></I><FONT size=2 face="sans-serif">Resolution
refers to the number of pixels per line multiplied by the</FONT> <FONT size=2 face="sans-serif">number
of lines, which  determines the level of fine detail within an image displayed
on a panel. For</FONT> <FONT size=2 face="sans-serif">example, a color display
screen with 1,024 x 768 pixels has 1,024 red columns, 1,024 green columns</FONT> <FONT size=2
face="sans-serif">and 1,024 blue columns for a total of 3,072 columns and 768
rows. The red, green and blue columns</FONT> <FONT size=2 face="sans-serif">are
commonly referred to as &#147;RGB.&#148; Therefore, the display drivers need
to drive 3,072  column outputs</FONT> <FONT size=2 face="sans-serif">and 768
row outputs. The number of display drivers required for each panel depends on
the resolution.</FONT> <FONT size=2 face="sans-serif">For example, an XGA (1,024
x 768 pixels) panel requires eight 384 channel source drivers (1,024 x 3 =</FONT> <FONT size=2 face="sans-serif">384
x 8) and three 256 channel gate drivers (768 = 256 x 3), while a SXGA  (1,280
x 1,024 pixels) panel</FONT> <FONT size=2 face="sans-serif">requires ten 384
channel source drivers and four 256 channel gate drivers. The number of display
drivers</FONT> <FONT size=2 face="sans-serif">required can be reduced by using
 drivers with a higher number of channels. For example, a SXGA panel</FONT> <FONT size=2 face="sans-serif">can
 have eight 480 channel source drivers or four 960 channel source drivers instead
 of ten 384 channel</FONT> <FONT size=2
face="sans-serif">source drivers. Thus, using display drivers with a higher number
 of channels can reduce the number of</FONT> <FONT size=2 face="sans-serif">display
 drivers required for each panel, although display drivers with a higher number
 of  channels typically</FONT> <FONT size=2 face="sans-serif">have higher unit
 costs.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Color Depth. </FONT></I><FONT size=2 face="sans-serif">Color depth is the number of colors that can be displayed on a screen, which is determined</FONT> <FONT size=2 face="sans-serif">by the number of shades of a
color, also known as grayscale, that can be shown by the panel. For</FONT> <FONT size=2 face="sans-serif">example, a 6-bit source driver is capable of generating 26 x 26 x 26 = 218, or 262K colors, and similarly,</FONT></LI>
</UL>
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<FONT size=2 face="sans-serif">an 8-bit source driver is capable of generating 16 million colors. Typically, for TFT-LCD panels currently</FONT> <FONT size=2 face="sans-serif">in commercial production, 262K and 16 million colors are supported by
6-bit and 8-bit source drivers,</FONT> <FONT size=2 face="sans-serif">respectively.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Operational Voltage. </FONT></I><FONT size=2 face="sans-serif">A display driver operates with two voltages: the input voltage (which enables it to</FONT> <FONT size=2 face="sans-serif">receive signals from the
timing controller) and the output voltage (which, in the case of source drivers, is</FONT> <FONT size=2 face="sans-serif">applied to liquid crystals and, in the case of gate drivers, is used to switch on the TFT device). Source</FONT> <FONT size=2
face="sans-serif">drivers typically operate at input voltages from 3.3 to 1.8 volts and output voltages between eight to 16</FONT> <FONT size=2 face="sans-serif">volts. Gate drivers typically operate at input voltages from 3.3 to 1.8 volts and
output voltages from 10</FONT> <FONT size=2 face="sans-serif">to 40 volts. Lower input voltage saves power and lowers electromagnetic interference, or EMI. Output</FONT> <FONT size=2 face="sans-serif">voltage may be higher or lower depending on the
characteristics of the liquid crystal (or diode), in the case</FONT> <FONT size=2 face="sans-serif">of source drivers, or TFT device, in the case of gate drivers.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Gamma Curve. </FONT></I><FONT size=2 face="sans-serif">The relationship between the light passing through a pixel and the voltage applied to</FONT> <FONT size=2 face="sans-serif">it by the source driver is nonlinear
and is referred to as the &#147;gamma curve&#148; of the source driver. Different</FONT> <FONT size=2 face="sans-serif">panel designs and manufacturing processes require source drivers with different gamma curves. Display</FONT> <FONT size=2
face="sans-serif">drivers need to adjust the gamma curve to fit the pixel design. Due to the materials and processes used</FONT> <FONT size=2 face="sans-serif">in manufacturing, panels may contain certain imperfections which can be corrected by the
gamma curve</FONT> <FONT size=2 face="sans-serif">of the source driver, a process which is generally known as &#147;gamma correction.&#148; For certain types of liquid</FONT> <FONT size=2 face="sans-serif">crystal, the gamma curves for RGB cells are
significantly different and thus need to be independently</FONT> <FONT size=2 face="sans-serif">corrected. Some advanced display drivers feature three
independent gamma curves for RGB cells.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Driver Interface. </FONT></I><FONT size=2 face="sans-serif">Driver interface refers to the connection between the timing controller and display</FONT> <FONT size=2 face="sans-serif">drivers. Display drivers
increasingly require higher bandwidth interface technology to address the larger</FONT> <FONT size=2 face="sans-serif">data volume necessary for video images. Panels used for higher data transmission applications such as</FONT> <FONT size=2
face="sans-serif">televisions require more advanced interface technology. The principal types of interface technologies are</FONT> <FONT size=2 face="sans-serif">transistor-to-transistor logic, or TTL, reduced swing differential signaling, or RSDS,
and mini low voltage</FONT> <FONT size=2 face="sans-serif">differential signaling, or mini-LVDS. Among these, RSDS and mini-LVDS were developed as low power,</FONT> <FONT size=2 face="sans-serif">low noise and low amplitude method for high-speed
data transmission using fewer copper wires and</FONT> <FONT size=2 face="sans-serif">resulting in lower EMI. In 2005, we introduced two new display driver interfaces: dual edge TTL, or DETTL,</FONT> <FONT size=2 face="sans-serif">and turbo RSDS.
DETTL enables the interface to function with lower power (below 1.8V), thus reducing</FONT> <FONT size=2 face="sans-serif">power consumption. Turbo RSDS is an upgraded version of RSDS which increases the interface frequency</FONT> <FONT size=2
face="sans-serif">from 85MHz to 135MHz, thus reducing the bus width and panel costs.</FONT><br></LI>
<LI>
<I><FONT size=2 face="sans-serif">Package Type. </FONT></I><FONT size=2 face="sans-serif">The assembly of display drivers typically uses TAB and COG package types. COF and</FONT> <FONT size=2 face="sans-serif">TCP are two types of TAB packages.
Customers typically determine the package type required according</FONT> <FONT size=2 face="sans-serif">to their specific mechanical and electrical considerations. In general, display drivers for small-sized panels</FONT> <FONT size=2
face="sans-serif">use COG package type whereas display drivers for
large-sized panels primarily use TAB package types and to a lesser extent COG package types.</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="sans-serif">Large-Sized Applications<br>
</FONT></I><FONT size=2 face="sans-serif">We provide source drivers, gate drivers and timing controllers for large-sized panels principally used in desktop monitors, notebook computers and televisions. Display drivers used in large-sized applications feature
different key characteristics, depending on the end-use application. For display drivers for use in notebook computers, low power consumption is a key feature due to the portability of notebook computers and the need for long battery life. For
display drivers used in desktop monitors, low cost is more desirable than low power consumption.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">17</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">For advanced televisions, display drivers must meet the requirements of larger panels, such as higher data transmission rates, wider viewing angles, faster response time, higher color depth and better image performance.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The table below sets forth the features of our products for large-sized applications:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=2>
<TR valign="bottom">
     <TD width="25%" align=center valign="top"><font size=2 face="sans-serif">Product</font></TD>
     <TD width="5%">&nbsp;</TD>
     <TD align=center valign="top">&nbsp;</TD>
     <TD width="68%" align=center valign="top"><font size=2 face="sans-serif"> Features</font></TD>
</TR>
<TR valign="bottom">
     <TD width="25%" align=left valign="top"><hr size=1 noshade></TD>
     <TD>&nbsp;</TD>
     <TD colspan="2" align=center valign="top"><hr size=1 noshade></TD>
     </TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">
<FONT size=2 face="sans-serif">TFT-LCD Source</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">384 to 720 output channels</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Drivers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">6-bit (262K colors) or 8-bit (16 million colors)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">one gamma-type driver</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">three gamma-type drivers (RGB independent gamma
curve to enhance color</FONT> <font size=2 face="sans-serif">image)</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">output driver voltage ranging from eight to 16V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 1.8V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">low power consumption and low EMI</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports TCP, COF and COG package types</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports TTL, RSDS, mini-LVDS, DETTL, turbo RSDS
and customized interface</FONT> <font size=2 face="sans-serif">technologies</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">
<FONT size=2 face="sans-serif">TFT-LCD Gate Drivers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">192 to 400 output channels</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">output driving voltage ranging from 10 to 40V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 1.8V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">low power consumption</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports TCP, COF and COG package types</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">
<FONT size=2 face="sans-serif">Timing Controllers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">product portfolio supports a wide range of resolutions,
from VGA (640 x 480 pixels) to HDTV (1,920 x 1,080 pixels)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports TTL, RSDS, mini-LVDS, DETTL, turbo RSDS
and customized output</FONT> <font size=2 face="sans-serif">interface
technologies</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 1.8V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">embedded overdrive function for television applications to improve response time</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports TTL and LVDS input interface technologies</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD colspan="4" align=left valign="top"></TD>
     </TR>
<TR valign="bottom">
     <TD colspan="4" align=left valign="top"></TD>
     </TR>
</TABLE>

<P>
<FONT size=2 face="sans-serif">The industry trend for large-sized applications is towards low power consumption notebook computer display drivers, low cost desktop monitor display drivers and display drivers that can support higher speed interface
technologies, have greater color depth and enhanced color through RGB independent gamma for use in advanced televisions.</FONT></P>
<p align="center"><img src="p18.jpg" width="530" height="124">
     <BR>
</p>
<p align="right"><FONT size=2 face="sans-serif">18</FONT>
     <br>
     <br>
</p>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<I><FONT size=2 face="sans-serif">Mobile Handset Applications<br>
</FONT></I><FONT size=2 face="sans-serif">We offer display drivers for mobile handset displays that combine source driver, gate driver and other functions into a single chip. As mobile handsets become smaller and more compact, customers are increasingly
demanding smaller die sizes and higher levels of integration with source driver, gate driver, timing controller, as well as more functional semiconductors such as memory, power circuit and image processors, integrated into a single chip. Moreover,
mobile handsets must operate for long durations without recharging the battery. Thus, display drivers with lower power consumption are desired in order to extend the battery life. Low cost is also an important feature as mobile handset manufacturers
continue to reduce cost and customers increasingly seek out cost-effective display drivers.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The following table summarizes the features of our products for mobile handsets:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=2>
     <TR valign="bottom">
          <TD width="25%" align=center valign="top"><font size=2 face="sans-serif">Product</font></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><font size=2 face="sans-serif"> Features</font></TD>
     </TR>
     <TR valign="bottom">
          <TD width="25%" align=left valign="top"><hr size=1 noshade></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><hr size=1 noshade></TD>
     </TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">
<FONT size=2 face="sans-serif">TFT-LCD Drivers</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">highly integrated single chip embedded with the
source driver, gate driver, power circuit, timing controller and memory</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">product portfolio suitable for a wide range of
resolutions including QQVGA (128 x 160 pixels), QCIF (132 x 176 pixels), QCIF+
(176 x 220 pixels), QVGA (240 x</FONT> <font size=2 face="sans-serif">320 pixels)
and a range of panel sizes from 1.5 to 2.4 inches in diagonal</font> <font size=2 face="sans-serif">measurement</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports 262K colors to 16 million colors</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 1.65V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">low power consumption and low EMI</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">utilizes die shrink technology to reduce die size and cost</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">slimmer die for compact module to fit smaller mobile handset designs</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">application specific integrated circuits, or ASIC,
can be designed to meet customized requirements (e.g. drivers without memory
or drivers without gate driver embedded on the chip)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">
<FONT size=2 face="sans-serif">LTPS Drivers</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">highly integrated single chip embedded with the
source driver, power circuit,</FONT> <font size=2 face="sans-serif">timing
controller and memory</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">supports 262K colors to 16 million colors</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 1.65V</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">utilizes die shrink technology to reduce die size and cost</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">slimmer die for compact module</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">ASIC can be designed to meet customized requirements</FONT> <font size=2 face="sans-serif">(e.g.
gate-less or multi-bank output driver)</font>
        </TD>
</TR>
</TABLE>
<p align="center">
<img src="p19.jpg" width="530" height="124">     <BR>
</p>
<p align="right"><FONT size=2 face="sans-serif">19</FONT>
     <br>
     <br>
</p>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">The industry trend for mobile handset display drivers is towards display drivers that can support high-speed interfaces, have greater color depth and enhanced image quality as mobile handsets increasingly incorporate
multimedia functions.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Consumer Electronics Products<br>
</FONT></I><FONT size=2 face="sans-serif">We offer source drivers, gate drivers, timing controllers and integrated drivers for consumer electronics products like digital cameras, digital video recorders, personal digital assistants, mobile gaming devices,
portable DVD players and car navigation displays. We offer an extensive line of display drivers covering different applications, interfaces and channel output and levels of integration. Similar to mobile handsets, consumer electronics products are
typically compact, battery-operated devices. Customers are increasingly demanding display drivers with smaller and more compact die sizes and higher levels of integration with source driver, gate driver, timing controller, as well as more functional
semiconductors such as memory, power circuit and image processors, integrated into a single chip. Moreover, display drivers with lower power consumption are desired in order to extend the battery life.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The following table summarizes the features of our products used in consumer electronics products:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=2>
     <TR valign="bottom">
          <TD width="25%" align=center valign="top"><font size=2 face="sans-serif">Product</font></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><font size=2 face="sans-serif"> Features</font></TD>
     </TR>
     <TR valign="bottom">
          <TD width="25%" align=left valign="top"><hr size=1 noshade></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><hr size=1 noshade></TD>
     </TR>
<TR valign="top">
        <TD width=25% align=left>
<FONT size=2 face="sans-serif">TFT-LCD Source Drivers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">240 to 960 output channels</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">products for analog and digital interfaces</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">supports 262K colors to 16 million colors</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 2.5V</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">low power consumption and low EMI</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>
<FONT size=2 face="sans-serif">TFT-LCD Gate Drivers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">96 to 480 output channels</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">input logic voltage ranging from standard 3.3V to low power 2.5V</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">output driving voltage ranging from 10 to 40V</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>
<FONT size=2 face="sans-serif">TFT-LCD Integrated Drivers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">highly integrated single chip embedded with source
driver, gate driver, timing controller and power circuit</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">products for analog or digital interfaces</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>
<FONT size=2 face="sans-serif">Timing Controllers</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">products for analog or digital interfaces</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">supports various resolutions from 280 x 220 pixels to 800 x 600 pixels</FONT>
        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="sans-serif">The industry trend for display drivers used in medium-sized consumer electronics products is towards higher channels and for the timing controller to be integrated into the video processor. The trend of display drivers
used in small-sized consumer electronics products is towards single-chip solutions combining source driver, gate driver, timing controller and power circuit into a single chip.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">20</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif"><strong>Television Semiconductor Solutions</strong><br>
We provide television semiconductor solutions specifically designed to meet the requirements of advanced television systems.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Set forth below are the various semiconductor components that may be utilized in advanced televisions:</FONT></P>
<div align="center"><img src="p21.jpg" width="541" height="296">
     <BR>
</div>
<P>
<I><FONT size=2 face="sans-serif">Television Chipsets<br>
</FONT></I><FONT size=2 face="sans-serif">Television chipsets contain numerous components that process video and audio signals and thus enhance the image and audio qualities of televisions. Advanced televisions typically require some or all of these components:</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="sans-serif">Audio Processor/Amplifier. </FONT></I><FONT size=2 face="sans-serif">&nbsp;&nbsp;Demodulates, processes and amplifies sound from television signals.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Analog Interfaces. </FONT></I><FONT size=2 face="sans-serif">&nbsp;&nbsp;Convert analog video signals into digital video signals. Video decoder and analog-</FONT> <FONT size=2 face="sans-serif">to-digital converter (ADC) are
included.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Digital Interfaces. </FONT></I><FONT size=2 face="sans-serif">&nbsp;&nbsp;Receive digital signals via digital receivers. Digital visual interfaces (DVI) and high-</FONT> <FONT size=2 face="sans-serif">definition multimedia
interfaces (HDMI) are included.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Channel Receiver. </FONT></I><FONT size=2 face="sans-serif">&nbsp;&nbsp;Demodulates input signals so that the output becomes compressed bit stream data.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">DTV Decoder. </FONT></I><FONT size=2 face="sans-serif">&nbsp;&nbsp;Converts video and audio signals from compressed bit stream data into regular video</FONT> <FONT size=2 face="sans-serif">and audio signals.</FONT></LI>
<Li>
<I><FONT size=2 face="sans-serif">Video Processor.&nbsp;&nbsp; </FONT></I><FONT size=2 face="sans-serif">Performs the scaling function that magnifies or shrinks the image data in order to fit the panel&#146;s
resolution; provides real-time processing for improved color and image quality; converts output video from an interlaced format to a progressive format in order to eliminate jaggedness; and supports on-screen display and real-time video format
transformation.</FONT></li>
</ul>
<P align="right">
<FONT size=2 face="sans-serif">21</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">We are developing all of the above components, although we currently only offer and sell video processors in volume. Our video processors are designed for use in advanced televisions and our product portfolio includes
high-performance video processors which target high-end segments as well as cost-effective video processors which target entry-level segments.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The following table summarizes the features of our video processors:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=2>
     <TR valign="bottom">
          <TD width="25%" align=center valign="top"><font size=2 face="sans-serif">Product</font></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><font size=2 face="sans-serif"> Features</font></TD>
     </TR>
     <TR valign="bottom">
          <TD width="25%" align=left valign="top"><hr size=1 noshade></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><hr size=1 noshade></TD>
     </TR>
<TR valign="top">
        <TD width=25% align=left>
<FONT size=2 face="sans-serif">Video Processors</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149; </FONT></TD>
     <TD width=68% align=left><font size=2 face="sans-serif">3D noise reduction
          reduces spatial or temporal noise on the video image</font> </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">3D de-interlacer converts output video from interlaced
format to progressive</FONT> <font size=2 face="sans-serif">format
to eliminate jaggedness</font>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">dynamic exposure adaptation maximizes black and white contrast quality</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">scaling function to convert the image resolution
coming from video sources in order to fit the panel&#146;s resolution</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=25% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center>
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left>
<FONT size=2 face="sans-serif">dynamic color adaptation adjusts video color to
make it more saturated and accurate</FONT>
        </TD>
</TR>
</TABLE>
<P>
<I><FONT size=2 face="sans-serif">Television Tuner Modules<br>
</FONT></I><FONT size=2 face="sans-serif">We offer a variety of digital and analog television tuner modules. We are highly skilled in designing compact, high-performance tuner modules that integrate semiconductors and other components on the system board. The
semiconductors and components are purchased from third-party suppliers and are assembled by third-party electronics manufacturing service providers. We design our television tuner modules in an advanced, coil-free architecture to provide slim and
small tuners.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our tuners are suitable for most of the world&#146;s signal transmission standards, including: Digital Video Broadcast-Terrestrial, also known as DVB-T, the digital television standard (depending on the bandwidth) in
Taiwan, Australia and Europe; Advanced Television System Committee, or ATSC, the digital television standard in the United States and Canada; National Television System Committee, or NTSC, the analog television standard in the United States, Canada,
Japan, the Philippines, Taiwan and South Korea; Phase Alternating Line, or PAL, the analog television standard in Western Europe, Australia, Hong Kong and China; and Systeme Electronique Couleur Avec Memoire, or SECAM, the analog television standard
in France, Russia and Eastern Europe.</FONT></P>
<p align="center"><img src="p22.jpg" width="530" height="124">
     <BR>
</p>
<p align="right"><FONT size=2 face="sans-serif">22</FONT>
     <br>
     <br>
</p>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">The following table sets forth the features of our television tuner modules:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=2>
     <TR valign="bottom">
          <TD align=center valign="top" nowrap><font size=2 face="sans-serif">Product</font></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><font size=2 face="sans-serif"> Features</font></TD>
     </TR>
     <TR valign="bottom">
          <TD align=left valign="top" nowrap><hr size=1 noshade></TD>
          <TD>&nbsp;</TD>
          <TD align=center valign="top"><hr size=1 noshade></TD>
          <TD align=left valign="top"><hr size=1 noshade></TD>
     </TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>
<FONT size=2 face="sans-serif">Digital Television Tuner Modules</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">DVB-T tuners for 6MHz bandwidth (for use in Taiwan),
7MHz bandwidth (for use in Australia) and 8MHz bandwidth (for use in Europe)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">ATSC RF tuners with NTSC function</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">lower power RF tuners</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>
<FONT size=2 face="sans-serif">Analog Television Tuner Modules</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">global tuner combining NTSC, PAL and SECAM television
standards and FM radio tuner</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">low power off-air tuner combining NTSC and PAL
television standards and FM radio tuner</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">mobile analog tuner combining NTSC television
standards and FM radio tuner</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">slim design to save space</FONT>
        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="sans-serif"><strong>LCOS Products</strong><br>
</FONT><FONT size=2 face="sans-serif">LCOS technology is still at a relatively early stage of commercial application but is expected to be utilized in near-to-eye applications, rear projection televisions and mini-projectors. We design our LCOS products at
our subsidiary, Himax Display, which owns and operates a fab for the manufacture of such products.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The following table sets forth the features of our LCOS products:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="bottom">
          <TD align=center valign="top"><font size=2 face="sans-serif">Product</font></TD>
          <TD>&nbsp;</TD>
          <TD colspan="2" align=center valign="top"><font size=2 face="sans-serif"> Features</font></TD>
     </TR>
     <TR valign="bottom">
          <TD align=left valign="top"><hr size=1 noshade></TD>
          <TD>&nbsp;</TD>
          <TD align=center valign="top"><hr size=1 noshade></TD>
          <TD align=left valign="top"><hr size=1 noshade></TD>
     </TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>
<FONT size=2 face="sans-serif">LCOS Modules for Near-to-eye</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149; </FONT></TD>
     <TD width=68% align=left valign="top"><font size=2 face="sans-serif">640 x 360 pixels
          (Q720P), VGA and SVGA resolutions</font> </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>
<FONT size=2 face="sans-serif">&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT> and
Mini-projector Applications</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149; </FONT></TD>
     <TD width=68% align=left valign="top"><font size=2 face="sans-serif">8-bit (16 million
          colors)</font> </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">high reflectivity and greater than 100:1 contrast ratio</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">low power consumption</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>
<FONT size=2 face="sans-serif">LCOS Modules for Projection</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">WXGA and HDTV resolutions</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top" nowrap>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Applications</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">8-bit (16 million colors)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left valign="top">

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=3% align=center valign="top">
<FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD width=68% align=left valign="top">
<FONT size=2 face="sans-serif">high reflectivity and greater than 1,000:1 contrast ratio</FONT>
        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="sans-serif">Other Products and Services<br>
</FONT></B><FONT size=2 face="sans-serif">We established Amazion in July 2004 to design, develop and market semiconductors for power management applications. To date, Amazion has not generated any revenues from such products. We also offer liquid crystal
injection services through our subsidiary Himax Display. In 2005, Himax Display generated NT$95.8 million ($2.9 million) in revenues from such services.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Core Technologies and Know-How<br>
</FONT></B><I><FONT size=2 face="sans-serif">Driving System Technology. </FONT></I><FONT size=2 face="sans-serif">Through our collaboration with panel manufacturers, we have developed extensive knowledge of circuit design, TFT-LCD driving systems, high-voltage
processes and display systems, all of which are important to the design of high-performance TFT-LCD display drivers. Our engineers have in-depth knowledge of the driving system technology, which is the architecture for the interaction between the
source driver, gate driver, timing controller and power systems as well as other passive components. We believe that our</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">23</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">understanding of the entire driving system has strengthened our design capabilities. Our engineers are highly skilled in designing power efficient and compact display drivers that enhance the performance of TFT-LCD. We
are leveraging our know-how of display drivers and driving system technology to develop display drivers for panels utilizing other technologies such as OLED.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">High-Voltage CMOS Circuit Design. </FONT></I><FONT size=2 face="sans-serif">Unlike most other semiconductors, TFT-LCD display drivers require a high output voltage of eight to 40 volts. We have developed circuit
design technologies using a high-voltage CMOS process that enables us to produce high-yield, reliable and compact drivers for high-volume applications. Moreover, our technologies enable us to keep the driving voltage at very high uniformity, which
can be difficult to achieve when using standard CMOS process technology.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">High-Bandwidth Interfaces. </FONT></I><FONT size=2 face="sans-serif">In addition to high-voltage circuit design, TFT-LCD display drivers require high bandwidth transmission for video signals. We have applied several
high-speed interfaces, including TTL, RSDS, mini-LVDS, DETTL, turbo RSDS and customized interfaces, in our display drivers. Moreover, we are developing additional driver interfaces for special applications with optimized speed, lower EMI and higher
system stability.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Die Shrink and Low-Power Technologies. </FONT></I><FONT size=2 face="sans-serif">Our engineers are highly skilled in employing their knowledge of driving technology and high-voltage CMOS circuit design to shrink the
die size of our display drivers while leveraging their understanding of driving technology and panel characteristics to design display drivers with low power consumption. Die size is an important consideration for applications with size constraints.
Smaller die size also reduces the cost of the chip. Lower power consumption is important for many portable devices such as notebook computers, mobile handsets and consumer electronics products.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Customers<br>
</FONT></B><FONT size=2 face="sans-serif">Our direct customers for display drivers
are primarily panel manufacturers, who in turn design and market their products
to manufacturers of end-use products such as notebook computers, desktop monitors,
televisions, mobile handsets and consumer electronics products. We sell our television
semiconductors to manufacturers of advanced televisions. As of December 31, 2005,
we sold our products to more than 50 customers. In 2003, 2004 and 2005, CMO and
its affiliates accounted for 78.0%, 63.2% and 58.9% of our revenues, respectively,
while CPT and its affiliates accounted for 5.7%, 19.5% and 16.2% of our revenues,
respectively, in the same periods. We expect that sales to CMO and CPT and their
affiliates will continue to account for a substantial majority of our revenues
in the near term.</FONT></P>
<P><FONT size=2 face="sans-serif">Set forth below (in alphabetical order) are
          our ten largest customers (and their affiliates) based on revenues
          for the year ended December 31, 2005:</FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="45%" align="left" valign="top"><ul>
               <li> <font size=2 face="sans-serif">Chi Mei Optoelectronics Corp.</font></li>
               <li> <font size=2 face="sans-serif">HannStar Display Corporation</font></li>
               <li> <font size=2 face="sans-serif">Lightsonic Optoelectronics
                         Inc.</font></li>
               <li> <font size=2 face="sans-serif">Perfect Display Limited</font></li>
               <li> <font size=2 face="sans-serif">Shanghai SVA-NEC Liquid Crystal
                         Display</font></li>
          </ul></td>
          <td>&nbsp;</td>
          <td width="45%" align="left" valign="top"><ul>
               <li> <font size=2 face="sans-serif">Chunghwa Picture Tubes</font></li>
               <li> <font size=2 face="sans-serif">InnoLux Display Corporation</font></li>
               <li> <font size=2 face="sans-serif">Optrex Corporation</font></li>
               <li> <font size=2 face="sans-serif">Samsung Electronics Taiwan
                         Co., Ltd.</font></li>
               <li> <font size=2 face="sans-serif">Transcend Optronics (Yangzhou)
                         Co, Ltd.</font></li>
          </ul></td>
     </tr>
</table>

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<P>
<FONT size=2 face="sans-serif">Our customers typically provide us with a long-term (12 month) forecast plus three-month rolling non-binding forecasts and confirm orders with us one month ahead of scheduled delivery. In general, purchase orders are
not cancellable by either party, although from time to time we and our customers have agreed to amend the terms of such orders.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Sales and Marketing<br>
</FONT></B><FONT size=2 face="sans-serif">We
focus our sales and marketing strategy on establishing business and technology
relationships principally with TFT-LCD panel manufacturers and increasingly also
with panel manufacturers using LTPS or OLED technologies and also with mobile
display module and mobile handset manufacturers in order to work closely with
them on future semiconductor solutions that align with their product roadmaps.
Our engineers collaborate with our customers&#146; engineers to create products
that comply with their specifications and provide a high level of performance
at competitive prices. Our end market for large-sized panels is concentrated
around a limited number of major panel manufacturers. We have also commenced
marketing our products directly to mobile device manufacturers so that our products
can be qualified for their specifications and designed into their products.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We primarily sell our products through our direct sales team located in Taiwan, South Korea, Japan and China. We also have dedicated sales teams for certain of our most important current or prospective customers. We
have sales and technical support offices in Tainan, Taipei and Hsinchu in Taiwan, in Suzhou, China, in Anyangsi Kyungkido, South Korea and in Yokohama, Japan, all in close proximity to our customers. We have dedicated sales teams for our display
driver and television semiconductor solutions businesses that cover each of the markets of Taiwan, South Korea, Japan and China. For certain products or regions we may from time to time sell our products through agents or distributors.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our sales and marketing team possesses a high level of technical expertise and industry knowledge used to support a lengthy and complex sales process. This includes a highly trained team of field applications engineers
that provides technical support and assistance to potential and existing customers in designing, testing and qualifying display modules that incorporate our products. We believe that the depth and quality of this design support are key to improving
customers&#146; time-to-market and maintaining a high level of customer satisfaction.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Manufacturing<br>
</FONT></B><FONT size=2 face="sans-serif">We are a fabless semiconductor company. We leverage our experience and engineering expertise to design high-performance semiconductors and rely on semiconductor manufacturing service providers for wafer fabrication,
gold bumping, assembly and testing. We also rely on third-party suppliers of processed tape used in TAB packaging. We engage foundries with high-voltage CMOS process technology for our display drivers and with assembly and testing houses that
specialize in TAB and COG packages, thereby taking advantage of the economies of scale and the specialization of such semiconductor manufacturing service providers. Our fabless model enables us to capture certain financial and operational benefits,
including reduced manufacturing personnel, capital expenditures, fixed assets and fixed costs. It also gives us the flexibility to use the technology and service provider most suitable for any given product.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">25</FONT></P>

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<br>

<P>
<FONT size=2 face="sans-serif"><strong>Manufacturing Stages</strong><br>
</FONT><FONT size=2 face="sans-serif">The diagram below sets forth the various stages in manufacturing display drivers according to the two different types of assembly utilized: TAB or COG. The assembly type depends on the application of the panel and is
determined by our customers.</FONT></P>
<P align="center"><font size="2" face="sans-serif"><img src="p26.jpg" width="548" height="346"></font></P>
<P>
<I><FONT size=2 face="sans-serif">Wafer Fabrication: </FONT></I><FONT size=2 face="sans-serif">Based on our design, the foundry provides us with fabricated wafers. Each fabricated wafer contains many chips, each known as a die.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Gold Bumping: </FONT></I><FONT size=2 face="sans-serif">After the wafers are fabricated, they are delivered to gold bumping houses where gold bumps are plated on each wafer. The gold bumping process uses thin film
metal deposition, photolithography and electrical plating technologies. The gold bumps are plated onto each wafer to connect the die to the processed tape, in the case of TAB package, or the glass, in the case of COG package.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Chip Probe Testing: </FONT></I><FONT size=2 face="sans-serif">Each individual die is electrically tested, or probed, for defects. Dies that fail this test are discarded.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Assembly and Testing: </FONT></I><FONT size=2 face="sans-serif">Our display drivers use two types of assembly technology: TAB or COG. Display drivers for large-sized applications typically require TAB package types
and to a lesser extent COG package types, whereas display drivers for mobile handsets and consumer electronics products typically require COG package types.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">TAB Assembly<br>
</FONT></I><FONT size=2 face="sans-serif">We use two types of TAB technologies: TCP and COF. TCP and COF packages are both made of processed</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">26</FONT></P>

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<br>
<br>

<P>
<FONT size=2 face="sans-serif">tape that is typically 35mm or 48mm wide, plated with copper foil and has a circuit formed within it. TCP and COF packages differ, however, in terms of their chip connections. With TCP packages, a hole is punched
through the processed tape in the area of the chip, which is connected to a flying lead made of copper. In contrast, with COF packages, the lead is mounted directly on the processed tape and there is no flying lead.</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="sans-serif">Inner-Lead Bonding: </FONT></I><FONT size=2 face="sans-serif">The TCP and COF assembly process involves grinding the bumped wafers into their required</FONT> <FONT size=2 face="sans-serif">thickness and cutting the
wafers into individual dies, or chips. An inner lead bonder machine connects the chip to the</FONT> <FONT size=2 face="sans-serif">printed circuit processed tape and the package is sealed with resin at high temperatures.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Final Testing: </FONT></I><FONT size=2 face="sans-serif">The assembled display drivers are tested to ensure that they meet performance specifications. Testing takes</FONT> <FONT size=2 face="sans-serif">place on
specialized equipment using software customized for each product.</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="sans-serif">COG Assembly<br>
</FONT></I><FONT size=2 face="sans-serif">COG assembly connects display drivers directly to LCD panels without the need for processed tape. COG assembly involves grinding the tested wafers into their required thickness and cutting the wafers into individual
dies, or chips. Each individual die is picked and placed into a chip tray and is then visually or auto-inspected for defects. The dies are packed within a tray in an aluminum bag after completion of the inspection process.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Quality Assurance</strong><br>
</FONT><FONT size=2 face="sans-serif">We maintain a comprehensive quality assurance system. Using a variety of methods from conducting rigorous simulations during the circuit design process to evaluating supplier performance at various stages of our
products' manufacturing process, we seek to bring about improvements and achieve customer satisfaction. In addition to monitoring customer satisfaction through regular reviews, we implement extensive supplier quality controls so that the products we
outsource achieve our high standards. Prior to engaging a third-party as our supplier, we perform a series of audits on their operations, and upon engagement, we hold frequent quality assurance meetings with suppliers, evaluating such factors as
product quality, production costs, technological sophistication and timely delivery.</FONT></P>
<P>
<FONT size=2 face="sans-serif">In November 2002, we received the ISO 9001:2000 certification which was renewed in February 2005.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Semiconductor Manufacturing Service Providers and Suppliers<br>
</FONT></B><FONT size=2 face="sans-serif">Through our relationships with leading foundries, assembly, gold bumping and testing houses and processed tape suppliers, we believe we have established a supply chain that enables us to timely deliver high-quality products to our customers.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Access to semiconductor manufacturing service providers is critical as display drivers require high-voltage CMOS process technology and specialized assembly and testing services, all of which are different from
industry standards. We have historically obtained our foundry services from TSMC and Vanguard and have also recently established a relationship with Macronix and Lite-on. These are among a select number of semiconductor manufacturers that provide
high-voltage CMOS process technology required for manufacturing display drivers. We engage assembly and testing houses that specialize in TAB and COG packages such as Chipbond Technology Corporation, ChipMOS, and Siliconware Precision Industries
Co., Ltd.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We plan to strengthen our relationships with our existing semiconductor manufacturing service providers and diversify our network of such service providers in order to ensure access to sufficient cost-competitive and
high-quality manufacturing capacity. We are selective in our choice of semiconductor manufacturing service providers. It takes a substantial amount of time to qualify alternative foundries, gold bumping, assembly and testing houses for production.
As a result, we expect that</FONT></P>
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<P>
<FONT size=2 face="sans-serif">we will continue to rely on limited number of semiconductor manufacturing service providers for a substantial portion of our manufacturing requirements in the near future.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The table below sets forth (in alphabetical order) our principal semiconductor manufacturing service providers and suppliers:</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=46% align=center>
<FONT size=2 face="sans-serif">Wafer Fabrication</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=center>
<FONT size=2 face="sans-serif">Gold Bumping</FONT>
        </TD>
</TR>
<TR>
        <TD width="46%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="46%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Lite-on Semiconductor Corp.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Chipbond Technology Corporation</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Macronix International Co., Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">FuPo Electronics Corporation</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Taiwan Semiconductor Manufacturing Company</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">International Semiconductor Technology Ltd.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Vanguard International Semiconductor Corporation</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Megic Corporation</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=center>
<FONT size=2 face="sans-serif">Processed Tape for TAB Packaging</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=center>
<FONT size=2 face="sans-serif">Assembly and Testing</FONT>
        </TD>
</TR>
<TR>
        <TD width="46%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="46%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">CASIO Micronics Co., Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Chipbond Technology Corporation</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Hitachi Cable, Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">ChipMOS Technologies Inc.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Mitsui Mining &amp; Smelting Co., Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">International Semiconductor Technology Ltd.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Samsung Techwin Co. Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Megic Corporation</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Stemco., Ltd</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Siliconware Precision Industries Co., Ltd.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Sumitomo Metal Mining Package Material Co., Ltd.</FONT>
        </TD>
     <TD width=4% align=left>&nbsp;</TD>
     <TD width=46% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">WUS Microelectronics Co., Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=center>
<FONT size=2 face="sans-serif">Chip Probe Testing</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
<TR>
        <TD width="46%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="46%">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Ardentec Corporation</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">ChipMOS Technologies Inc.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">International Semiconductor Technology Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">King Yuan Electronics Co., Ltd</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="sans-serif">Siliconware Precision Industries Co., Ltd.</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=46% align=left>

        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="sans-serif">Research and Development<br>
</FONT></B><FONT size=2 face="sans-serif">Our
research and development efforts focus on improving and enhancing our core technologies
and know-how relating to semiconductor solutions for flat panel displays and
advanced televisions with particular emphasis on our three major product lines.
Although a significant portion of the resources at our semiconductor design center
are invested in advanced research for future products, we continue to invest
in improving the performance and reducing the cost of our existing products.
Our application engineers, who provide on-system verification of semiconductors
and product specifications, and field application engineers, who provide on-site
engineering support at our customers&#146; offices, work closely with
panel manufacturers to co-develop display solutions for their electronic devices.
In 2003, 2004 and 2005, we incurred research and development expenses of $21.0
million, $24.0 million and $41.3 million, respectively, representing 16.0%, 8.0%
and 7.6% of our revenues, respectively.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Intellectual Property<br>
</FONT></B><FONT size=2 face="sans-serif">As of December 31, 2005, we held a total of 80 patents, including 53 in Taiwan, 19 in the United States, four in China, three in Korea and one in Japan. The expiration dates of our patents range from 2019 to 2024. We</FONT></P>
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<P>
<FONT size=2 face="sans-serif">also have a total of 135 pending patent applications in Taiwan, 105 in the United States and 75 in other jurisdictions, including the PRC, Japan, Korea and Europe. In addition, we have registered &#147;Himax&#148; and
our logo as a trademark and service mark in Taiwan, China and Japan and have applications pending in Europe, the United States and Korea.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Competition<br>
</FONT></B><FONT size=2 face="sans-serif">The markets for our products are, in general, intensely competitive, characterized by continuous technological change, evolving industry standards, and declining average selling prices. We believe key factors that
differentiate among the competition in our industry include:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">customer relations;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">product performance;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">design customization;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">development time;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">product integration;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">technical services;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">manufacturing costs;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">supply chain management;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">economies of scale; and</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">broad product portfolio.</FONT></LI>
</UL>
<P>
<FONT size=2 face="sans-serif">We continually face intense competition from other fabless display driver companies, including Cheertek Incorporation, DenMOS Technology Inc., Novatek Microelectronics Corp., Ltd., and Solomon Systech Limited. We also
face competition from integrated device manufacturers, such as MagnaChip Semiconductor Ltd., Matsushita Electric Works, Ltd., NEC Electronics Corporation, Oki Electric Industry Co. Ltd., Renesas Technology Corp., Seiko Epson Corporation and Toshiba
Corporation, and panel manufacturers with in-house semiconductor design capabilities, such as Samsung Electronics Co., Ltd. and Sharp Corporation. The latter are both our competitors and potential customers.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Many of our competitors, some of which are affiliated or have established relationships with other panel manufacturers, have longer operating histories, greater brand recognition and significantly greater financial,
manufacturing, technological, sales and marketing, human and other resources than us. Additionally, we expect that as the flat panel semiconductor industry expands, more companies may enter and compete in our markets.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our television semiconductor solutions compete against solutions offered by a significant number of semiconductor companies including ATI Technologies, Inc., Genesis Microchip, Inc., Koninklijke Philips Electronics
N.V., Mediatek Corp., MStar Semiconductor, Inc., Pixelworks Inc., STMicroelectronics, Trident Microsystems, Inc. and Zoran Corporation, among others, some of which focus solely on video processors and others that offer a more diversified
portfolio.</FONT></P>
<P>
<FONT size=2 face="sans-serif">For LCOS products, we compete with diversified electronics companies such as Sony Corporation and Victor Company of Japan, Limited, also known as JVC, and companies specializing in LCOS technology such as eLCOS
Microdisplay Technology Ltd, Brillian Corporation, Aurora Corporation and SpatiaLight, Inc.</FONT></P>
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<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=91% align=left>
<B><FONT size=2 face="sans-serif">Employees</FONT></B>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
<FONT size=2 face="sans-serif">As of December 31, 2005, we had 716 employees serving in the following functions:</FONT>
        </TD>
     <TD width=4% align=left>&nbsp;</TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
<FONT size=2 face="sans-serif">Function</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="sans-serif">Number</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
<FONT size=2 face="sans-serif">Research and development</FONT><SUP><FONT size=2 face="sans-serif">(1)</FONT></SUP>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="sans-serif">482</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
<FONT size=2 face="sans-serif">Engineering and manufacturing</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="sans-serif">90</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
<FONT size=2 face="sans-serif">Sales and marketing</FONT><SUP><FONT size=2 face="sans-serif">(3)</FONT></SUP>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="sans-serif">83</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
<FONT size=2 face="sans-serif">General and administrative</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="sans-serif">61</FONT>
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD align="right">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=91% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Total</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="sans-serif">716</FONT>
        </TD>
</TR>
</TABLE>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD valign=top nowrap>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR>
     <TD valign=top nowrap><font size=1 face="sans-serif">Notes:</font></TD>
     <TD valign=top nowrap><font size=1 face="sans-serif">(1)</font></TD>
     <TD valign="top"><font size=1 face="sans-serif">Includes semiconductor design engineers,
               application engineers, assembly and testing engineers and quality
          control engineers.</font></TD>
</TR>
<TR>
     <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
        <TD width="95%" valign="top"><FONT size=1 face="sans-serif">Includes manufacturing personnel of Himax Display,
our subsidiary focused on design and manufacturing of LCOS products and liquid crystal injection services.</FONT></TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
        <TD width="95%" valign="top">
<FONT size=1 face="sans-serif">Includes field application engineers.</FONT></TD>
</TR></TABLE>
<P>
<FONT size=2 face="sans-serif">As of December 31, 2005, we had a staff of 482 people in research and development, of which 20, 313, 114 and
35 hold a doctorate, master&#146;s, bachelor&#146;s and junior college degree,
respectively.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Facilities<br>
</FONT></B><FONT size=2 face="sans-serif">We lease our 4,082-square meter headquarters in Tainan, Taiwan under several leases; the principal lease expires in September 2006. We also lease office space in Taipei and Hsinchu, Taiwan; Suzhou and Shenzhen, China;
Yokohoma, Japan; and Anyangsi Kyungkido, South Korea. The lease contracts may be renewed upon expiration. Himax Display, our subsidiary, owns and operates a fab with 3,885 square meters of floor space on land and in a building leased from
CMO.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We have begun construction of our new headquarters located in the Tainan LCD-TV Industry Park. The headquarters will house our research and development, engineering, sales and marketing, operations and general
administrative staff. Upon completion, the new headquarters is expected to have 21,200 square meters of usable space and occupy 31,800 square meters of land owned by us. Construction has commenced in the fourth quarter of 2005 and is expected to be
completed in the third quarter of 2006. The total costs are estimated to be approximately NT$905.8 million ($27.6 million), of which approximately NT$325.8 million ($9.9 million) is for the land and approximately NT$580 million ($17.7 million) is
for the construction costs (which includes the architect fees, general contractor fees, building materials, purchases and installation of office equipment and other fixtures). We have already paid for the land purchased and approximately NT$26.1
million ($0.8 million) of the construction costs in 2005. We expect to pay the remainder of the construction costs in 2006. We intend to finance the remaining cost of our new headquarters with a portion of the net proceeds of this
offering.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Insurance<br>
</FONT></B><FONT size=2 face="sans-serif">We maintain insurance policies on our buildings, equipment and inventories covering property damage and damage due to, among other events, fires, typhoons, earthquakes and floods. We maintain these insurance policies
on our facilities and on inland transit of inventories. We do not have insurance for business interruptions. We do not have key person insurance.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">30</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<B><FONT size=2 face="sans-serif">Environmental Matters<br>
</FONT></B><FONT size=2 face="sans-serif">The business of semiconductor design does not cause any significant pollution. Himax Display maintains a facility for our LCOS products where we have taken the necessary steps to obtain the appropriate permits and
believe that we are in compliance with the existing environmental laws and regulations in the ROC. We have entered into various agreements with certain customers whereby we have agreed to indemnify them, and in certain cases, their customers, for
any claims made against them for hazardous material violations that are found in our products.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Legal Proceedings<br>
</FONT></B><FONT size=2 face="sans-serif">We are not involved in any litigation or other legal matters which could reasonably be expected to, if decided adversely to us, have a material adverse impact on our business or operations.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">31</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF" size=4 face="sans-serif">CRITICAL ACCOUNTING POLICIES AND
          ESTIMATES</font></td>
     </tr>
</table>

<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Share-Based Compensation</strong><br>
</FONT><FONT size=2 face="sans-serif">As of December 31, 2005, we have not issued any stock options to employees or others. Share-based compensation primarily consists of grants of nonvested or restricted shares of common stock and RSUs issued to
employees. We have applied SFAS No. 123R for our share-based compensation plans for all periods since the incorporation of Himax Taiwan in 2001. The cost of employee services received in exchange for share-based compensation is measured based on the
grant-date fair value of the share-based instruments issued. The cost of employee services is equal to the grant-date fair value of shares issued to employees and is recognized in earnings over the service period. Share-based compensation expense
estimates also take into account the number of shares awarded that management believes will eventually vest. We adjust our estimate each period to reflect the current estimate of forfeitures. As of December 31, 2005, we based our share-based
compensation cost on an assumed forfeiture rate of 12.2% and 27.0% for Himax Taiwan and Amazion Electronics Inc., or Amazion, our subsidiary, respectively. If actual forfeitures occur at a lower rate, share-based compensation costs will increase in
future periods.</FONT></P>
<P>
<FONT size=2 face="sans-serif">When estimating the fair value of our ordinary shares on the grant date, we review both internal and external sources of information. During periods in which we were a private company, the sources we used to determine
the fair value of the underlying shares at the date of measurement have been subjective in nature and based on, among other factors:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">our financial condition as of the date of grant;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">our financial and operating prospects at that time;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">for certain issuances in 2001 and early 2002, the price of new shares issued to unrelated third parties;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">for certain issuances in 2002, 2003 and 2004, an independent third-party retrospective analysis of the</FONT> <FONT size=2 face="sans-serif">historical value of our common shares, which utilized both a net asset based
methodology and market</FONT> <FONT size=2 face="sans-serif">and peer group comparables (including average price/earnings, enterprise value/sales, enterprise value/</FONT> <FONT size=2 face="sans-serif">earnings before interest and tax, and
enterprise value/earnings before interest, tax, depreciation and</FONT> <FONT size=2 face="sans-serif">amortization); and</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">for our issuance of RSUs in 2005, an independent third-party analysis of the current and future value of</FONT> <FONT size=2 face="sans-serif">our ordinary shares, which utilized both discounted cashflow and market
value approaches, using multiples</FONT> <FONT size=2 face="sans-serif">such as price/earnings, forward price/earnings, enterprise value/earnings before interest and tax, and</FONT> <FONT size=2 face="sans-serif">forward enterprise value/earnings
before interest and tax.</FONT></LI>
</UL>
<P>
<FONT size=2 face="sans-serif">Changes in any of these factors or assumptions could have resulted in different estimates of the fair value of our common shares and the related amounts of share-based compensation.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Based on these factors, we estimated the fair value per share of nonvested shares issued to certain employees in June 2001, November 2001, and January 2002 at NT$4.02 ($0.116) per share and the fair value of 596,897
shares (adjusted for stock splits) granted to two consultants in 2002 at $68,000. Similarly, we estimated the fair value per share of employee bonus shares on the date of shareholder approval to be NT$39.44 ($1.15) per share and NT$67.13 ($1.96) per
share in 2003 and 2004, respectively. These employee bonus shares were</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">32</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">issued in relation to employee services provided in 2001, 2002 and 2003, respectively. We estimated the fair value of treasury shares issued to employees at prices ranging from NT$15.32 ($0.46) per share to NT$19.93
($0.58) per share in 2002 and NT$20.17 ($0.58) per share to NT$52.10 ($1.54) per share in 2003. We estimated the fair value of the ordinary shares underlying the RSUs granted to our directors and employees at $8.62 per share in 2005.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Allowance for Sales Returns and Discounts</strong><br>
</FONT><FONT size=2 face="sans-serif">We record a reduction to revenues and accounts receivable by establishing a sales discount and return allowance for estimated sales discounts and product returns at the time revenues are recognized based primarily on
historical discount and return rates. However, if sales discount and product returns for a particular fiscal period exceed historical rates, we may determine that additional sales discount and return allowances are required to properly reflect our
estimated remaining exposure for sales discounts and product returns. The movement in the allowance for sales returns and discounts for the years ended December 31, 2003, 2004 and 2005 is as follows:</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=1 face="sans-serif">Year</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=center nowrap>
<FONT size=1 face="sans-serif">Balance<br>
at<br>
Beginning<br>
of Year</FONT></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">Addition</FONT></TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=2% align=center></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">Amounts<br>
Utilized</FONT></TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=center nowrap>
<FONT size=1 face="sans-serif">Balance at<br>
</FONT><FONT size=1 face="sans-serif">End
of Year</FONT></TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="60%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">(in thousands)</FONT>
        </TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=center>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="sans-serif">December 31, 2003</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">117</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(89</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">28</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="sans-serif">December 31, 2004</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">28</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,022</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(810</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">240</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="sans-serif">December 31, 2005</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">240</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">398</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(457</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">181</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="sans-serif"><strong>Inventory</strong><br>
</FONT><FONT size=2 face="sans-serif">Inventories are stated at the lower of cost or market value. Cost is determined using the weighted-average method. For work-in-process and manufactured inventories, cost consists of the cost of raw materials (primarily
wafer fabrication and processed tape), direct labor and an appropriate proportion of production overheads. We write down inventory to its estimated market value, which is based upon estimations about future demand and market conditions. If actual
market conditions are less favorable than those projected by management, additional future inventory write-down may be required and could adversely affect our operating results. Once written down, inventories are carried at this lower amount until
sold or scrapped. If actual market conditions are more favorable, we may have higher operating income when such products are sold. Sales to date of such products have not had a significant impact on our operating income. The inventory write-down for
the years ended December 31, 2003, 2004 and 2005 was approximately $116,000, $847,000 and $927,000, respectively, and are included in cost of revenues in our consolidated statements of operations.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Impairment of Long-Lived Assets<br>
</strong></FONT><FONT size=2 face="sans-serif">We routinely review our long-lived assets that are held and used for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The determination of
recoverability is based on an estimate of undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The estimate of cash flows is based upon, among other things, certain assumptions about expected future
operating performance, average selling prices, utilization rates and other factors. If the sum of</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">33</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">the undiscounted cash flows (excluding interest) is less than the carrying value, an impairment charge is recognized for the amount that the carrying value of the asset exceeds its fair value, based on the best
information available, including discounted cash flow analysis. However, due to the cyclical nature of our industry and changes in our business strategy, market requirements, or the needs of our customers, we may not always be in a position to
accurately anticipate declines in the utility of our equipment or acquired technology until they occur. We have not had any impairment charges on long-lived assets during the period from December 31, 2002 to December 31, 2005.</FONT></P>
<P>
<FONT size=2 face="sans-serif"><strong>Product Warranty<br>
</strong></FONT><FONT size=2 face="sans-serif">Under our standard terms and conditions of sale, products sold are subject to a limited product quality warranty. The stated limited warranty period is 60 days. We may receive warranty claims outside the scope of the
standard terms and conditions. We provide for the estimated cost of product warranties at the time revenue is recognized based primarily on historical experience and any specifically identified quality issues. As of December 31, 2005 and 2004, the
accrued warranty cost was $545,000 and $507,000, respectively; in 2003 there was no accrued warranty costs. The movement in accrued warranty costs for the years ended December 31, 2003, 2004 and 2005 is as follows:</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
     <TR valign="bottom">
          <TD align=left> <FONT size=1 face="sans-serif">Year</FONT> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">Balance<br>
          at<br>
          Beginning<br>
          of Year</FONT></TD>
          <TD align="center" nowrap>&nbsp; </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">Addition</FONT></TD>
          <TD align="center" nowrap>&nbsp; </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">Amounts<br>
          Utilized</FONT></TD>
          <TD align=center nowrap> </TD>
          <TD align="center" nowrap>&nbsp; </TD>
          <TD align=right nowrap> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">Balance at<br>
          </FONT><FONT size=1 face="sans-serif">End of Year</FONT></TD>
          <TD align=right>&nbsp;</TD>
     </TR>
     <TR>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD> </TD>
          <TD align="right">
               <HR noshade size=1>          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD> </TD>
          <TD>&nbsp;</TD>
          <TD align="right">
               <HR noshade size=1>          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD> </TD>
          <TD>&nbsp;</TD>
          <TD align="right">
               <HR noshade size=1>          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD> </TD>
          <TD align="right">
               <HR noshade size=1>          </TD>
          <TD>
               <HR noshade size=1>
          </TD>
          <TD>&nbsp;</TD>
     </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="sans-serif">December 31, 2003</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="sans-serif">December 31, 2004</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">960</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">453</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">507</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="sans-serif">December 31, 2005</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">507</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,415</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(1,377</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">545</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="sans-serif"><strong>Income Taxes</strong><br>
</FONT><FONT size=2 face="sans-serif">As part of the process of preparing our consolidated financial statements, management is required to estimate income taxes and tax bases of assets and liabilities for us and our subsidiaries. This process involves
estimating current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes and the amount of tax credits and tax loss carryforwards. These differences result in deferred
tax assets and liabilities, which are included in the consolidated balance sheets. Management must then assess the likelihood that the deferred tax assets will be recovered from future taxable income, and, to the extent it believes that recovery is
not more likely than not, a valuation allowance is provided.</FONT></P>
<P>
<FONT size=2 face="sans-serif">In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of
deferred tax assets and therefore the determination of the valuation allowance is dependent upon the generation of future taxable income by the taxable entity during the periods in which those temporary differences become deductible. Management
considers the scheduled reversal of different liabilities, projected future taxable income, and tax planning strategies in determining the valuation allowance.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">34</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">Since Himax Taiwan&#146;s subsidiaries have generated tax losses since inception and are not included in the consolidated tax filing with Himax Taiwan, a valuation allowance of $11,000, $893,000 and $3.3 million as of
December 31, 2003, 2004 and 2005, respectively, was provided to reduce their deferred tax assets (consisting primarily of operating loss carryforwards and unused investment tax credits) to zero because management believes it is unlikely that these
tax benefits will be realized. There was no change in the valuation allowance for the year ended December 31, 2002 and the net change in valuation allowance for the years ended December 31, 2003, 2004 and 2005 was an increase of $11,000, $882,000
and $2.4 million, respectively, as a result of increases in deferred tax assets which we do not expect to realize.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">35</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
     <tr>
          <td bgcolor="#66CCFF"><font color="#FFFFFF"><font size=4 face="sans-serif">RESULTS OF OPERATIONS</font></font></td>
     </tr>
</table>
<P>
<B><FONT face="sans-serif"><br>
Our revenues increased 79.9% to $540.2 million in 2005 <br>
from $300.3 million in 2004.</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Our business has evolved rapidly and significantly
since we commenced operations in 2001. Our limited operating history makes the
prediction of future operating results very difficult. We believe that period-to-period
comparisons of operating results should not be relied upon as indicative of future
performance. The following table sets forth a summary of our consolidated statements
of operations as a percentage of revenues: </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="70%" align=left></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD colspan="9" align=center><font size=1 face="sans-serif">Year Ended December
               31,</font></TD>
     <TD width="2%" align=left></TD>
</TR>
<TR>
     <TD align="left"> </TD>
     <TD></TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1></TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD><HR noshade size=1></TD>
     <TD><HR noshade size=1> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD>
          <HR noshade size=1>
     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2005</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="70%" align="left">
        </TD>
        <TD width="1%"></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%"></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="2%"></TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Revenues</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">100.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">100.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">100.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Costs and expenses:</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Cost of revenues</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">75.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">78.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">77.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT> Research
and development</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">16.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">8.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">7.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT> General
and administrative</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">3.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Sales and marketing</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Total costs and expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">97.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">89.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">87.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Operating income</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">11.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">12.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Other non operating income (loss)</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(0.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Income tax (benefit) expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(0.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Net income (loss)</FONT>
        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(0.4</FONT>
        </TD>
        <TD width=1% align=left>

<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">12.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">11.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="sans-serif">Year Ended December 31, 2005 Compared to Year
Ended December 31, 2004|<br>
</FONT></B><I><FONT size=2 face="sans-serif">Revenues. </FONT></I><FONT size=2 face="sans-serif">Our revenues increased 79.9% to $540.2 million in 2005 from $300.3 million in 2004. This increase was primarily due to an 118.4% increase in unit shipments of
display drivers for large-sized applications, partially offset by a 16.2% decrease in average selling prices of such products. The increase in unit shipments was primarily due to the increased number of panels shipped by our customers as well as our
increased market share with certain major customers. The decrease in the average selling prices of our display drivers was primarily due to a combination of the pricing pressure we faced from our customers, the general industry trend of declining
average selling prices of semiconductors over a product's life cycle, the introduction of newer, lower-cost display drivers for large-sized applications, as well as our ability to reduce per unit cost of revenues in order to meet such pressure.
Revenues from related parties increased 69.2% to $322.8 million in 2005 from $190.8 million in 2004 as a result of increased unit shipments to CMO (and its affiliates) and other related parties. However, revenues from related parties as a percentage
of our revenues decreased from 63.5% in 2004 to 59.8% in 2005 as our sales to other customers continued to grow, reflecting our effort in diversifying our customer base and reducing our reliance on any one customer.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Costs and Expenses. </FONT></I><FONT size=2 face="sans-serif">Costs and expenses increased 76.6% to $472.2 million in 2005 from $267.4 million in 2004. As a percentage of revenues, costs and expenses decreased to
87.4% in 2005 compared to 89.0% in 2004.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">36</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<UL>
<LI>
<I><FONT size=2 face="sans-serif">Cost of Revenues. </FONT></I><FONT size=2 face="sans-serif">Cost of revenues increased 77.7% to $419.4 million in 2005 from $236.0 million in</FONT> <FONT size=2 face="sans-serif">2004. The increase in cost of
revenues was primarily due to an increase in unit shipments, partially offset</FONT> <FONT size=2 face="sans-serif">by a slight decrease in per units costs associated with the manufacturing, assembly, testing and delivery</FONT> <FONT size=2
face="sans-serif">of our products. This is a result of our cost reduction efforts achieved by improving designs and processes,</FONT> <FONT size=2 face="sans-serif">increasing manufacturing yields and leveraging our scale, volume requirements and
close relationships</FONT> <FONT size=2 face="sans-serif">with semiconductor manufacturing service providers and suppliers, as well as our strategy of sourcing</FONT> <FONT size=2 face="sans-serif">from multiple service providers and suppliers in
order to obtain better pricing.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Research and Development. </FONT></I><FONT size=2 face="sans-serif">Research and development expenses increased 72.0% to $41.3 million</FONT> <FONT size=2 face="sans-serif">in the 2005 from $24.0 million in 2004,
primarily due to the increase in salary expenses and share-based</FONT> <FONT size=2 face="sans-serif">compensation expenses. The increase in salary expenses was due to increased headcount and higher</FONT> <FONT size=2 face="sans-serif">average
salaries. The increase was also partially as a result of increased mask costs and prototype wafer</FONT> <FONT size=2 face="sans-serif">and processed tape costs associated with an increased number of new products introduced. The increase</FONT>
<FONT size=2 face="sans-serif">in share-based compensation expenses also resulted from our increase in headcount and our grant of</FONT> <FONT size=2 face="sans-serif">RSUs to certain employees on December 30, 2005.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">General and Administrative. </FONT></I><FONT size=2 face="sans-serif">General and administrative expenses increased 45.8% to $6.8 million in</FONT> <FONT size=2 face="sans-serif">2005 from $4.7 million in 2004,
primarily due to an increase in salary expenses. The increase in salary</FONT> <FONT size=2 face="sans-serif">expenses was due to increased headcount and higher average salaries. The increase in general and</FONT> <FONT size=2
face="sans-serif">administrative expenses also partially resulted from increased costs associated with increased management</FONT> <FONT size=2 face="sans-serif">and other fees paid to our security company and increased fees relating to patent
filings.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Sales and Marketing. </FONT></I><FONT size=2 face="sans-serif">Sales and marketing expenses increased 73.7% to $4.8 million in 2005 from</FONT> <FONT size=2 face="sans-serif">$2.7 million in 2004, primarily due to
an increase in salary expenses and share-based compensation</FONT> <FONT size=2 face="sans-serif">expenses. The increase in salary expenses was due to a 76.6% increase in headcount and higher average</FONT> <FONT size=2 face="sans-serif">salaries.
The increase in share-based compensation expenses also resulted from our increase in
headcount and our grant of RSUs to certain employees on December 30, 2005. The increase in sales and marketing
expenses was also partially as a result of increased travel expenses reflecting increased sales activity.</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="sans-serif">Non-Operating Income (Loss).   </FONT></I><FONT size=2 face="sans-serif"> We had a non-operating income of $2.3 million in 2005 compared to $1.3 million in 2004, primarily as a result of increases in both foreign
exchange gain and interest income as compared to 2004. Foreign exchange gain increased due to the weakening of the NT dollar and Japanese yen relative to the U.S. dollar. The significant increase in interest income was due to the higher cash balance
on hand, which was primarily placed in higher yield U.S. dollar denominated time deposits beginning in August 2005.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Income Tax (Benefit) Expense. </FONT></I><FONT size=2 face="sans-serif">Income tax expenses increased to $8.9 million in 2005 compared to an income tax benefit of $1.8 million in 2004. Our effective income tax rate
increased from (5.2%) in 2004 to 12.7% in 2005, primarily due to: (a) the increase of valuation allowance provided to reduce certain subsidiaries&#146; deferred tax assets to zero, (b) the increase of non-deductible share-based compensation expenses
and (c) the absence in 2005 of a tax benefit from the distribution of the prior year&#146;s income compared to 2004, which was partially offset by more investment tax credits and tax exempted income as compared to 2004.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Net Income. </FONT></I><FONT size=2 face="sans-serif">As a result of the foregoing, our net income increased to $61.6 million in 2005 from a net income of $36.0 million in 2004.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">37</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<B><FONT size=2 face="sans-serif">Year Ended December 31, 2004 Compared to Year Ended December 31, 2003<br>
</FONT></B><FONT size=2 face="sans-serif">Revenues.
Our revenues increased 127.8% to $300.3 million in 2004 from $131.8 million in
2003. This increase was primarily due to a 151.3% increase in unit shipments
of display drivers for large-sized applications, partially offset by a 6.0% decrease
in average selling prices of such products. The increase in unit shipments was
primarily due to the increased number of panels shipped by our customers, our
increased market share with certain major customers and our success in winning
new customers. The decrease in the average selling prices of our display drivers
was primarily due to a combination of the pricing pressure we faced from our
customers, the general industry trend of declining average selling prices of
semiconductors over a product&#146;s life cycle, the introduction of newer, lower-cost
display drivers for large-sized applications, as well as our ability to reduce
per unit cost of revenues in order to meet such pressure. Revenues from related
parties increased 85.6% to $190.8 million in 2004 from $102.8 million in 2003
as a result of increased unit shipments to CMO (and its affiliates) and other
related parties. However, revenues from related parties as a percentage of our
revenues decreased from 78.0% in 2003 to 63.5% in 2004 as our sales to CPT (and
its affiliates) and other customers continued to grow, reflecting our effort
in diversifying our customer base and reducing our reliance on any one customer.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Costs and Expenses. </FONT></I><FONT size=2 face="sans-serif">Costs and expenses increased 108.2% to $267.4 million in 2004 from $128.5 million in 2003. As a percentage of revenues, costs and expenses decreased to 89.0% in 2004 from 97.4% in 2003.</FONT></P>
<UL>
<LI>
<I><FONT size=2 face="sans-serif">Cost of Revenues. </FONT></I><FONT size=2 face="sans-serif">Cost of revenues increased 135.8% to $236.0 million in 2004 from $100.1 million</FONT> <FONT size=2 face="sans-serif">in 2003. The increase in cost of
revenues was primarily due to an increase in unit shipments and the</FONT> <FONT size=2 face="sans-serif">associated costs to manufacture, assemble, test and deliver these products. This increase was partially</FONT> <FONT size=2
face="sans-serif">offset by a decrease in the per unit cost of revenues as a result of our cost reduction efforts achieved</FONT> <FONT size=2 face="sans-serif">by improving designs and processes, increasing manufacturing yields and leveraging our
scale, volume</FONT> <FONT size=2 face="sans-serif">requirements and close relationships with semiconductor manufacturing service providers and suppliers</FONT> <FONT size=2 face="sans-serif">as well as our strategy of sourcing from multiple service
providers and suppliers in order to obtain better</FONT> <FONT size=2 face="sans-serif">pricing. Our cost of revenues as a percentage of total revenues increased 2.7% to 78.6% in 2004 from</FONT> <FONT size=2 face="sans-serif">75.9% in 2003
primarily as a result of a decrease in 2004 of average selling prices in order to attract new</FONT> <FONT size=2 face="sans-serif">customers and revenues received in 2003 from ChipMOS for LCOS technology advisory services and</FONT> <FONT size=2
face="sans-serif">sales of panel molds to CMO, both of which have relatively low cost of revenues. These transactions are</FONT> <FONT size=2 face="sans-serif">not part of our core business, and we do not expect to generate meaningful revenues from
these sources</FONT> <FONT size=2 face="sans-serif">in the future.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Research and Development. </FONT></I><FONT size=2 face="sans-serif">Research and development expenses increased 14.0% to $24.0 million</FONT> <FONT size=2 face="sans-serif">in 2004 from $21.1 million in 2003,
primarily as a result of increased mask costs and prototype wafer and</FONT> <FONT size=2 face="sans-serif">processed tape costs associated with an increase in the number of new products introduced, increased</FONT> <FONT size=2
face="sans-serif">salary expenses and employee welfare related costs reflecting higher headcount and increased depreciation</FONT> <FONT size=2 face="sans-serif">expense as we installed additional research and development equipment as part of our
expanded research</FONT> <FONT size=2 face="sans-serif">and development efforts. The increase in research and development expenses was partially offset by a</FONT> <FONT size=2 face="sans-serif">decrease in share-based compensation expenses, which
decreased 63.2% to $4.3 million in 2004 from</FONT> <FONT size=2 face="sans-serif">$11.7 million in 2003. The decrease in share-based compensation expenses was primarily as a result of</FONT> <FONT size=2 face="sans-serif">our decision to grant less
share-based compensation in 2004 with the expectation that we would be</FONT> <FONT size=2 face="sans-serif">granting more share-based compensation to our employees under our long-term incentive plan after our</FONT> <FONT size=2
face="sans-serif">initial public offering.</FONT></LI>
</UL>
<P align="right">
<FONT size=2 face="sans-serif">38</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<UL>
<LI>
<I><FONT size=2 face="sans-serif">General and Administrative. </FONT></I><FONT size=2 face="sans-serif">General and administrative expenses increased 0.9% to $4.7 million in 2004</FONT> <FONT size=2 face="sans-serif">from $4.6 million in 2003,
primarily as a result of increases in staffing expenses and expenses relating to</FONT> <FONT size=2 face="sans-serif">patent filings. This increase was partially offset by a decrease in share-based compensation expenses,</FONT> <FONT size=2
face="sans-serif">which decreased 66.1% to $0.7 million in 2004 from $2.1 million in 2003, primarily as a result of our</FONT> <FONT size=2 face="sans-serif">decision to grant less share-based compensation in 2004 with the expectation that we would
be granting</FONT> <FONT size=2 face="sans-serif">more share-based compensation to our employees under our long-term incentive plan after our initial</FONT> <FONT size=2 face="sans-serif">public offering.</FONT></LI>
<LI>
<I><FONT size=2 face="sans-serif">Sales and Marketing. </FONT></I><FONT size=2 face="sans-serif">Sales and marketing expenses increased 2.7% to $2.7 million in 2004, primarily</FONT> <FONT size=2 face="sans-serif">as a result of an increase in
product sample costs, increased salary expense due to higher headcount and</FONT> <FONT size=2 face="sans-serif">increased travel expenses, all as a result of the increase in our unit sales and our expanded sales and</FONT> <FONT size=2
face="sans-serif">marketing efforts. The increase in sales and marketing expenses was partially offset by a decrease in</FONT> <FONT size=2 face="sans-serif">share-based compensation expenses, which decreased 60.2% to $0.5 million in 2004 from $1.4
million</FONT> <FONT size=2 face="sans-serif">in 2003, primarily as a result of our decision to grant less share-based compensation in 2004 with the</FONT> <FONT size=2 face="sans-serif">expectation that we would be granting more share-based
compensation to our employees under our long-</FONT> <FONT size=2 face="sans-serif">term incentive plan after our initial public offering.</FONT></LI>
</UL>
<P>
<I><FONT size=2 face="sans-serif">Non-Operating Income (Loss). </FONT></I><FONT size=2 face="sans-serif">We had a non-operating income of $1.3 million in 2004 compared to a non-operating loss of $0.6 million in 2003, primarily as a result of a
foreign exchange gain of $0.8 million in 2004 compared to a foreign exchange loss of $0.8 million in 2003 and a gain on sale of marketable securities of $0.4 million in 2004 compared to a gain on sale of marketable securities of $0.1 million in
2003.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Income Tax (Benefit) Expenses. </FONT></I><FONT size=2 face="sans-serif">We recorded an income tax benefit of $1.8 million in 2004 compared to an income tax expense of $3.3 million in 2003. Our effective tax rate
decreased in 2004 due primarily to the fact that we generated more investment tax credits related to research and development expenditures and less non-deductible share-based compensation expenses in 2004 as compared to 2003, as well as a result of
our qualifying for an income tax exemption on the incremental income generated from sales of newly designed display drivers starting in April 2004.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Net Income. </FONT></I><FONT size=2 face="sans-serif">As a result of the foregoing, our net income increased significantly to $36.0 million in 2004 from a net loss of $0.6 million in 2003.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">39</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<B><FONT size=2 face="sans-serif">Selected Unaudited Quarterly Results of Operations<br>
</FONT></B><FONT size=2 face="sans-serif">The following table presents our unaudited quarterly results of operations for the six quarters for the period beginning July 1, 2004 and ending December 31, 2005. You should read the following table in conjunction
with the consolidated financial statements and related notes contained elsewhere in this annual report. We have prepared the unaudited information on the same basis as our audited consolidated financial statements. This information reflects all
adjustments, consisting only of normal recurring adjustments, which are in the opinion of our management necessary for fair presentation of our results of operations for the quarters presented.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right></TD>
     <TD colspan="21" align=center><font size=1 face="sans-serif">Three Months
               Ended</font></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right></TD>
     <TD colspan="21" align=center><HR noshade size=1></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">September 30,</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">December 31,</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">March 31,</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">June 30,</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">September 30,</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">December 31,</FONT> </TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">2004</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">2004</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap></TD>
     <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
     <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR>
     <TD align="left"> </TD>
     <TD> </TD>
     <TD align="right">
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align="right" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align="right" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align="right" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align="right" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
     <TD align="center" nowrap>&nbsp;</TD>
     <TD align="right" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center" nowrap>
          <HR noshade size=1>
     </TD>
     <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> </TD>
     <TD colspan="21" align=center><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <FONT size=1 face="sans-serif">(unaudited)</FONT> <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> </TD>
     <TD align=center></TD>
</TR>
<TR valign="bottom">
     <TD align=left> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> </TD>
     <TD colspan="21" align=center><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <FONT size=1 face="sans-serif">(in
               thousands, except per share data)</FONT> <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> </TD>
     <TD align=center></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Revenues</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right><font size=2 face="sans-serif">75,496</font> </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">89,004</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">96,417</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=6% align=right><font size=2 face="sans-serif">111,633</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right><font size=2 face="sans-serif">154,820</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">177,334</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Costs and expenses</FONT><SUP><FONT size=2 face="sans-serif">(1)</FONT></SUP><FONT size=2 face="sans-serif">:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Cost of revenues</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">60,032</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">70,754</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">75,027</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">86,214</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">118,475</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">139,664</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Research and development</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">6,130</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">7,519</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">8,191</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">8,896</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">10,234</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">13,957</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">General administrative</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,119</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,496</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,187</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,392</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,649</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2,556</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Sales and marketing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">737</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">764</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">818</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">873</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,053</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2,018</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total costs and expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">68,018</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">80,533</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">85,223</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">97,375</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">131,411</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">158,195</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Operating income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">7,478</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">8,471</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">11,194</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">14,258</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">23,409</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">19,139</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Net income</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right><FONT size=2 face="sans-serif">$</FONT>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">8,344</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">9,554</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">10,133</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">13,069</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">21,376</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">16,980</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=2></TD>
        <TD>
<HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Basic earnings per ordinary</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>

        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>share and per ADS</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right><FONT size=2 face="sans-serif">$</FONT>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.06</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.07</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.12</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.10</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Diluted earnings per ordinary</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>share and per ADS</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right><FONT size=2 face="sans-serif">$</FONT>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.06</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.07</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.12</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0.09</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Weighted-average number of shares used</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>in basic and diluted earnings per</FONT>
        </TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left>&nbsp; &nbsp;<FONT size=2 face="sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="sans-serif"></FONT>share computation (in thousand):</FONT>
        </TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Basic</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">168,087</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">174,764</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">175,660</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">175,660</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">176,231</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">176,854</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Diluted</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">172,757</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">178,574</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">180,124</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">180,464</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">180,606</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">180,707</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="sans-serif">Note: (1) The amount of share-based compensation included in applicable costs and expenses is summarized as follows:</FONT></P><br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="bottom">
          <TD align=left></TD>
          <TD>&nbsp;</TD>
          <TD align=right></TD>
          <TD colspan="21" align=center><font size=1 face="sans-serif">Three
                    Months Ended</font></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left></TD>
          <TD>&nbsp;</TD>
          <TD align=right></TD>
          <TD colspan="21" align=center><HR noshade size=1></TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">September 30,</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">December 31,</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">March 31,</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">June 30,</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">September 30,</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=center nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">December 31,</FONT> </TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">2004</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">2004</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=right nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap></TD>
          <TD align=center nowrap><font size="1">&nbsp;</font> </TD>
          <TD align=center nowrap> <FONT size=1 face="sans-serif">2005</FONT> </TD>
          <TD align=center>&nbsp;</TD>
     </TR>
     <TR>
          <TD align="left"> </TD>
          <TD> </TD>
          <TD align="right">
               <HR noshade size=1>
          </TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align="right" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align="right" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align="right" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align="right" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap><font size="1">&nbsp;</font> </TD>
          <TD align="center" nowrap>&nbsp;</TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center" nowrap>
               <HR noshade size=1>          </TD>
          <TD align="center">&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> </TD>
          <TD colspan="21" align=center><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <FONT size=1 face="sans-serif">(unaudited)</FONT> <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> </TD>
          <TD align=center></TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> </TD>
          <TD colspan="21" align=center><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <FONT size=1 face="sans-serif">(in
                    thousands, except per share data)</FONT> <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font> </TD>
          <TD align=center></TD>
     </TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Cost of revenues</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">72</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">74</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">37</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">33</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">29</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">89</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Research and development</FONT>
        </TD>
        <TD width=1% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,060</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,084</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,117</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,126</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,060</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">3,033</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">General and administrative</FONT>
        </TD>
        <TD width=1% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">178</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">182</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">164</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">166</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">138</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">380</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="sans-serif">Sales and marketing</FONT>
        </TD>
        <TD width=1% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">133</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">135</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">205</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">203</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=right>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">205</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">628</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%"></TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD>&nbsp;</TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Total</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,443</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,475</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,523</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right><font size=2 face="sans-serif">$</font>
        </TD>
        <TD width=6% align=right><font size=2 face="sans-serif">1,528</font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,432</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">4,130</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
     <TD> </TD>
     <TD> </TD>
     <TD align="right">
          <HR noshade size=2>
     </TD>
     <TD>
          <HR noshade size=2>
     </TD>
     <TD> </TD>
     <TD>&nbsp;</TD>
     <TD align="right">
          <HR noshade size=2>
     </TD>
     <TD>
          <HR noshade size=2>
     </TD>
     <TD> </TD>
     <TD>&nbsp;</TD>
     <TD align="right">
          <HR noshade size=2>
     </TD>
     <TD>
          <HR noshade size=2>
     </TD>
     <TD> </TD>
     <TD>&nbsp;</TD>
     <TD align="right">
          <HR noshade size=2>
     </TD>
     <TD>
          <HR noshade size=2>
     </TD>
     <TD> </TD>
     <TD>&nbsp;</TD>
     <TD align="right">
          <HR noshade size=2></TD>
     <TD>
          <HR noshade size=2></TD>
     <TD> </TD>
     <TD>&nbsp;</TD>
     <TD align="right">
          <HR noshade size=2>
     </TD>
     <TD>
          <HR noshade size=2>
     </TD>
     <TD>&nbsp;</TD>
</TR>
</TABLE>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="5%">&nbsp;</td>
          <td width="95%">&nbsp;</td>
     </tr>
     <tr valign="top">
          <td width="5%" nowrap><font size=1 face="sans-serif">Note: (2) </font></td>
          <td width="95%"><font size=1 face="sans-serif">Under the ROC Statute
                    for Upgrading Industries, we are exempt from income taxes
                    for income attributable to expanded production capacity or
                    newly developed technologies. If we had not been exempt from
                    paying this income tax, net income and (basic and diluted)
          earnings per share would have been as follows:</font></td>
     </tr>
</table>

<P align="right">
<FONT size=2 face="sans-serif">40</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD colspan="21" align=center nowrap><font size=1 face="sans-serif">Three Months
          Ended</font></TD>
     <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD colspan="21" align=center nowrap><HR noshade size=1></TD>
     <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">September 30,</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">December 31,</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">March 31,</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">June 30,</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">September 30,</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">December 31,</FONT>
        </TD>
     <TD width=2% align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">2005</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">2005</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">2005</FONT>
        </TD>
        <TD width=1% align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width=2% align=center nowrap></TD>
        <TD width=1% align=center nowrap><font size="1">&nbsp;</font>

        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="sans-serif">2005</FONT>
        </TD>
     <TD width=2% align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="28%" align="left">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width="2%" align="center" nowrap>&nbsp;</TD>
        <TD width="1%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width="2%" align="center" nowrap>&nbsp;</TD>
        <TD width="1%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width="2%" align="center" nowrap>&nbsp;</TD>
        <TD width="1%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width="2%" align="center" nowrap>&nbsp;</TD>
        <TD width="1%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" nowrap><font size="1">&nbsp;</font>
        </TD>
        <TD width="2%" align="center" nowrap>&nbsp;</TD>
        <TD width="1%" align="center" nowrap>
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center" nowrap>
<HR noshade size=1>
        </TD>
     <TD width="2%" align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD colspan="21" align=center nowrap><font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>
          <FONT size=1 face="sans-serif">(unaudited)</FONT>          <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font>   <font size="1">&nbsp;</font>    <font size="1">&nbsp;</font>    <font size="1">&nbsp;</font>    <font size="1">&nbsp;</font>    <font size="1">&nbsp;</FONT></TD>
        <TD width=2% align=center nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD colspan="21" align=center nowrap><font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>            <font size="1">&nbsp;</font>
          <FONT size=1 face="sans-serif">(in thousands, except per share data)</FONT>        <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font>   <font size="1">&nbsp;</font>    <font size="1">&nbsp;</FONT></TD>
        <TD width=2% align=center nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="sans-serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,071</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7,083</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8,629</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="sans-serif">11,236</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">18,224</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">14,280</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="sans-serif">Basic earnings per ordinary</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;share and per ADS</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.04</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.04</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">0.06</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.10</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.08</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="sans-serif">Diluted earnings per ordinary</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=left>

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;share and per ADS</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.04</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.04</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">0.06</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.10</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.08</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>

<P>
<B><FONT size=2 face="sans-serif">Liquidity and Capital Resources<br>
</FONT></B><FONT size=2 face="sans-serif">The following table sets forth a summary of our cash flows for the periods indicated:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="70%" align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD colspan="9" align=center><font size=1 face="sans-serif">Year Ended Decembe
          31,</font></TD>
     <TD align=center></TD>
</TR>
<TR valign="bottom">
     <TD width="70%" align=left></TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="1%" align=center></TD>
     <TD colspan="9" align=center><HR noshade size=1></TD>
     <TD width="2%" align=center></TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2005</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR>
        <TD width="70%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center>

        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">(in thousands)</FONT>
        </TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=6% align=center>

        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Net cash provided by (used in) operating activities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(1,593</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(8,688</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">12,464</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Net cash provided by (used in) investing activities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(28,915</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">11,001</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(25,363</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Net cash provided by financing activities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">30,341</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">735</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">14,404</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Net increase (decrease) in cash</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">(167</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">3,048</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,509</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Cash at beginning of period</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2,696</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2,529</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">5,577</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Cash at end of period</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">2,529</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">5,577</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">7,086</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="sans-serif">From our inception, we financed our operations primarily through the issuance of shares in Himax Taiwan. As of December 31, 2005, we had $7.1 million in cash.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Operating Activities. </FONT></I><FONT size=2 face="sans-serif">Net cash provided by operating activities for the year ended December 31, 2005 was $12.5 million compared to net cash used in operating activities of
$8.7 million for the year ended December 31, 2004. Net cash provided by operating activities increased in 2005 primarily as a result of an increase in operating profit and accounts payable due to the extension of payment terms received from certain
vendors, which was partially offset by an increase in accounts receivable. We negotiated an extension of payment terms with two of our main third-party semiconductor manufacturing service providers in order to better balance our cash flows with
payment terms that we offer our customers. The increase in accounts receivable was primarily as a result of the significant increase in sales in the second half of 2005 and the extension of payment terms for certain of our customers in the fourth
quarter of 2005. Net cash used in operating activities was $8.7 million for the year ended December 31, 2004, an increase of $7.1 million over net cash used in operating activities of $1.6 million for the year ended December 31, 2003. Our net cash
used in operating activities increased in 2004 primarily as a result of an increase in inventory of $33.0 million and accounts receivable (including from related parties) of $30.7 million due to increased sales which were offset by increases in
accounts payable of $15.7 million. Additionally, in 2003 and 2004 we operated with negative cash flow from operating activities primarily due to high working capital needs characteristic of our industry, which result from a combination of</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">41</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">factors, including our rapid growth, the long lead-time required of work-in-process typical in our industry, our need to maintain high levels of inventory to meet our customers' requirements and the difference between
accounts receivable and accounts payable. If we continue to experience these factors, we expect that we will operate with negative cash flow from operating activities.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Investing Activities. </FONT></I><FONT size=2 face="sans-serif">Net cash used in investing activities in the year ended December 31, 2005 was $25.4 million compared to net cash provided by investing activities of
$11.0 million in the year ended December 31, 2004. This change was primarily due to a decrease in net proceeds generated from the purchase and sale of available-for-sale marketable securities of $15.2 million, when compared to the year ended
December 31, 2004, an increase in the purchase of property and equipment and a pledge of restricted cash equivalents and marketable securities of $13.7 million. Net cash provided by investing activities for the year ended December 31, 2004 was $11.0
million, an increase of $39.9 million compared to net cash used in investing activities of $28.9 million for the year ended December 31, 2003. This increase was primarily as a result of a $41.0 million increase in the net proceeds generated from the
purchase and sale of marketable securities when compared to that of 2003, which was partially offset by an increase in the purchase of property and equipment. Additionally, we currently expect remaining fixed asset purchases to be approximately
$27.7 million in 2006, which is significantly higher than in previous years, as a result of the payment of construction costs in connection with our new headquarters in the Tainan LCD-TV Industry Park.</FONT></P>
<P>
<I><FONT size=2 face="sans-serif">Financing Activities. </FONT></I><FONT size=2 face="sans-serif">Net cash provided by financing activities in the year ended December 31, 2005 was $14.4 million compared to net cash provided by financing activities
of $0.7 million in the year ended December 31, 2004, primarily due to proceeds received from borrowings of short-term debt and the issuance of Amazion&#146;s shares, which was offset by a distribution of special cash dividends and the repayment of
long-term debt. Net cash provided by financing activities for the year ended December 31, 2004 was $0.7 million compared to net cash provided by financing activities of $30.3 million for the year ended December 31, 2003. The substantial decrease in
net cash provided by financing activities in 2004 was attributable to the fact that there was no issuance and sale of common shares in 2004 compared with 2003. In 2003, the increases in net cash provided by financing activities were primarily due to
proceeds from the sales of our common shares.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our liquidity could be adversely affected by our obligation to meet certain conditions set by the ROC Investment Commission (including a requirement to make substantial investments in research and development) in
connection with its approval for the share exchange as further described below under &#147;-Contractual Obligations.&#148;</FONT></P>
<P>
<FONT size=2 face="sans-serif">Moreover, our liquidity could be negatively impacted by a decrease in demand for our products. Our products are subject to rapid technological change, among other factors, which could result in revenue variability in
future periods. Further, we expect to continue increasing our headcount, especially for engineering and sales, to pursue growth opportunities and keep pace with changes in technology. Should demand for our products slow down or fail to grow as
expected, our increased headcount would result in sustained losses and reductions in our cash balance. We have at times agreed to extend the payment terms for certain of our customers. Other customers have also requested extension of payment terms
and we may grant such requests for extension in the future. The extension of payment terms for our customers could adversely affect our cash flow, liquidity and our operating results.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">42</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<B><FONT size=2 face="sans-serif">Contractual Obligations<br>
</FONT></B><FONT size=2 face="sans-serif">The following table sets forth our contractual obligations as of December 31, 2005:</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD align=left></TD>
     <TD align=left></TD>
     <TD colspan="13" align=center><font size=1 face="sans-serif">Payment Due
          by Period</font></TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD colspan="13" align=center><HR noshade size=1></TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">Total</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center><font size=1 face="sans-serif">Less than<br>
1 year</font>
</TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">1-3 years</FONT></TD>
        <TD width=2% align="center">&nbsp; </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center><font size=1 face="sans-serif">3-5<br>
years</font></TD>
        <TD width=2% align="center">&nbsp; </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center><font size=1 face="sans-serif">More than<br>
5 years</FONT></TD>
     <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="55%">
        </TD>
        <TD width="1%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="1%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"> </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"> </TD>
        <TD width="1%" align="center">
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD colspan="13" align=center>       <FONT size=1 face="sans-serif">(in thousands)</FONT>       </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>
<FONT size=2 face="sans-serif">Long and short term debt</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">27,363</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">27,363</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>
<FONT size=2 face="sans-serif">Operating lease obligations</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,529</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">1,148</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">381</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>
<FONT size=2 face="sans-serif">Purchase obligations</FONT><SUP><FONT size=2 face="sans-serif">(1)</FONT></SUP>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">94,118</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">94,118</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">0</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>
<FONT size=2 face="sans-serif">Other obligations</FONT><SUP><FONT size=2 face="sans-serif">(2)</FONT></SUP>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">59,127</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">27,959</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">31,168</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="55%">
        </TD>
        <TD width="1%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="sans-serif">Total</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">182,137</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">150,588</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">$</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">31,549</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="55%">
        </TD>
        <TD width="1%" align="left">
          <HR noshade size=2>
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="left">
          <HR noshade size=2>
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="1%" align="left">
          <HR noshade size=2>
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%">
          <HR noshade size=2>
        </TD>
     <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=4% align=right nowrap>
<FONT size=1 face="sans-serif">Notes: (1)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=94% align=left>
<FONT size=1 face="sans-serif">Includes obligations for wafer fabrication, raw materials and supplies.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=right nowrap>
<FONT size=1 face="sans-serif">(2)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=94% align=left>
<FONT size=1 face="sans-serif">Includes obligations under a
license agreement for the use of certain central processing unit cores and the investment
obligations required by the ROC Investment Commission.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="sans-serif">In August 2004, we entered into a license agreement for the use of certain central processing unit cores for product development. In accordance with the agreement, we are required to pay a license fee based on the
progress of the project development and a royalty based on shipments. The initial license fee of $100,000 is charged to research and development expense in 2004; no fees or royalties were paid in 2005.</FONT></P>
<P>
<FONT size=2 face="sans-serif">In addition, we have begun construction of our new headquarters located in the Tainan LCD-TV Industry Park. The headquarters will house our research and development, engineering, sales and marketing, operations and
general administrative staff. Upon completion, the new headquarters is expected to have 21,200 square meters of usable space and occupy 31,800 square meters of land. The land is owned by us. Construction has commenced in the fourth quarter of 2005
and is expected to be completed in the third quarter of 2006. The total costs are estimated to be approximately NT$905.8 million ($27.6 million), of which approximately NT$325.8 million ($9.9 million) is for the land and approximately NT$580 million
($17.7 million) is for the construction costs (which includes architect fees, general contractor fees, building materials, purchases and installation of office equipment and other fixtures). We have already paid for the land purchased and
approximately NT$26.1 million ($0.8 million) of the construction costs in 2005. We expect to pay the remainder of the construction costs in 2006. We intend to finance the remaining cost of our new headquarters with a portion of the net proceeds from
our initial public offering.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our current corporate structure was established as a result of a share exchange between us and the former shareholders of Himax Taiwan. The ROC Investment Commission has approved the share exchange, subject to our
satisfying the following undertakings we gave in connection with our application seeking approval of the share exchange: Himax Taiwan is required to (1) purchase three hectares of land in connection with the construction of its new headquarters in
Tainan, Taiwan; (2) increase the number of Taiwanese employees to 430 employees, 475 employees and 520 employees by the end of 2005, 2006 and 2007, respectively; and (3) invest no less than NT$800 million ($24.4 million), NT$900 million ($27.4
million) and NT$1.0 billion ($30.5 million) for research and development in Taiwan in 2005, 2006 and 2007, respectively. The required research and development expenditure may be satisfied through cash-based compensation but cannot be satisfied
through non-cash</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">43</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="sans-serif">share-based compensation. Himax Taiwan is required to submit to the ROC Investment Commission its annual financial statements audited by a certified public accountant and other relevant supporting documents in
connection with the implementation of the above-mentioned conditions within four months after the end of each of 2005, 2006 and 2007.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We plan to finance the commitments required under our undertakings to the ROC Investment Commission through a portion of the proceeds from our initial public offering and working capital. We believe that the
undertakings under the ROC Investment Commission approval are in line with our business plan. In August 2005, we purchased 3.18 hectares of land for an aggregate purchase price of approximately NT$325.8 million ($9.9 million) in satisfaction of the
first condition. As of December 31, 2005, we had satisfied the conditions with respect to the Taiwan employees requirements for 2005 (with 549 Taiwan employees) and had spent approximately NT$1,012 million ($30.9 million) in research and development
expenditures.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Although we intend to discharge our undertakings to the ROC Investment Commission, we cannot assure you that we will be able to do so under all circumstances. To the extent that we experience no or negative revenue
growth as a result of significant company-specific or industry-wide events, we would be limited in our ability to adjust our headcount and research and development expenditures in response to those events. In this case, these undertakings would
restrict our operational flexibility and adversely affect our operating margins and results of operations. See &#147;Item 3.D. Risk Factors-Political, Geographical and Economic Risks - If we failed to satisfy the undertakings we made to the ROC
Investment Commission in connection with our application seeking approval of the share exchange, the ROC Investment Commission could take actions against us that would materially and adversely affect our business, financial condition and results of
operations and decrease the value of our ADSs.&#148;</FONT></P>
<P>
<FONT size=2 face="sans-serif">Under the ROC Labor Standard Law, we established a defined benefit plan and were required to make monthly contributions to a pension fund in an amount equal to 2% of wages and salaries of our employees. Under the newly
effective ROC Labor Pension Act, beginning on July 1, 2005, we are required to make a monthly contribution for employees that elect to participate in the new defined contribution plan of no less than 6% of the employee&#146;s monthly wages, to the
employee&#146;s individual pension fund account. Substantially all participants in the defined benefit plan have elected to participate in the new defined contribution plan. Participants&#146; accumulated benefits under the defined benefit plan are
not impacted by their election to change plans. We are required to make contributions to the defined benefit plan until it is fully funded. As a result, our monthly contribution to the pension fund increased to $68,211 in July 2005 compared to
$15,646 in June 2005, and we expect to contribute at this increased rate in the future. This increase has not, and is not expected to have, a material effect on our cash flows or results of operations.</FONT></P>
<P>
<FONT size=2 face="sans-serif">We believe that our current cash and cash equivalents, cash flow from operations and the proceeds from our initial public offering will be sufficient to meet our anticipated cash needs, including our cash needs for
working capital and capital expenditures for the foreseeable future. We may, however, require additional cash resources due to higher than expected growth in our business or other changing business conditions or other future developments, including
any investments or acquisitions we may decide to pursue.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">44</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<B><FONT size=2 face="sans-serif">Off-Balance Sheet Arrangements<br>
</FONT></B><FONT size=2 face="sans-serif">As of December 31, 2005, we did not have any off-balance sheet guarantees, interest rate swap transactions or foreign currency forward contracts. We do not engage in trading activities involving non-exchange traded
contracts. Furthermore, as of December 31, 2005, we did not have any interests in variable interest entities.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Inflation<br>
</FONT></B><FONT size=2 face="sans-serif">Inflation in Taiwan has not had a material impact on our results of operations in recent years. The rate of inflation (deflation) in Taiwan was -0.1%, 1.6% and 2.3% in 2003, 2004 and 2005, respectively.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Dividends and Dividend Policy<br>
</FONT></B><FONT size=2 face="sans-serif">Our dividend policy is to retain most, if not all, of our available funds and any future earnings for use in the operation and growth of our business.</FONT></P>
<P>
<FONT size=2 face="sans-serif">In November 2005, we distributed a special cash dividend to our shareholders in the amount of approximately $13.6 million, or the equivalent of approximately $0.075 per share based on our total shares outstanding as of
a certain record date. This dividend was paid to our shareholders in respect of our performance prior to our initial public offering. We decided to pay the dividend in cash instead of shares because our ordinary shares at the time of the dividend
payment was not listed on any stock exchange and therefore had limited liquidity. This dividend was approved by our board of directors and was financed through a loan. This special dividend should not be considered representative of the dividends
that would be paid in any future periods or our dividend policy.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our board of directors has full discretion as to whether we will distribute dividends in the future. Even if our board of directors decides to distribute dividends, the form, frequency and amount of such dividends will
depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors as the board of directors may deem relevant.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Our ability to pay cash or stock dividends will depend upon the amount of distributions, if any, received by us from our direct and indirect subsidiaries, which must comply with the laws and regulations of their
respective countries and respective articles of association. Since its inception in June 2001, Himax Taiwan has paid stock dividends in an amount of 13,517,773 shares on September 1, 2003 and 42,976,372 shares on September 20, 2004 with respect to
the fiscal years 2002 and 2003, respectively. However, Himax Taiwan has not paid cash dividends in the past. In accordance with ROC laws and regulations and Himax Taiwan&#146;s articles of incorporation, Himax Taiwan is permitted to distribute
dividends after allowances have been made for:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">payment of taxes;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">recovery of prior years' deficits, if any;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">legal reserve (in an amount equal to 10% of annual net income after having deducted the above items</FONT> <FONT size=2 face="sans-serif">until such time as its legal reserve equals the amount of its total paid-in
capital);</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">special reserve based on relevant laws or regulations, or retained earnings, if necessary;</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">dividends for preferred shares, if any; and</FONT></LI>
<LI>
<FONT size=2 face="sans-serif">cash or stock bonus to employees (in an amount less than 10% of annual net income) and remuneration</FONT> <FONT size=2 face="sans-serif">for directors and supervisor(s) (in an amount less than 2% of the annual net
income); after having</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="sans-serif">45</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<blockquote>
     <p><FONT size=2 face="sans-serif">deducted the above items, based on a resolution of the board of directors; if stock bonuses are paid to employees, the bonus
               may also be appropriated to employees of subsidiaries under the
               board of directors&#146; approval.</FONT></p>
</blockquote>
     <p><FONT size=2 face="sans-serif">Furthermore, if Himax Taiwan does not record any net income for any year as determined in accordance with generally accepted</FONT>
     <FONT size=2 face="sans-serif">accounting principles in Taiwan, it generally may not distribute dividends for that year.</FONT></p>
     <p>
          <FONT size=2 face="sans-serif">If we are not able to satisfy our undertakings
               to the ROC Investment Commission, Himax Taiwan may not be able to pay dividends
               to us, which may adversely affect your ability to receive dividends because
               we rely on Himax Taiwan and our other subsidiaries for dividend payments,
               if any, to our shareholders. See &#147;Item 3.D. Risk Factors-Political,
               Geographical and Economic Risks-If we failed to satisfy the undertakings
               we made to the ROC Investment Commission in connection with our application
               seeking approval of the share exchange, the ROC Investment Commission could
               take actions against us that would materially and adversely affect our business,
               financial condition and results of operations and decrease the value of
          our ADSs.&#148;</FONT></p>
     <P>
<FONT size=2 face="sans-serif">Any dividend we declare will be paid to the holders of ADSs, subject to the terms of the deposit agreement, to the same extent as holders of our ordinary shares, to the extent permitted by applicable law and
regulations, less the fees and expenses payable under the deposit agreement. Any dividend we declare will be distributed by the depositary bank to the holders of our ADSs. Cash dividends on our ordinary shares, if any, will be paid in U.S.
dollars.</FONT></P>
<P align="right">
<FONT size=2 face="sans-serif">46</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Report of Independent Registered Public Accounting Firm</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
The Board of Directors and Stockholders</FONT><BR>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Himax Technologies, Inc.:</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">We have audited the accompanying consolidated balance sheets of Himax Technologies, Inc. (a Cayman Islands Company) and subsidiaries, as of December 31, 2004 and 2005, and the related
consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2005. These consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Himax Technologies, Inc. and subsidiaries as
of December 31, 2004 and 2005, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2005, in conformity with U.S. generally accepted accounting principles.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">/s/ KPMG Certified Public Accountants</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> Taipei, Taiwan (the Republic of China)</FONT><BR>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">February 21, 2006</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">47</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Balance Sheets </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">December 31, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=right nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands of US dollars)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></strong></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left></TD>
  <TD></TD>
  <TD nowrap align=center><hr noshade size=1></TD>
  <TD nowrap align=center><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD nowrap align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
      <strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Assets</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Current assets:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,577</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,086</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Marketable securities available-for-sale</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,840</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,989</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Restricted cash equivalents and marketable securities</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">329</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">14,053</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts receivable, less allowance for sales returns and discounts</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">of &#36;240 and &#36;181 at December 31, 2004 and 2005, respectively</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">26,860</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">80,158</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts receivable from related parties</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">39,285</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">69,688</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Inventories</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">54,092</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">105,004</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deferred income taxes</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,731</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,965</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Prepaid expenses and other current assets</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,700</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11,113</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total current assets</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">144,414</FONT>  </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">300,056</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Property and equipment, net</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,990</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">24,426</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deferred income taxes</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">17</FONT>       </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">151</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Intangible assets, net</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">109</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">81</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investments in non-marketable securities</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,942</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,813</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Refundable deposits</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">298</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">712</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp; </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13,356</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">27,183</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total assets</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">157,770</FONT></B>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">327,239</FONT></B>   </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE><BR>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">48</FONT></TD>
  </TR>
</TABLE>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Balance Sheets</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">December 31, 2004 and 2005</FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=right nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands of US dollars)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></strong></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Liabilities and Stockholders&#146; Equity</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Current liabilities:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Short-term debt</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">27,274</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Current portion of long-term debt</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">178</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">89</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts payable</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">38,649</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">105,801</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income tax payable</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,773</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13,625</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued share-based compensation expenses</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,331</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other accrued expenses and other current liabilities</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6,226</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13,995</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total current liabilities</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">52,157</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">160,784</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Long-term debt, less current portion</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">89</FONT>       </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total liabilities</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">52,246</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">160,784</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Minority interest</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">664</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">624</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Stockholders&#146; equity:</FONT></strong> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Ordinary share, US&#36;0.0001 par value, 500,000,000 shares authorized;</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">180,769,265 and 182,088,880 shares issued and outstanding at</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">December 31, 2004 and 2005, respectively</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">18</FONT>       </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">18</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Additional paid-in capital</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">85,508</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">98,450</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accumulated other comprehensive income</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Retained earnings:</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Legal reserve</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,180</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,180</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unappropriated earnings</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">17,147</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">65,147</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total stockholders&#146; equity</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">104,860</FONT>  </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">165,831</FONT> </strong></TD>
</TR>
<TR>
        <TD width="80%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Commitments and contingencies</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total liabilities and stockholders&#146; equity</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">157,770</FONT></B>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">327,239</FONT></B>   </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">49</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Statements of Operations </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Years ended December 31, 2003, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands of US dollars, except per share data)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center nowrap><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Years Ended December 31,</FONT></strong></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=center><HR noshade size=1></TD>
  <TD GUTTER nowrap align=center><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD nowrap align=center><HR noshade size=1></TD>
  <TD nowrap align=center><HR noshade size=1></TD>
  <TD GUTTER nowrap align=center><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD nowrap align=center><HR noshade size=1></TD>
  <TD nowrap align=center><HR noshade size=1></TD>
  <TD GUTTER nowrap align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
      <strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenues</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenues from third parties, net</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">29,050</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">109,514</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">217,420</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenues from related parties, net</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">102,793</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">190,759</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">322,784</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">131,843</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">300,273</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">540,204</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Costs and expenses:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cost of revenues</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">100,102</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">235,973</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">419,380</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">21,077</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">24,021</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">41,278</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">General and administrative</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,614</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,654</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6,784</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and marketing</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,669</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,742</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,762</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp;  &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total costs and expenses</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">128,462</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">267,390</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">472,204</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Operating income</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,381</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">32,883</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">68,000</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Non operating income (loss):</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Interest income</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">17</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">72</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">580</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Gain on sale of marketable securities, net</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">123</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">401</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">105</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other than temporary impairment loss on investments</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">in non-marketable securities</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(129</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Foreign exchange gains (losses), net</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(759</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">847</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,808</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Interest expense</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(6</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(125</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other income, net</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">19</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(619</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,319</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,258</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income before income taxes and minority interest</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,762</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">34,202</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">70,258</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income tax (benefit) expense</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,343</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,771</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,923</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income (loss) before minority interest</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">35,973</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,335</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Minority interest net of tax</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">27</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">223</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net income (loss)</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT></B>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT></B>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT></B>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Basic earnings (loss) per ordinary share</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(0.00</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.21</FONT></B>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.35</FONT></B>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%"> </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Diluted earnings (loss) per ordinary share</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(0.00</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.21</FONT></B>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.34</FONT></B>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">50</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Statements of Comprehensive Income (Loss) </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Years ended December 31, 2003, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=right nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands of US dollars, except per share data)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="11" align=center nowrap><strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></strong>                                    </TD>
  </TR>
<TR>
        <TD width="70%">&nbsp; </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;      </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
      <strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net income (loss)</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other comprehensive income (loss):</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unrealized gains on securities, not subject to tax:</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unrealized holding gains on available-for-sale marketable</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">securities arising during the period</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">181</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">334</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">129</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Reclassification adjustment for realized gains included</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">in net income (loss)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(123</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(401</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(105</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></strong> </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Foreign currency translation adjustments, net of tax of &#36;3</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Comprehensive income (loss)</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(523</FONT></B>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">35,933</FONT></B>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,587</FONT></B>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">51</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Statements of Stockholder&#146;s Equity </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Years ended December 31, 2003, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2 nowrap></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=2 align="right"></TH>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD colspan="10" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Ordinary share</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD colspan="10" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Retained earnings</font></TD>
     <TD ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR>
     <TD nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Shares</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD colspan="2" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">Amount</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center nowrap><font size="1" face="Arial, Helvetica, sans-serif"> Additional<br>
          paid-in<br>
          capital</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Treasury<br>
          stock</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=center nowrap><font size="1" face="Arial, Helvetica, sans-serif">Accumulated<br>
          other<br>
          comprehensive<br>
          income </font> <font size="1" face="Arial, Helvetica, sans-serif">(loss) </font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Legal reserve</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=center nowrap><font size="1" face="Arial, Helvetica, sans-serif">Unappropriated<br>
          earnings<br>
          (accumulated<br>
          deficit)</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Total</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR>
     <TD nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD WIDTH=27% ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at January 1, 2003</strong></font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">108,229</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">$</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif"> 11</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17,246</font></TD>
        <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(358</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=7% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">16</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">49</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=7% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">484</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17,448</font></TD>
        <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary share for cash</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">58,523</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">6</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">29,504</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">29,510</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Appropriation of legal reserve</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">462</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(462</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Stock split effected in the form of a stock
               dividend</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,974</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(3,974</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary shares as employee bonus</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,490</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,997</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,997</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Purchase of treasury stock</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(2,629</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(558</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(558</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Treasury stock issued to employees</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">5,572</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">363</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">916</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,279</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Share-based compensation expenses</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Unrealized holding gain on available-for-sale<br>
&nbsp;&nbsp;&nbsp;          marketable
               securities</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">58</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">58</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Net loss</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(581</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(581</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at December 31, 2003</strong></font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">173,185</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">56,220</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">74</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">511</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(4,533</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">52,289</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Appropriation of legal reserve</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,669</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(1,669</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Stock split effected in the form of a <br>
&nbsp;&nbsp;          stock
               dividend</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">12,651</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
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     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
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     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(12,651</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary shares as employee bonus</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">7,584</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">14,829</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">14,830</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Share-based compensation expenses</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,696</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,696</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Dilution gain from issuance of new <br>
&nbsp;&nbsp;&nbsp;          subsidiary
               shares</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">112</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">112</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Unrealized holding gain on available-for-sale<br>
&nbsp;&nbsp;          marketable
               securities</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(67</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(67</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">36,000</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">36,000</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
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     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
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     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at December 31, 2004</strong></font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">180,769</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">18</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">85,508</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">7</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">2,180</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17,147</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">104,860</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Declaration of special cash dividends</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(13,558</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(13,558</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary shares as employee bonus</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">990</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">8,536</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">8,536</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Share-based compensation expenses</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">330</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">4,184</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">4,184</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Dilution gain from issuance of <br>
&nbsp;&nbsp;          new subsidiary
               shares</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">222</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">222</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Unrealized
               holding gain on available-for-sale<br>
&nbsp;&nbsp;&nbsp;               marketable
               securities</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">24</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">24</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Foreign currency translation adjustments</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">5</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">5</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">61,558</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">61,558</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at December 31, 2005</strong></font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">182,089</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=center><strong><font size="2" face="Arial, Helvetica, sans-serif">$</font></strong></TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif"> 18</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">98,450</font></strong></TD>
        <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
        <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="7%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">36</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">2,180</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="7%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">65,147</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">165,831</font></strong></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><hr noshade color=Black size=2></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</tr>
</table>
<BR>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">52</FONT></TD>
  </TR>
</TABLE>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Statements of Cash Flows</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Years ended December 31, 2003, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="11" align=right nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands of US dollars)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="11" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="11" align=center nowrap><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></strong></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="11" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;      </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;      </TD>
        <TD width=6% nowrap align=center>
      <strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp; </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash flows from operating activities:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net income (loss)</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Adjustments to reconcile net income (loss) to net cash</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">provided by (used in) operating activities:</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Depreciation and amortization</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,238</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,761</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,613</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Share-based compensation expenses</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">15,966</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,837</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,613</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Minority interest, net of tax</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(27</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(223</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Loss on disposal of property and equipment</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">69</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Gain on sales of subsidiary shares</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(19</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Gain on sale of marketable securities, net</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(123</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(401</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(105</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Impairment loss on investments in non-marketable securities</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">129</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deferred income taxes</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(37</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(4,986</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(3,371</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Changes in operating assets and liabilities:</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts receivable</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(6,225</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(14,317</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(53,297</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts receivable from related parties</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(22,717</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(16,392</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(30,403</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Inventories</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(9,032</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(33,004</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(50,912</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Prepaid expenses and other current assets</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(960</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(3,296</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(6,413</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts payable</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">17,098</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">15,748</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">67,152</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income tax payable</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,487</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(761</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,852</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other accrued expenses and other current liabilities</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,293</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,081</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,290</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=center>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net cash provided by (used in) operating activities</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,593</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(8,688</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12,464</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash flows from investing activities:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase of land, property and equipment</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(5,026</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(8,046</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(14,733</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase of intangible assets</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(140</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase of available-for-sale marketable securities</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(47,044</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(47,163</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(38,048</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and maturities of available-for-sale marketable securities</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">25,180</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">66,312</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">42,028</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase of investments in non-marketable securities</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,813</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from sale of subsidiary shares by Himax</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Technologies Limited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">51</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase of subsidiary shares from minority interest</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(523</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Increase in refundable deposits</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(77</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(137</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(414</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Release (pledge) of restricted cash equivalents and</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=left>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">marketable securities</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">35</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(13,724</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net cash provided by (used in) investing activities</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(28,915</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11,001</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(25,363</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">53</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Consolidated Statements of Cash Flows-continued</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Years ended December 31, 2003, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="11" align=right nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands of US dollars)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="11" align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="11" align=center nowrap><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></strong></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="11" align=center nowrap><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align=center>&nbsp;</TD>
    <TD nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT> </TD>
    <TD GUTTER nowrap align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
    <TD GUTTER nowrap align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align=center><strong><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </strong></TD>
    <TD GUTTER nowrap align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD><HR noshade size=1>    </TD>
    <TD><HR noshade size=1>    </TD>
    <TD GUTTER><HR noshade size=1>    </TD>
    <TD></TD>
    <TD><hr noshade size=1></TD>
    <TD><HR noshade size=1>    </TD>
    <TD GUTTER><HR noshade size=1>    </TD>
    <TD></TD>
    <TD><hr noshade size=1></TD>
    <TD><HR size=1 noshade>    </TD>
    <TD GUTTER><HR size=1 noshade>    </TD>
  </TR>

<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash flows from financing activities:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Distribution of special cash dividends</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(13,558</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from issuance of ordinary shares</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">29,510</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from issuance of new shares by subsidiaries</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">803</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">866</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase of treasury stock</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(558</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from issuance of treasury stock to employees</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,279</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from borrowing of short-term debt</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">27,274</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from borrowing of long-term debt</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">110</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Repayment of long-term debt</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(68</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(178</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </strong></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=center>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net cash provided by financing activities</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">30,341</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">735</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">14,404</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR size=1 noshade>     </TD>
        <TD width="1%" GUTTER>
<HR size=1 noshade>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Effect of exchange rate changes on cash</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net increase (decrease) in cash</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(167</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,048</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,509</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash at beginning of period</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,696</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,529</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,577</FONT> </strong></TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp; </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash at end of period</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,529</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,577</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,086</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Supplemental disclosures of cash flow information:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash paid during the period for:</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Interest</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1</FONT></B> </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6</FONT></B> </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">125</FONT></B>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income taxes</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">920</FONT></B>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,867</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,130</FONT></B>     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Supplemental disclosure of non-cash investing and</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
      <strong>&nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">financing activities:</FONT> </strong></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Payable for purchase of equipment and construction</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">in progress</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT></B>     </TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(40</FONT></B>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(71</FONT></B>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(2,285</FONT></B>    </TD>
        <TD GUTTER width=1% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></B> </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% nowrap align=left>&nbsp;</TD>
    <TD width=80% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">See accompanying notes to consolidated financial statements.</FONT></TD>
    <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">54</FONT></TD>
  </TR>
</TABLE>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
<TR valign="bottom">
  <TD width=5% nowrap align=left>&nbsp;</TD>
  <TD width=2% nowrap align=left>&nbsp;</TD>
        <TD width=93% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">HIMAX TECHNOLOGINES, INC. AND SUBSIDIARIES</FONT>       </TD>
  </TR>
<TR valign="bottom">
  <TD width=5% nowrap align=left>&nbsp;</TD>
  <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
        <TD width=93% nowrap align=left>
      <FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Notes to Consolidated Financial Statements</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD width=5% nowrap align=left>&nbsp;</TD>
  <TD width=2% nowrap align=left>&nbsp;</TD>
        <TD width=93% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">December 31, 2003, 2004 and 2005</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 1. Background, Principal Activities and Basis of Presentation</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><strong>Background</strong><br>
</FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Himax Technologies Limited (&#147;Himax Taiwan&#148;) was incorporated on June 12, 2001. On April 26, 2005, Himax Technologies, Inc. was established as a new holding company in the
Cayman Islands to hold the shares of Himax Taiwan in connection with the reorganization and share exchange described below.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On June 10, 2005, Himax Taiwan&#146;s shareholders resolved the exchange of shares between Himax Taiwan and Himax Technologies, Inc. (the &#147;Company&#148;) pursuant to Republic of
China (ROC) Business Mergers and Acquisitions Law. Upon obtaining all necessary approvals from ROC authorities, the share exchange became effective on October 14, 2005, whereby all issued and outstanding common shares of Himax Taiwan were exchanged
with Himax Technologies, Inc.&#146;s new shares at a 1:1 ratio. The approval of the ROC Investment Commission is conditioned upon the satisfaction of certain undertakings the Company made to the ROC Investment Commission, including undertakings
relating to the Company&#146;s plans to expand its investment in the ROC as well as undertakings to submit certain documentation after the effectiveness of the share exchange. Many of these undertakings are prospective, on-going obligations and have
yet to be satisfied to date. Refer to Note 21 ( j ) for further details. Upon completion of the share exchange, Himax Taiwan became Himax Technologies, Inc.&#146;s directly and wholly-owned subsidiary.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><strong>Principal Activities</strong><br>
</FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Himax Technologies, Inc. and subsidiaries (collectively, the Company) designs, develops and markets semiconductors that are critical components of flat panel displays through Himax
Taiwan and its subsidiaries. The Company&#146;s principal products are display drivers for large-sized thin film transistor liquid crystal displays (TFT-LCD) panels, which are used in desktop monitors, notebook computers and LCD TVs and display
drivers for small- and medium-sized TFT-LCD panels which are used in mobile handset, personal digital assistants, mobile gaming devices, digital cameras and camcorders. The Company has expanded its product offering to include other semiconductors
for digital TVs such as video processors and tuners, as well as liquid crystal on silicon (LCOS) products. The Company's customers are TFT-LCD panel manufacturers, mobile device module manufacturers and TV manufacturers.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><strong>Basis of Presentation</strong><br>
</FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The accompanying consolidated financial statements include the accounts of Himax Technologies, Inc. and its subsidiaries as if the Company had been in existence for all periods
presented. As a result of the above-mentioned share exchange, all of the outstanding ordinary shares of Himax Technologies, Inc. are owned by former shareholders of Himax Taiwan. This transaction is a change in legal organization for which no change
in accounting basis is appropriate. Therefore, in presenting the consolidated financial statements of the Company, the assets and liabilities, revenues and expenses of Himax Taiwan and its subsidiaries are included at their historical amounts for
all periods presented.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The accompanying consolidated financial statements of the Company have been prepared in conformity with US generally</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">accepted accounting principles (&#147;US GAAP&#148;).</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 2. Summary of Significant Accounting Policies</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(a)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Principles of Consolidation</FONT>      </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The consolidated financial statements include the accounts and operations of the Himax Technologies, Inc., Himax Taiwan</FONT>  </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">55</FONT></P>

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<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(b)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Use of Estimates</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions relating to the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and
assumptions include the carrying value of property, equipment and intangible assets, valuation allowances for receivables and deferred income tax assets, inventory realizable values, potential impairment of marketable securities and other equity
investments, valuation of derivative financial instruments and share- based compensation, and valuation of assets and obligations related to employee retirement benefits. Actual results could differ from those estimates.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(c)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Stock Split and Stock Dividends</FONT>  </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On July 18, 2002, Himax Taiwan&#146;s stockholders approved a stock split pursuant to which it issued 17,468,400 shares of common stock to the then holders of its outstanding shares of
common stock.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On June 27, 2003, Himax Taiwan&#146;s stockholders approved stock dividends at par value per share of NT&#36;2.16 pursuant to which it issued 13,517,773 shares of common stock to the
then holders of its outstanding shares of common stock.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On September 30, 2004, Himax Taiwan&#146;s stockholders approved stock dividends at par value per share of NT&#36;3.63 and a stock split, pursuant to which it issued 42,976,372 shares
and 11,837,166 shares of common stock to the then holders of its outstanding shares of common stock.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">These transactions resulted in increases of 39.75%, 21.64% and 46.31% of the then outstanding common shares for 2002, 2003 and 2004, respectively, which are accounted for as either
stock split or a stock split effected in the form of a dividend. However, retained earnings were charged for the stock splits effected in the form of a dividend to comply with Taiwanese legal requirements. All references in the consolidated
financial statements and notes to the number of shares outstanding, per share amounts and stock option data of the Company's common stock have been retroactively adjusted to reflect the effect of these stock splits for all periods
presented.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(d)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash and Cash Equivalents</FONT>        </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company had no cash
equivalents at December 31, 2004. As of December 31, 2005, the Company had &#36;13,600 thousand of cash equivalents consisting of U.S. dollar denominated time deposits with an original maturity of two months, which had been pledged as collateral on
short-term debt and is recorded as restricted cash equivalents on the consolidated balance sheets.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(e)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Marketable Securities</FONT>    </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, all of the Company&#146;s investments in debt and marketable equity securities are classified as available-for-sale securities and are reported at fair
value with changes in fair value, net of related taxes, excluded from</FONT>    </TD>
</TR>
</TABLE>
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<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">56</FONT></P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">earnings and reported in other comprehensive income (loss). Available-for-sale securities, which mature or are expected to</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">be sold in one year, are classified as current assets.</FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Declines in market value are charged against earnings at the time that a decline has been determined to be other than</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">temporary, which is based primarily on the financial condition of the issuer and the extent and length of time of the decline.</FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The cost of the securities sold is computed based on the moving average cost of each security held at the time of sale.</FONT></P>
    <p><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">At December 31, 2004 and 2005, the Company had &#36;329 thousand and &#36;453 thousand, respectively, of restricted marketable securities, consisting of time deposits with an original
    maturity of more than three months, which had been pledged as collateral for long-term debt or custom duty.</FONT></p></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(f)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Inventories</FONT></TD>
</TR>

<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Inventories primarily consist of raw materials, work-in-process and finished goods awaiting final assembly and test, and are stated at the lower of cost or market value. Cost is
determined using the weighted-average method. For work-in-process and manufactured inventories, cost consists of the cost of raw materials (primarily fabricated wafer and processed tape), direct labor and an appropriate proportion of production
overheads. The Company also writes down excess and obsolete inventory to its estimated market value based upon estimations about future demand and market conditions. If actual market conditions are less favorable than those projected by management,
additional future inventory write-down may be required that could adversely affect the Company's operating results. Once written down, inventories are carried at this lower amount until sold or scrapped. If actual market conditions are more
favorable, the Company may have higher operating income when such products are sold. Sales to date of such products have not had a significant impact on the Company&#146;s operating income.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(g)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investments in Non-Marketable Securities</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Non-marketable equity securities in which the Company does not have the ability to exercise significant influence over the operating and financial policies of the investee are stated at
cost. Dividends, if any, are recognized into earnings when received.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">An impairment of an investment in non-marketable securities that is deemed to be other-than-temporary results in a reduction in its carrying amount to its estimated fair value. The
resulting impairment loss is charged to earnings at that time. To determine whether an impairment is other-than-temporary, the Company primarily considers the financial condition of the investee, reasons for the impairment, the severity and duration
of the impairment, changes in value subsequent to period end and forecasted performance of the investee.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(h)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Property and Equipment</FONT>   </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Property and equipment consists primarily of land purchased in August 2005 in connection with the construction of the Company&#146;s new headquarters, and machinery and equipment used
in the design and development of products, and is stated at cost. Depreciation on machinery and equipment commences when the asset is ready for its intended use and is calculated on the straight-line method over the estimated useful lives of the
assets, generally three to six years. Leasehold</FONT>  </TD>
</TR>
</TABLE>
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<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">57</FONT></P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">improvements are amortized on a straight line basis over the shorter of the lease term or the estimated useful life of the asset. Software is amortized on a straight line basis over
    estimated useful lives ranging from two to four years. Depreciation of buildings has not commenced as the headquarters is under construction and not yet ready for its intended use.</FONT></P></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(i)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Intangible Assets</FONT></TD>
</TR>

<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company&#146;s acquired technology is recorded at acquisition cost and amortized over its estimated useful life of five years </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">on a straight-line basis.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(j)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Derivative Financial Instruments</FONT></TD>
</TR>

<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">All derivative financial instruments are recognized as either assets or liabilities and are reported at fair value at each balance sheet date. As none of the derivative financial
instruments qualify for hedge accounting, changes in the fair value of derivative financial instruments are recognized in earnings and are included in other income (expense) in the accompanying consolidated statements of operations.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(k)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Impairment of Long-Lived Assets</FONT>  </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company's long-lived assets, which consist of property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of an asset to its estimated undiscounted future cash flows expected to be generated. If the carrying
amount of an asset exceeds such estimated cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. The Company generally determines fair value based on the estimated
discounted future cash flows expected to be generated by the asset.</FONT>      </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(l)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenue Recognition</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company recognizes revenue from product sales when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed and determinable and collection
    is reasonably assured. For all sales, the Company uses a binding purchase order as evidence of an arrangement. The Company considers delivery to occur upon shipment provided title and risk of loss has passed to the customer based on the shipping
    terms, which is generally when the product is shipped to the customer from the Company&#146;s facilities or the outsourced assembly and testing house.</FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company records a reduction to revenue and accounts receivable by establishing a sales discount and return allowance for estimated sales discounts and product returns at the time
      revenue is recognized based primarily on historical discount and return rates. However, if sales discount and product returns for a particular fiscal period exceed historical rates, the Company may determine that additional sales discount and return
    allowances are required to properly reflect the Company's estimated remaining exposure for sales discounts and product returns.</FONT></P></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(m)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Product Warranty</FONT></TD>
</TR>

<TR>
  <TD>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Under the Company&#146;s standard terms and conditions of sale, products sold are subject to a limited product quality warranty. The standard limited warranty period is 60 days. The
Company may receive warranty claims outside the scope of the standard terms and conditions. The Company provides for the estimated cost of product warranties at the time revenue is</FONT></TD>
</TR>
</TABLE>

<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">58</FONT></P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">recognized based primarily on historical experience and any specifically identified quality issues.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(n)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and Development and Advertising Costs</FONT>   </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company&#146;s research and development and advertising expenditures are charged to expense as incurred. Advertising expenses for the years ended December 31, 2003, 2004 and 2005,
were &#36;67 thousand, &#36;78 thousand and &#36;29 thousand, respectively.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company recognizes government grants to fund research and development expenditures as a reduction of research and development expense in the accompanying consolidated statements of
operations based on the percentage of actual qualifying expenditures incurred to date to the most recent estimate of total expenditures which they are intended to compensate.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(o)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Employee Retirement Plan</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company has established an employee noncontributory defined benefit retirement plan (the &#147;Defined Benefit Plan&#148;) covering full-time employees in the ROC. Retirement
benefits are based on years of service and the average salary for the six-month period before the employee&#146;s retirement.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The measurement of pension costs and liabilities is determined in accordance with SFAS No. 87, Employees&#146; Accounting for Pension, or SFAS No. 87. Under SFAS No. 87, changes in the
amount of either the projected benefit obligation or plan assets resulting from actual results different from that assumed and from changes in assumptions can result in gains and losses not yet recognized in the consolidated financial statements.
Amortization of an unrecognized net gain or loss is included as a component of the net periodic pension cost for a year if, as of the beginning of the year, that unrecognized net gain or loss exceeds 10 percent of the greater of (1) the projected
benefit obligation or (2) the fair value of that plan&#146;s assets. In such case, the amount of amortization recognized is the resulting excess divided by the average remaining service period of active employees expected to receive benefits under
the plan. The expected long-term rate of return on plan assets used for pension accounting is determined based on the historical long-term rate of return on plan assets. The discount rate is determined based on the rates of return of high-quality
fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The rate of increase in compensation levels is determined based on the historical rate of increase in
salaries.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company has adopted a defined contribution plan (the &#147;Defined Contribution Plan&#148;) covering full-time employees in the ROC beginning July 1, 2005 pursuant to ROC Labor
Pension Act. Pension costs for a period is determined based on the contribution called for in that period. Substantially all participants in the Defined Benefit Plan have been provided the option of continuing to participate in the Defined Benefit
Plan, or to participate in the Defined Contribution Plan on a prospective basis from July 1, 2005. Accumulated benefits attributed to participants that elect to change plans are not impacted by their election.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(p)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income Taxes</FONT>     </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences
between the carrying amounts of existing assets and liabilities in the</FONT>   </TD>
</TR>
</TABLE>
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<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">59</FONT></P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">financial statements and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the
enactment date. A valuation allowance is recorded for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(q)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Foreign Currency Translation</FONT>     </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The functional currency for the Company&#146;s operations is the United States dollar. Accordingly, the assets and liabilities of a subsidiary whose functional currency is other than
the United States dollar are included in the consolidation by translating the assets and liabilities into the reporting currency (the United States dollar) at the exchange rates applicable at the end of the reporting period. Equity accounts are
translated at historical rates. The statements of operations and cash flows are translated at the average exchange rates during the year. Translation gains or losses are accumulated as a separate component of stockholders&#146; equity in accumulated
other comprehensive income (loss). Foreign currency denominated monetary assets and liabilities are remeasured into United States dollars at end-of-period exchange rates. Non-monetary assets and liabilities, including inventories, prepaid expenses
and other current assets, property and equipment, other assets and equity, are remeasured at historical exchange rates. Revenue and expenses are remeasured at average exchange rates in effect during each period. Gains or losses from foreign currency
remeasurement are included in other income (loss) in the accompanying consolidated statements of operations.</FONT>     </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(r)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Earnings (Loss) Per Share</FONT></TD>
</TR>

<TR>
  <TD>&nbsp;</TD>
  <TD><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Basic earnings (loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share is computed using the
    weighted average number of ordinary and diluted ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of nonvested shares and unvested treasury stock issued to employees that are contingently returnable until
    lapse of the requisite service period and ordinary shares that are contingently issuable upon the vesting of unvested restricted share units (RSUs) granted to employees and independent directors.</FONT></P>
    <P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Basic and diluted earning (loss) per ordinary share have been calculated as follows:</FONT></P></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year December 31,</FONT>                  </TD>
  </TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT>     </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net income (loss) (in thousands)</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT>   </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Denominator for basic earnings (loss) per share:</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Weighted average number of ordinary shares outstanding</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">116,617</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">169,320</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">176,105</FONT>  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Basic earnings (loss) per share</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(0.00</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.21</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.35</FONT>     </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Contingently returnable nonvested shares and unvested treasury stock issued to employees and contingently issuable ordinary shares underlying the unvested RSUs granted to employees and
independent directors are included in the calculation of diluted earnings (loss) per share based on treasury stock method. In 2003, 3,698 thousand ordinary equivalent shares were excluded from the diluted earnings (loss) per ordinary share
computation as their effect would be anti-dilutive.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">60</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net income (loss) (in thousands)</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT>   </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Denominator for diluted earnings (loss) per share:</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Weighted average number of ordinary shares outstanding</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">116,617</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">169,320</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">176,105</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Nonvested ordinary shares and RSUs (in thousands)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,978</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,554</FONT>    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">116,617</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">173,298</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">180,659</FONT>  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Diluted earnings (loss) per share</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(0.00</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.21</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.34</FONT>     </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(s)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Share-Based Compensation</FONT> </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company has applied SFAS No.123 (revised 2004), Share-Based Payment, from its incorporation in June 2001 for its share-based compensation plan. The cost of employee services
received in exchange for share-based compensation is measured based on the grant-date fair value of the share-based instruments issued. The cost of employee services is equal to the grant-date fair value of shares issued to employees and is
recognized in earnings over the service period. Compensation cost also considers the number of awards management believes will eventually vest. As a result, compensation cost is reduced by the estimated forfeitures. The estimate is adjusted each
period to reflect the current estimate of forfeitures, and finally, the actual number of awards that vest.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(t)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sale of Newly Issued Subsidiary Shares</FONT>   </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">A gain resulting from the issuance of shares by a subsidiary to a third-party that reduces the Company&#146;s percentage ownership ("dilution gain") is recognized as additional paid in
capital in the Company's consolidated statement of stockholders&#146; equity. For the year ended December 31, 2004, the Company recognized a dilution gain of &#36;112 thousand resulting from the issuance to third parties of new shares (representing
a 5.39% interest) by Himax Display, Inc. (&#147;Himax Display&#148; a consolidated subsidiary) for cash proceeds of &#36;803 thousand. For the year ended December 31, 2005, the Company recognized a dilution gain of &#36;170 thousand and &#36;52
thousand, respectively, resulting from the issuance to third parties of new shares (representing a 20.73% interest) and the issuance to employees of nonvested shares (representing a 6.60% interest) by Amazion Electronics Inc. (&#147;Amazion,&#148; a
consolidated subsidiary) for cash proceeds of &#36;866 thousand and for employees&#146; future service with a fair value of &#36;392 thousand, respectively.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(u)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Recently Issued Accounting Pronouncements</FONT>        </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In March 2004, the FASB approved the consensus reached on the Emerging Issues Task Force Issue No. 03-1, or EITF 03- 1, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif"
face="sans-serif">The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments. </FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">EITF 03-1 provides guidance for identifying impaired investments
and new disclosure requirements for investments that are deemed to be temporarily impaired. On September 30, 2004, the FASB issued a final staff position EITF Issue 03-1-1 that delays indefinitely the effective date for the measurement and
recognition guidance included in paragraphs 10 through 20 of EITF 03-1. The guidance in paragraph 10 through 20 of EITF 03-1 has been replaced by guidance in FASB Staff Position (FSP) FAS 115- 1 and FAS 124-1, </FONT><I><FONT BASESIZE=2 size=2
BASEFACE="sans-serif" face="sans-serif">The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments </FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">issued by FASB in November 2005.
Quantitative and qualitative disclosures required by EITF 03-1 remain effective for fiscal 2005. The Company has adopted the disclosure requirements of EITF 03-01.</FONT>      </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">FSP FAS 115-1 and FAS 124-1 amend EITF 03-1 and address when an investment is considered impaired and whether that impairment is other-than-temporary, and also measure an impairment
      loss. The FSP also addresses the accounting after an entity recognizes an other-than-temporary impairment, and requires certain disclosures about unrealized losses that the entity did not recognize as other-than-temporary impairments. The FSP is
      effective for reporting periods beginning after December 15, 2005. The Company does not expect the adoption of this FSP will have a material impact on its consolidated financial position, results of operations or cash flows.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In November 2004, the FASB issued SFAS No. 151, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Inventory Costs, an amendment of ARB No. 43, Chapter
        4,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> or SFAS No. 151. SFAS No. 151 amends ARB No. 43, Chapter 4, to clarify that abnormal amounts of idle facility expense, freight, handling costs and wasted material
          (spoilage) should be recognized as current period charges. In addition, SFAS No. 151 requires that allocation of fixed production overhead to the cost of conversion be based on the normal capacity of the production facilities. The provision of SFAS
          No. 151 shall be effective for inventory costs incurred during fiscal years beginning after June 15, 2005. The Company does not expect the initial adoption of SFAS No. 151 to have a material impact on its consolidated financial position, results of
          operations or cash flows.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In December 2004, the FASB issued SFAS No. 153, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Exchanges of Nonmonetary Assets-An Amendment of APB Opinion No.
        29, Accounting for Nonmonetary Transaction,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> or SFAS No. 153. SFAS No. 153 eliminates the exception from fair value measurement for nonmonetary exchanges of similar productive
          assets in paragraph 21(b) of APB Opinion No. 29, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounting for Nonmonetary Transactions,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> and
            replaces it with an exception for exchanges that do not have commercial substance. SFAS No. 153 specifies that a nonmonetary exchange has commercial substance if the future cash flows of the entity are expected to change significantly as a result of
            the exchange. SFAS No. 153 is effective for the fiscal periods beginning after June 15, 2005. The Company does not currently plan any such nonmonetary transactions and therefore does not expect the adoption of SFAS No. 153 to have a material impact
            on its consolidated financial position, results of operations or cash flows.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In March 2005, the FASB issued FASB Interpretation No. 47, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounting for Conditional Asset Retirement
        Obligations,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> or FIN 47. FIN 47 clarifies that an entity must record a liability for a &#147;conditional&#148; asset retirement obligation if the fair value of the obligation
          can be reasonably estimated. The types of asset retirement obligations that are covered by this interpretation are those for which an entity has a legal obligation to perform; however, the timing and/or method of settling the obligation are
          conditional on a future event that may or may not be within the control of the entity. FIN 47 also clarifies when an entity would have sufficient information to estimate reasonably the fair value of an asset retirement obligation. FIN 47 is
          effective no later than the end of fiscal years ending after December 15, 2005. The initial adoption of FIN 47 did not have an impact on the Company&#146;s financial condition and consolidated statement of operations.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In May 2005, the FASB issued SFAS No. 154, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounting Changes and Error Corrections,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> or SFAS No. 154. SFAS No. 154 replaces APB No. 20 and SFAS No. 3 and requires retrospective application to a prior period&#146;s financial statements of voluntary changes in accounting principle and
        changes required by new accounting standards when the standard does not include specific transition provisions, unless it is impracticable to do so. SFAS No. 154 is effective for accounting changes and corrections of errors in fiscal years beginning
        after December 15, 2005. The Company does not currently plan to undertake any voluntary changes in accounting principle and therefore does not expect the adoption of SFAS No. 154 to have a material impact on its consolidated financial position,
    results of operations or cash flows.</FONT></P></td>
  </tr>
</table>

<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">62</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In September, 2005, the FASB approved the consensus reached on the Emerging Issues Task Force Issue No. 04-13, or EITF 04-13, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif"
face="sans-serif">Accounting for Purchases and Sales of Inventory with the Same Counterparty.</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> EITF 04-13 provides guidance for circumstances under which two or more
transactions involving inventory with the same counterparty should be viewed as a single nonmonetary transaction within the scope of APB Opinion No. 29, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounting for
Nonmonetary Transactions,</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> and whether there are circumstances under which nonmonetary exchanges of inventory within the same line of business should be recognized at fair
value. EITF 04-13 is effective for new arrangements entered into in reporting period beginning after March 15, 2006. The Company does not expect the adoption of EITF 04-013 to have a material impact on its consolidated financial position, results of
operations or cash flows.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 3. Marketable Securities</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Following is a summary of marketable securities as of December 31, 2004 and 2005:</FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="60%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="9" align=center nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31, 2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="60%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="9" align=left nowrap GUTTER><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left nowrap>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD width=6% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amortized<br>
Cost</FONT>     </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Gross Unrealized<br>
    Gains</FONT> </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Gross Unrealized<br>
Losses</FONT>   </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Market<br>
Value</FONT>    </TD>
</TR>
<TR>
        <TD width="60%">        </TD>
        <TD width="2%"> </TD>
        <TD align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center"><hr noshade size=1></TD>
        <TD align="center">     </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center">     </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
        <TD align="center">     </TD>
        <TD align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left nowrap>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="9" align=center nowrap GUTTER>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Time deposit with original maturities</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left nowrap>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">more than three months</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">777</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> 777</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Open-ended bond fund</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER nowrap align=left>&nbsp;     </TD>
        <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,056</FONT>    </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;      </TD>
        <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,063</FONT>    </TD>
</TR>
<TR>
        <TD width="60%">        </TD>
        <TD width="2%"> </TD>
        <TD align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD><hr noshade size=1></TD>
        <TD>    </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD>    </TD>
        <TD align="right">
<HR noshade size=1>     </TD>
        <TD>    </TD>
        <TD align="right">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,833</FONT>    </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;      </TD>
        <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,840</FONT>    </TD>
</TR>
<TR>
        <TD width="60%">        </TD>
        <TD width="2%"> </TD>
        <TD align="left" GUTTER>
<HR noshade size=2>     </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD><hr noshade size=2></TD>
        <TD>    </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="60%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31, 2005</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="60%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=left nowrap GUTTER><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% align=left nowrap>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amortized<br>
    Cost</FONT> </TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Gross Unrealized<br>
      Gains</FONT> </TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Gross Unrealized<br>
      Losses</FONT> </TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Market<br>
      Value</FONT> </TD>
  </TR>
  <TR>
    <TD width="60%"></TD>
    <TD></TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
    <TD align="center"><HR noshade size=1>    </TD>
    <TD align="center"><hr noshade size=1></TD>
    <TD align="center"></TD>
    <TD align="center"><HR noshade size=1>    </TD>
    <TD align="center"></TD>
    <TD align="center"><HR noshade size=1>    </TD>
    <TD align="center"></TD>
    <TD align="center"><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% align=left nowrap>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="9" align=center nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="60%" align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Time deposit with original maturities</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% align=left nowrap GUTTER>&nbsp;</TD>
    <TD width=6% align=left nowrap>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=left nowrap>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=left nowrap>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="60%" align=left nowrap>&nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">more than three months</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=1% align=left nowrap GUTTER><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width="6%" align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">152</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width="8%" align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width="8%" align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">152</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="60%" align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Open-ended bond fund</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD GUTTER nowrap align=left>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,804</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">33</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,837</FONT> </TD>
  </TR>
  <TR>
    <TD width="60%"></TD>
    <TD></TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
    <TD><HR noshade size=1>    </TD>
    <TD><hr noshade size=1></TD>
    <TD></TD>
    <TD><HR noshade size=1>    </TD>
    <TD></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD></TD>
    <TD align="right"><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="60%" align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD GUTTER nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,956</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">33</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,989</FONT> </TD>
  </TR>
  <TR>
    <TD width="60%"></TD>
    <TD></TD>
    <TD align="left" GUTTER><HR noshade size=2>    </TD>
    <TD><HR noshade size=2>    </TD>
    <TD><hr noshade size=2></TD>
    <TD></TD>
    <TD><HR noshade size=2>    </TD>
    <TD></TD>
    <TD><HR noshade size=2>    </TD>
    <TD></TD>
    <TD><HR noshade size=2>    </TD>
  </TR>
</TABLE>
<p><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company&#146;s portfolio of available for sale marketable securities by contractual maturity as of December 31, 2004 and 2005</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">is as follows:</FONT></p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="5" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Due in one year or less</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,735</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,989</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Due after one year</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">105</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,840</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,989</FONT>    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"><hr noshade size=2></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Information on sales of available for sale marketable securities for the years ended December 31, 2003, 2004 and 2005 is</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">summarized below.</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=70% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Period</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Proceeds<br>
from sales</FONT></TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Gross realized<br>
gains</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Gross realized<br>
losses</FONT></TD>
</TR>
<TR>
        <TD width="70%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Year ended December</FONT>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">31,</FONT>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">25,180</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">123</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Year ended December 31, 2004 </FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">66,312</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">401</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Year ended December 31, 2005 </FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">42,028</FONT>        </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">105</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">63</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 4. Allowance for Sales Returns and Discounts</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The activity in the allowance for sales returns and discounts for the years ended December 31, 2003, 2004 and 2005 follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=60% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Period</FONT> </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Balance at<br>
beginning of<br>
period</FONT>   </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Add</FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">ition</FONT> </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amounts<br>
utilized</FONT> </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Balance at<br>
end of period</FONT>    </TD>
</TR>
<TR>
        <TD width="60%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=60% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="11" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the year ended December 31, 2003 </FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">117</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(89</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">28</FONT>       </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the year ended December 31, 2004 </FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">28</FONT>       </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,022</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(810</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">240</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the year ended December 31, 2005 </FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">240</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">398</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(457</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">181</FONT>      </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 5. Inventories</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, inventories consisted of the following:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;      </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT>     </TD>
    <TD width=1% nowrap align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Merchandise</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">357</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">38</FONT>       </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Finished goods</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">23,010</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">32,192</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Work in process</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">22,716</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">51,769</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Raw materials</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,951</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">20,877</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Supplies</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">58</FONT>       </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">128</FONT>      </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">54,092</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">105,004</FONT>  </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
    <TD width="1%"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 6. Intangible Asset</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The gross carrying amount of the Company&#146;s acquired technology was &#36;140 thousand at December 31, 2004 and 2005. The </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">related accumulated amortization was &#36;31 thousand and &#36;59 thousand at December 31, 2004 and 2005, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Amortization expense for the years ended December 31, 2003, 2004 and 2005, was &#36;3 thousand, &#36;28 thousand and &#36;28 thousand, respectively. Future amortization expense for the
net carrying amount of this intangible asset at December 31, 2005 is estimated also to be &#36;28 thousand in 2006 and 2007, and &#36;25 thousand in 2008.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 7. Property and Equipment</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Land</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,160</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Machinery</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,711</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6,184</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development equipment</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,138</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,464</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Software</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,869</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,590</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Office furniture and equipment</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">898</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,534</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Others</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,898</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,474</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">14,514</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">30,406</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accumulated depreciation and amortization</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(3,981</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(7,566</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Prepayment for purchases of equipment and software</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">457</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">798</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Construction of buildings in progress</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">788</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,990</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">24,426</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><hr noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Depreciation and amortization of these assets for 2003, 2004 and 2005, was &#36;1,235 thousand, &#36;2,733 thousand and &#36;3,585</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">thousand, respectively.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">64</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 8. Investments in Non-marketable Securities</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Following is a summary of such investments as of December 31, 2004 and 2005:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% align=center nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </TD>
    <TD width=1% align=center nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"></TD>
    <TD width="2%"></TD>
    <TD width="1%" align="left"><HR noshade size=1>    </TD>
    <TD width="6%"><HR noshade size=1>    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"></TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="6%"><HR noshade size=1>    </TD>
    <TD width="1%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Jemitek Electronic Corp</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">313</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">313</FONT> </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Lightmaster System Inc</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,500</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,500</FONT> </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Integrated Microdisplays Limited</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">129</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"></TD>
    <TD width="2%"></TD>
    <TD width="1%" align="left"><HR noshade size=1>    </TD>
    <TD><HR noshade size=1>    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"></TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD><HR noshade size=1>    </TD>
    <TD width="1%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,942</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,813</FONT> </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="80%"></TD>
    <TD width="2%"></TD>
    <TD width="1%" align="left"><HR noshade size=2>    </TD>
    <TD width="6%"><HR noshade size=2>    </TD>
    <TD width="1%"><HR noshade size=2></TD>
    <TD width="2%"></TD>
    <TD width="1%"><HR noshade size=2></TD>
    <TD width="6%"><HR noshade size=2>    </TD>
    <TD width="1%"><HR noshade size=2></TD>
  </TR>
</TABLE>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2005, the Company considered its investment in equity of Integrated Microdisplays Limited to be other than temporarily impaired due to a significant operating deficit. The carrying
amount of &#36;129 thousand was fully written off with an impairment loss recognized in other non-operating loss in the accompanying consolidated statements of operations.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 9. Prepaid Expenses and Other Current Assets</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Refundable business tax</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,599</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,953</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Fair value of foreign currency forward contract</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">448</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">250</FONT>      </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Prepaid rental, software maintenance fee and others</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,653</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,910</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,700</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11,113</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
    <TD width="1%"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 10. Other Accrued Expenses and Other Current Liabilities</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued payroll, pension and related expenses</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,342</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,855</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued commission</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">799</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,534</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued warranty costs</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">507</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">545</FONT>      </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued mask and mold fees</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,469</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,039</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Payable for purchases of equipment</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">186</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,471</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued insurance,
welfare expenses, etc.</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,923</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,551</FONT>    </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6,226</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13,995</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The movement in accrued warranty costs for the years ended December 31, 2003, 2004 and 2005, is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=60% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Period</FONT> </TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=1% nowrap align=center>&nbsp;</TD>
    <TD width=6% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Balance at<br>
      beginning of<br>
      period</FONT> </TD>
    <TD width=1% align="center">&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Add</FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">ition</FONT> </TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=1% nowrap align=center>&nbsp;</TD>
    <TD width=6% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amounts<br>
      utilized</FONT> </TD>
    <TD GUTTER width=1% nowrap align=center>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Balance at<br>
      end of period</FONT> </TD>
  </TR>
  <TR>
    <TD width="60%"><HR noshade size=1>    </TD>
    <TD width="2%"></TD>
    <TD width="1%"><HR noshade size=1>    </TD>
    <TD width="6%"><HR noshade size=1>    </TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="2%"></TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="2%"></TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD width="6%"><HR noshade size=1>    </TD>
    <TD width="1%" GUTTER><HR noshade size=1>    </TD>
    <TD width="2%"></TD>
    <TD width="8%"><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="11" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the year ended December 31, 2003 </FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=6% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the year ended December 31, 2004 </FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=6% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">960</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(453</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">507</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the year ended December 31, 2005 </FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=6% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">507</FONT></TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,415</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,377</FONT> </TD>
    <TD GUTTER width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">545</FONT> </TD>
  </TR>
</TABLE>

<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">65</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 11. Short-Term Debt</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Short-term debt borrowed in 2005 are bank loans used to finance the payment of a special cash dividend that the Company distributed to its shareholders of record as of November 2, 2005
and to support the working capital requirements for general corporate purposes.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, short-term debt consisted of a &#36;13,600 thousand loan, denominated in US dollars, and which has a maturity date that has been extended to May 2, 2006. The
remaining balance of short-term debt of approximately &#36;13,674 thousand, is comprised of three separate loans in the amounts of NT&#36;250,000 thousand (&#36;7,596 thousand), NT&#36;40,000 thousand (&#36;1,216 thousand) and NT&#36;160,000
thousand (&#36;4,862 thousand), all of which are denominated in New Taiwan dollars and which have maturity dates that have been extended to March 26, 2006, March 26, 2006 and March 27, 2006, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, unused credit lines amounted to &#36;37,676 thousand and &#36;26,727 thousand, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Interest rates per annum on short-term debt outstanding as of December 31, 2005 ranged from 1.70% to 4.61% . Cash equivalents in the form of time deposits of &#36;13,600 thousand are
held as collateral for certain short-term debt at December 31, 2005.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 12. Government Grant and Long-Term Debt</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company entered into several contracts with Industrial Development Bureau of Ministry of Economic Affairs (IDB of MOEA), Department of Industrial Technology of Ministry of Economic
Affairs (DOIT of MOEA) and the Administrative Bureau of Science-Based Industrial Park (SBIP) during 2001, 2002, 2003 and 2004 for the development of certain new leading products or technologies. Details of these contracts are summarized
below:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=18% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Authority</FONT>      </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=18% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total Grant</FONT>      </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=28% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Execution Period</FONT>       </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=28% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Product Description</FONT>    </TD>
</TR>
<TR>
        <TD width="18%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="18%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="28%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="28%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=18% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=18% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD width=18% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">IDB of MOEA</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=18% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NT&#36; 5,940 (US&#36;171)</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 2002 to June 2003</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">LCOS development</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=18% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">IDB of MOEA</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=18% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">22,700 (US&#36;654)</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">September 2003 to February 2005</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Mobile phone TFT driver IC</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=18% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">SBIP</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=18% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,800 (US&#36;112)</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">October 2004 to July 2005</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Application of LCOS</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=18% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">DOIT of MOEA</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=18% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">19,500 (US&#36;610)</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">December 2004 to November 2005</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=28% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Multimedia high definition TV SOC</FONT>        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The LCOS development contract above was jointly entered into by the Company and Chi Mei Optoelectronics Corp. (CMO) with IDB of MOEA, which offers a grant with maximum amount of
&#36;340 thousand, in which the Company and CMO each are entitled to one half of the grant.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Government grants recognized by the Company as a reduction of research and development expense in the accompanying consolidated statements of operations in 2003, 2004 and 2005 were
&#36;52 thousand, &#36;556 thousand and &#36;381 thousand, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2002, IDB of MOEA provided an interest free loan of &#36;335 thousand to the Company. The loan is to be repaid in eight equal quarterly installments starting from July 1, 2004.
Furthermore, the Company is required to pay a return fee equal to 2% of the sales of certain developed products with a ceiling at 30% of the interest free loan within three years commencing from the sales</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">66</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">of the project product. In 2004, a return fee of &#36;0.45 thousand was accrued and recognized as a reduction of sales in the</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">accompanying consolidated statements of operations. No return fee occurred in 2005.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, all of the long-term debt will become due during 2006.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, time deposits pledged to bank for repayment guarantee of the above-mentioned matching</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">fund amounted to &#36;267 thousand and &#36;361 thousand, respectively.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 13. Retirement Plan</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company established the Defined Benefit Plan covering full-time employees in the ROC. In accordance with the Defined Benefit Plan, employees are eligible for retirement or are
required to retire after meeting certain age or service requirements. Retirement benefits are based on years of service and the average salary for the six-month period before the employee's retirement. Each employee earns two months of salary for
each of the first fifteen years of service, and one month of salary for each year of service thereafter. The maximum retirement benefit is 45 months of salary. Retirement benefits are paid to eligible participants on a lump-sum basis upon
retirement.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Defined Benefit Plan assets consist entirely of a Pension Fund (the &#147;Fund&#148;) denominated solely in cash, as mandated by ROC Labor Standard Law. The Company contributes an
amount equal to 2% of wages and salaries paid every month to the Fund (required by law). The Fund is administered by a pension fund monitoring committee (the &#147;Committee&#148;) and is deposited in the Committee&#146;s name in the Central Trust
of China.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Beginning July 1, 2005, pursuant to the newly effective ROC Labor Pension Act, the Company is required to make a monthly contribution for full-time employees in the ROC that elected to
participate in the Defined Contribution Plan at a rate no less than 6% of the employee&#146;s monthly wages to the employees&#146; individual pension fund accounts at the ROC Bureau of Labor Insurance. Expense recognized in 2005, based on the
contribution called for was &#36;356 thousand.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Substantially all participants in the Defined Benefit Plan had elected to participate in the Defined Contribution Plan. The transfer of participants to the Defined Contribution Plan did
not have a material effect on the Company&#146;s financial position or results of operations. Participants&#146; accumulated benefits under the Defined Benefit Plan were not impacted by their election to change plans and their seniority remains
regulated by the ROC Labor Standard Law, such as the retirement criteria and the amount payable. The Company is required to make contributions to the Defined Benefit Plan until it is fully funded. Pursuant to relevant regulatory requirements, the
Company expects to make a cash contribution of &#36;189 thousand to its pension fund maintained with the Central Trust of China and &#36;733 thousand to the employees&#146; individual pension fund accounts at the ROC Bureau of Labor Insurance in
2006.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">67</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company uses a measurement date of December 31, for the Defined Benefit Plan. The changes in projected benefit</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">obligation, plan assets and details of the funded status of the Plan are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT> </TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap GUTTER>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT>                                     </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Change in projected benefit obligation:</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Benefit obligation at beginning of year</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">208</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">414</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Service cost</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">170</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">150</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Interest cost</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Actuarial loss</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">30</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">45</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Benefit obligation at end of year</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">414</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">622</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Change in plan assets</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;</TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Fair value at beginning of year</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">103</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">215</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Actual return on plan assets</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Employer contribution</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">110</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">195</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Fair value at end of year</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">215</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">414</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
          <HR noshade size=2>   </TD>
        <TD width="6%">
          <HR noshade size=2>   </TD>
        <TD width="1%" GUTTER>
          <HR noshade size=2>   </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
          <HR noshade size=2>   </TD>
        <TD width="1%" GUTTER>
          <HR noshade size=2>   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Funded status</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(199</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(208</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unrecognized net actuarial loss</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">170</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">206</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued pension liabilities</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(29</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(2</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The accumulated benefit obligation for the Defined Benefit Plan was &#36;168 thousand and &#36;288 thousand at December 31, 2004</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">and 2005, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, no employee was eligible for retirement or was required to retire.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the years ended December 31, 2003, 2004 and 2005, the net periodic pension cost consisted of the following:</FONT></P>
<table border=0 width=95% cellspacing=0 cellpadding=0>

  <tr valign="bottom">
    <td nowrap align=left>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td colspan="11" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></td>
  </tr>
  <tr valign="bottom">
    <td nowrap align=left>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td colspan="11" align=center nowrap><hr noshade size=1></td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left>&nbsp;</td>
    <td width=2% align="center">&nbsp;</td>
    <td width=1% nowrap align=center>&nbsp;</td>
    <td width=6% nowrap align=center><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">2003</font></td>
    <td gutter width=1% nowrap align=center>&nbsp;</td>
    <td width=2% align="center">&nbsp;</td>
    <td width=1% align="center">&nbsp;</td>
    <td width=6% nowrap align=center><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">2004</font> </td>
    <td gutter width=1% nowrap align=center>&nbsp;</td>
    <td width=2% align="center">&nbsp;</td>
    <td width=1% nowrap align=center>&nbsp;</td>
    <td width=6% nowrap align=center><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">2005</font> </td>
    <td gutter width=1% nowrap align=center>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%"></td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=1></td>
    <td width="6%"><hr noshade size=1>    </td>
    <td width="1%" gutter><hr noshade size=1>    </td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=1></td>
    <td width="6%"><hr noshade size=1>    </td>
    <td width="1%" gutter><hr noshade size=1>    </td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=1></td>
    <td width="6%"><hr noshade size=1>    </td>
    <td width="1%" gutter><hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left>&nbsp;</td>
    <td align=center nowrap>&nbsp;</td>
    <td colspan="11" align=center nowrap><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">(in thousands)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Service cost</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1% align=left nowrap><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">&#36;</font> </td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">40</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1%>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">170</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1% nowrap align=right>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">150</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Interest cost</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1% align=left nowrap>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">2</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1%>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">5</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1% nowrap align=right>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">13</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Expected return on plan assets</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1% align=left nowrap>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">(2</font> </td>
    <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">)</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1%>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">(3</font> </td>
    <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">)</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1% nowrap align=right>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">(6</font> </td>
    <td gutter width=1% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">)</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Net amortization and deferral</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1% align=left nowrap>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">&#150;</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1%>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">6</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1% nowrap align=right>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">6</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%"></td>
    <td width="2%"></td>
    <td width="1%" align="left"><hr noshade size=1>    </td>
    <td width="6%"><hr noshade size=1>    </td>
    <td width="1%" gutter><hr noshade size=1>    </td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=1></td>
    <td width="6%"><hr noshade size=1>    </td>
    <td width="1%" gutter><hr noshade size=1>    </td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=1></td>
    <td width="6%"><hr noshade size=1>    </td>
    <td width="1%" gutter><hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td width=60% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Net periodic pension cost</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1% align=left nowrap><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">&#36;</font> </td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">40</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1%>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">178</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1% nowrap align=right>&nbsp;</td>
    <td width=6% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">163</font> </td>
    <td gutter width=1% nowrap align=left>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%"></td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=2></td>
    <td width="6%"><hr noshade size=2>    </td>
    <td width="1%" gutter><hr noshade size=2>    </td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=2></td>
    <td width="6%"><hr noshade size=2>    </td>
    <td width="1%" gutter><hr noshade size=2>    </td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=2></td>
    <td width="6%"><hr noshade size=2>    </td>
    <td width="1%" gutter><hr noshade size=2>    </td>
  </tr>
</table>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The weighted-average assumptions used in computing the benefit obligation are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="19" align="center"><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="19"><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=50% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=center>&nbsp; </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=1% align="center">&nbsp;      </TD>
        <TD colspan="6" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
<TR>
        <TD width="50%">        </TD>
        <TD width="2%"></TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>

<TR valign="bottom">
        <TD width=50% nowrap align=center>&nbsp;        </TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD colspan="3" align="center">
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD colspan="3" align="center">
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
Taiwan</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
Display<br>
&amp; Amazion</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
Taiwan</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
Display<br>
&amp; Amazion</FONT></TD>
  </TR>
<TR>
        <TD width="50%">        </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Discount rate</FONT>    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Rate of increase in compensation levels</FONT>  </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=1%>&nbsp;     </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">68</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">For the years ended December 31, 2003, 2004 and 2005, the weighted average assumptions used in computing net periodic</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">benefit cost are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="center"><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19"><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=center>&nbsp;</TD>
    <TD GUTTER nowrap align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD GUTTER></TD>
    <TD></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD GUTTER><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align="center"><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align="center"><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
      Taiwan</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
      Display<br>
      &amp; Amazion</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
      Taiwan</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Himax<br>
      Display<br>
      &amp; Amazion</FONT></TD>
  </TR>

<TR valign="bottom">
        <TD width=50% nowrap align=left>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Taiwan</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&amp; Amazion</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Taiwan</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=1% nowrap align=center>&nbsp;</TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&amp; Amazion</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=center>&nbsp;  </TD>
</TR>
<TR>
        <TD width="50%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Discount rate</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Rate of increase in compensation levels</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Expected long-term rate of return on pension assets</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.00</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3.50</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">%</FONT>        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company determines the expected long-term rate of return on plan assets based on the yields of twenty year ROC central government bonds and the historical long-term rate of return
on the above mentioned Fund mandated by the ROC Labor Standard Law.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Benefits payments to be paid during the next ten years are estimated as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amount</FONT></TD>
  </TR>
<TR>
        <TD width="90%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT>     </TD>
  </TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2006</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2007</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2008</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2009</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2010</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2011 - 2015</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">63</FONT>       </TD>
    <TD width=1% nowrap align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 14. Share-Based Compensation</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The amount of share-based compensation expenses included in applicable costs of sales and expense categories is summarized</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=center>&nbsp; </TD>
        <TD width=6% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cost of revenues</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">827</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">291</FONT>      </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">188</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11,666</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,288</FONT>    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6,336</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">General and administrative</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,124</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">721</FONT>      </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">848</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and marketing</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,349</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">537</FONT>      </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,241</FONT>    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"></TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">15,966</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,837</FONT>    </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,613</FONT>    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"><HR noshade size=2></TD>
        <TD width="2%"></TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"></TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(a)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Employee stock bonuses</FONT>   </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Through December 31, 2003, employees were entitled to bonuses in cash, shares, or a combination of both, based on annual distributable earnings defined in Himax Taiwan&#146;s articles
of incorporation, subject to certain annual limits. Sales of</FONT>     </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">69</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">these shares are subject to restrictions. Employees were permitted to sell 50%, 25% and 25% of their bonus shares immediately, after a one year and after a two year period,
      respectively. If an employee leaves Himax Taiwan within one year after the share issuance date, the employee is not permitted to sell the remaining 50% of the shares until two years after the date of grant. If the employee violates specific
      provisions stipulated in the employment contract, the shares are forfeited.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Employee bonuses are accrued and recognized as compensation expense in the period services are provided. Bonuses are determined based on ROC generally accepted accounting principles
        (&#147;ROC GAAP&#148;) financial results and are subject to shareholder approval. The difference between estimated bonuses and actual amounts paid, either in cash or through common shares issuance, is charged to earnings upon shareholder approval
        such bonuses. Amounts charged for share issuances are based upon the estimated fair value of such shares at the date of shareholder approval. The shares through December 31, 2003 have been valued retrospectively since no valuation was performed when
        the shares were granted and Himax Taiwan&#146;s shares were not publicly traded. Management was primarily responsible for estimating the fair value of Himax Taiwan&#146;s shares. When estimating fair value, management considered a number of factors,
        including in some cases retrospective valuations from the independent third-party valuer.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The share valuation methodologies included the net asset approach and the market comparable approach using four multiples: average price/earnings; enterprise value/sales; enterprise
        value/earnings before interest and tax; enterprise value/ earnings before interest, tax, depreciation and amortization.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The estimated fair value per share of employee stock bonuses on the date of shareholder approval was determined to be NT&#36;39.44 (US&#36;1.145) and NT&#36;67.13 (US&#36;1.955) in 2003
        and 2004, respectively. These employee bonus shares were issued in relation to employee services provided in 2001, 2002 and 2003, respectively.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On June 27, 2003 and June 30, 2004, Himax Taiwan&#146;s shareholders approved the issuance of 3,490,121 shares and 7,584,065 </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">shares, respectively, as employee bonuses.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The allocation of compensation expenses from the employee stock bonuses is summarized as follows:</FONT></P></td>
  </tr>
</table>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp;</TD>
        <TD width=6% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=1% align="center">&nbsp;</TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cost of revenues</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">787</FONT>      </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,905</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">General and administrative</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,933</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and marketing</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,205</FONT>    </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">14,830</FONT>   </TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD align="left">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"><hr noshade size=2></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(b)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Employee Annual Bonus Plan</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In June 2005, Himax Taiwan discontinued the above-mentioned employee stock bonus program with effect from December 31, 2004. Due to a history of paying bonus based on annual operating
results, the Company&#146;s employees have developed an expectation of receiving a bonus of some form. In order to meet such expectation and to retain and motivate employees,</FONT>   </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">70</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">management communicated to all employees that they would receive a competitive bonus for services rendered beginning in 2004 and up to the effectiveness of a long-term incentive plan
      which was expected to be adopted after the completion of the share exchange referred to in Note 1 and approval of the Company&#146;s shareholders.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Based on a compensation package analysis with the Company&#146;s primary domestic competitors, an annual bonus on top of the cash compensation was accrued. The revised bonus plan allows
        the bonus to be paid in cash or shares. If a cash payment is not made, the shares given will have the same value as the cash award. Employee compensation expense of &#36;4,141 thousand was accrued in 2004 relating to such bonus plan.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In order to settle the above mentioned accrued bonus payable, on December 27, 2005, pursuant to the authorization of the Company&#146;s shareholders and the delegation by the Company's
        board of directors, the Company&#146;s compensation committee approved a grant of 990,220 RSUs to employees for their service provided in 2004 and the ten months ended October 31, 2005. All RSUs granted to employees as a bonus vested immediately on
        the grant date.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The amount of compensation expense from the annual bonus plan was determined based on the estimated fair value of the
                ordinary shares underlying the RSUs granted on the date of grant,
               which was &#36;8.62 per share.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The allocation of compensation expenses from the annual bonus plan is summarized as follows:</FONT></P></td>
  </tr>
</table>
<BR>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=70% align=left nowrap>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=center nowrap>&nbsp; </TD>
        <TD width=6% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2003</FONT>     </TD>
        <TD width=1% align=center nowrap>&nbsp; </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2005</FONT>     </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cost of revenues</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=right nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">220</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">98</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>&nbsp;   </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=right nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,045</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,215</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">General and administrative</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>&nbsp;   </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=right nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">540</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">454</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and marketing</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>&nbsp;   </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=right nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">336</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">628</FONT>      </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%"><HR noshade size=1>    </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=right nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,141</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,395</FONT>    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(c)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Long-Term Incentive Plan</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On October 25, 2005, the Company&#146;s shareholders approved a long-term incentive plan. The plan permits the grants of options or RSUs to the Company&#146;s employees, directors and
service providers where each unit of RSU represents one ordinary share of the Company.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On December 27, 2005, the Company&#146;s compensation committee made grants of 1,297,564 RSUs and 20,000 RSUs to its employees and independent directors, respectively. The vesting
schedule for the RSUs granted to employees is as follows: 25% of the RSU grant vested immediately on the grant date, and a subsequent 25% will vest on each of September 30, 2006, 2007 and 2008, subject to certain forfeiture events. The vesting
schedule for the RSUs granted to independent directors is as follows: 25% of the RSU grant vested immediately on the grant date, and a subsequent 25% will vest on each of June 30, 2006, 2007 and 2008, subject to certain forfeiture
events.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The amount of compensation expense from the long-term incentive plan was determined based on the estimated fair value of the ordinary shares underlying the RSUs granted on the date of
grant, which was &#36;8.62 per share.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">71</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Management is primarily responsible for estimating the fair value of the Company&#146;s ordinary shares underlying the RSUs granted on December 30, 2005. When estimating fair value,
      management considers a number of factors, including contemporaneous valuations from an independent third-party appraiser. The share valuation methodologies used include the discounted cash flow approach and the market value approach where a
      different weight to each of the approaches is assigned to estimate the value of the Company when the RSUs were granted. The discounted cash flow approach involves applying appropriate discount rates to estimated cash flows that are based on earnings
      forecasts. The market value approach incorporates certain assumptions including the market performance of comparable companies as well as the Company&#146;s financial results and business plan. These assumptions include: no material changes in the
      existing political, legal, fiscal and economic conditions in Taiwan; the Company&#146;s ability to retain competent management, key personnel and technical staff to support its ongoing operations; and no material deviation in industry trends and
      market conditions from economic forecasts.</FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">RSUs activity under the long-term incentive plan during the periods indicated is as follows:</FONT></P></td>
  </tr>
</table>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=72% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <p><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Number of<br>
      </FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Underlying<br>
    </FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Shares for RSUs</FONT></p>   </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Weighted<br>
Average Grant<br>
Date Fair Value</FONT></TD>
  </TR>
<TR>
        <TD width="72%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="10%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="10%">
<HR noshade size=1>     </TD>
    <TD width="1%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at January 1, 2005</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,317,564</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8.62</FONT>     </TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Vested</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(329,395</FONT> </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8.62</FONT>     </TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="72%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="10%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"> </TD>
        <TD width="10%" align="right">  </TD>
    <TD width="1%"></TD>
</TR>
<TR valign="bottom">
        <TD width=72% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2005</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=right>&nbsp;</TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">988,169</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=10% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8.62</FONT>     </TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="72%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%"><hr noshade size=2></TD>
        <TD width="10%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"> </TD>
        <TD width="10%" align="right">  </TD>
    <TD width="1%"></TD>
</TR>
</TABLE><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, the total compensation cost related to the unvested RSUs not yet recognized was &#36;7,510</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">thousand. The weighted-average period over which it is expected to be recognized is 1.75 years.</FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The allocation of compensation expenses from the RSUs granted to employees and independent directors is summarized</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">as follows:</FONT></P></td>
  </tr>
</table>
<BR>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT>     </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT>     </TD>
</TR>
<TR>
        <TD>    </TD>
        <TD>    </TD>
        <TD align="left">
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD nowrap align=left>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cost of revenues</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=left nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">62</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>&nbsp;   </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=left nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,080</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">General and administrative</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>&nbsp;   </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=left nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">262</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and marketing</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>&nbsp;   </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=left nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">436</FONT>      </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD>    </TD>
        <TD width="1%" align="left">
<HR noshade size=1>     </TD>
        <TD width="6%" align="right"><HR noshade size=1>    </TD>
        <TD width="1%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% align=left nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=1% align=left nowrap>&nbsp;</TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% align=right nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,840</FONT>    </TD>
</TR>
<TR>
        <TD>    </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>    </TD>
        <TD>
<HR noshade size=2>     </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(d)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Nonvested Shares Issued to Employees</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In June 2001, November 2001 and January 2002, Himax Taiwan granted nonvested shares of common stock to certain employees for their future service. The shares will vest five years after
the grant date. If employees leave Himax Taiwan before completing the five year service period, they must sell these shares back to Himax Taiwan at NT&#36;1.00 (US&#36;0.03) per share.</FONT> </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">72</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><font face="Arial, Helvetica, sans-serif">HIMAX
          TECHNOLOGINES, INC. AND SUBSIDIARIES</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><font color="#FFFFFF" face="Arial, Helvetica, sans-serif">Consolidated
          Statements of Stockholders&#146; Equity</font><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><font size="2" face="Arial, Helvetica, sans-serif">Years
          ended December 31, 2003, 2004 and 2005</font> </TD>
  </TR>
</TABLE>
<br>
<br>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2 nowrap></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=3 align="right"></TH>
     <TH COLSPAN=2 align="right"></TH>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD colspan="10" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Ordinary share</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD colspan="10" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Retained earnings</font></TD>
     <TD ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR>
     <TD nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><hr noshade color=Black size=1></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Shares</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD colspan="2" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif">Amount</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center nowrap><font size="1" face="Arial, Helvetica, sans-serif"> Additional<br>
          paid-in<br>
          capital</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Treasury<br>
          stock</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=center nowrap><font size="1" face="Arial, Helvetica, sans-serif">Accumulated<br>
          other<br>
          comprehensive<br>
          income </font> <font size="1" face="Arial, Helvetica, sans-serif">(loss) </font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Legal reserve</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=center nowrap><font size="1" face="Arial, Helvetica, sans-serif">Unappropriated<br>
          earnings<br>
          (accumulated<br>
          deficit)</font></TD>
     <TD width="2%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=center><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=center><font size="1" face="Arial, Helvetica, sans-serif">Total</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR>
     <TD nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD WIDTH=27% ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at January 1, 2003</strong></font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">108,229</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">$</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif"> 11</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17,246</font></TD>
        <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(358</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=7% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">16</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">49</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=7% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">484</font></TD>
     <TD WIDTH=2% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD WIDTH=6% ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17,448</font></TD>
        <TD WIDTH=1% ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary share for cash</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">58,523</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">6</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">29,504</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">29,510</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Appropriation of legal reserve</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">462</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(462</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Stock split effected in the form of a stock
               dividend</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,974</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(3,974</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary shares as employee bonus</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,490</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,997</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">3,997</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Purchase of treasury stock</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(2,629</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(558</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(558</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Treasury stock issued to employees</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">5,572</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">363</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">916</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,279</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Share-based compensation expenses</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,136</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Unrealized holding gain on available-for-sale<br>
&nbsp;&nbsp;&nbsp;          marketable
               securities</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">58</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">58</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Net loss</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(581</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(581</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at December 31, 2003</strong></font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">173,185</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">56,220</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">74</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">511</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(4,533</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">52,289</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Appropriation of legal reserve</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,669</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(1,669</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Stock split effected in the form of a <br>
&nbsp;&nbsp;          stock
               dividend</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">12,651</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(12,651</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary shares as employee bonus</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">7,584</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">14,829</font></TD>
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        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
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     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">14,830</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Share-based compensation expenses</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,696</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">1,696</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Dilution gain from issuance of new <br>
&nbsp;&nbsp;&nbsp;          subsidiary
               shares</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">112</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">112</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Unrealized holding gain on available-for-sale<br>
&nbsp;&nbsp;          marketable
               securities</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(67</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
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     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(67</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">36,000</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">36,000</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
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     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
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     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
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     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
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     <TD><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at December 31, 2004</strong></font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">180,769</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">18</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">85,508</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">7</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">2,180</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">17,147</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">104,860</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Declaration of special cash dividends</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(13,558</font></TD>
     <TD width="2%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">(13,558</font></TD>
        <TD width="1%" ALIGN=LEFT><font size="2" face="Arial, Helvetica, sans-serif">)</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Issuance of ordinary shares as employee bonus</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">990</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">8,536</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">8,536</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Share-based compensation expenses</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">330</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">4,184</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">4,184</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Dilution gain from issuance of <br>
&nbsp;&nbsp;          new subsidiary
               shares</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">222</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">222</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>

<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Unrealized
               holding gain on available-for-sale<br>
&nbsp;&nbsp;&nbsp;               marketable
               securities</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">24</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">24</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Foreign currency translation adjustments</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">5</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">5</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif">Net income</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
        <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">61,558</font></TD>
     <TD width="2%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><font size="2" face="Arial, Helvetica, sans-serif">61,558</font></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><hr noshade color=Black size=1></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=1></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="27%" ALIGN=LEFT nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>Balance at December 31, 2005</strong></font></TD>
     <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">182,089</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=center><strong><font size="2" face="Arial, Helvetica, sans-serif">$</font></strong></TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif"> 18</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">98,450</font></strong></TD>
        <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
        <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">&#151;</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="7%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">36</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">2,180</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="7%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">65,147</font></strong></TD>
     <TD width="2%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="1%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="6%" ALIGN=right><strong><font size="2" face="Arial, Helvetica, sans-serif">165,831</font></strong></TD>
        <TD width="1%" ALIGN=LEFT><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD></TR>
<TR>
     <TD width="27%" nowrap><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><hr noshade color=Black size=2></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="7%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="2%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
     <TD width="6%" align="right"><hr noshade color=Black size=2></TD>
     <TD width="1%"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
</tr>
</table>


<div align="center"><font face="Arial, Helvetica, sans-serif" size="2"><br>
See accompanying notes to consolidated financial statements.
</font>
</div>

<div align="right"><font face="Arial, Helvetica, sans-serif" size="2"><br>
52</font></div>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Because the shares had not vested, the capital increase recorded when the shares were issued was fully offset by an equal amount of deferred compensation expense. Compensation expense
is recognized on a straight-line basis over the five-year service period with a corresponding reduction of deferred compensation expense, resulting in a net increase in equity. The Company recognized compensation expenses of &#36;130 thousand,
&#36;130 thousand and &#36;92 thousand in 2003, 2004 and 2005, respectively. Such compensation expense was recorded as research and development expenses in the accompanying consolidated statements of operations since the employees who received such
nonvested shares were assigned to the research and development department. The fair value of shares on grant date was estimated based on the then most recent price of new shares issued to unrelated third parties, which was NT&#36;4.02 (US&#36;0.116)
per share.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Nonvested share activity during the periods indicated is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=76% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Number of Shares</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Weighted<br>
Average Grant<br>
Date Fair Value</FONT></TD>
  </TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at January 1, 2003</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,750,502</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(69,638</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"> </TD>
        <TD width="9%" align="right">   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2003</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,680,864</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(484,979</FONT> </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"> </TD>
        <TD width="9%" align="right">   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2004</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,195,885</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(2,487</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"> </TD>
        <TD width="9%" align="right">   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2005</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,193,398</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.116</FONT>    </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%"> </TD>
        <TD width="9%"> </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The forfeiture of nonvested shares issued to employees is based on the original number of shares granted, not including</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">the shares issued pursuant to subsequent stock splits or dividends.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, the total compensation cost related to nonvested shares not yet recognized was &#36;68 thousand,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">which is expected to be recognized in 2006.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In September 2005, Amazion Electronics Inc. (a consolidated subsidiary) granted nonvested shares of its common stock to certain employees for their future service. The shares will vest
four years after the grant date. If employees leave Amazion Electronics Inc. before completing the four year service period, they must sell these shares back to Amazion Electronics Inc. at NT&#36;1.00 (US&#36;0.03) per share. The Company recognized
compensation expenses of &#36;33 thousand in 2005. Such compensation expense was recorded as research and development expenses in the accompanying consolidated statements of operations with a corresponding increase to minority interest in the
accompanying consolidated balance sheets. The fair value of shares on grant date was estimated based on the then most recent price of new shares issued to unrelated third parties, which was NT&#36;10 (US&#36;0.3190) per share.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">73</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Nonvested share activity of this award during the period indicated is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=76% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Number of Shares</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=10% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Weighted<br>
Average Grant<br>
Date Fair Value</FONT></TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at January 1, 2005</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,250,000</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.3190</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(445,000</FONT> </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.3190</FONT>  </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%" align="right">  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2005</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">805,000</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.3190</FONT>  </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%">        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, the total compensation cost related to this award not yet recognized was &#36;253 thousand. The weighted-average period over which it is expected to be
recognized is 3.54 years.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(e)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Treasury Stock Issued to Employees</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2002 and 2003, treasury shares were issued to employees with a three year vesting period. The excess of the fair value of these common shares over any amount that an employee paid
for treasury stock is recorded as deferred compensation expense which is reflected as an offset to equity upon issuance of the treasury shares. Deferred compensation expense is amortized to compensation expense on a straight-line basis over the
three-year service period with a corresponding increase to equity.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Management is primarily responsible for estimating the fair value of its share. When estimating fair value, management considered a number of factors, including retrospective valuations
from an independent third-party valuer. The estimated grant date fair value per share in 2002 and 2003 range from NT&#36;15.32 (US&#36;0.459) to NT&#36;19.93 (US&#36;0.577) and NT&#36;20.17 (US&#36;0.583) to NT&#36;52.10 (US&#36;1.538),
respectively.</FONT>    </TD>
</TR>
</TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Treasury stock activity during the periods indicated is as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=76% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Number of Shares</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=10% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Weighted Average<br>
of Excess of Grant<br>
Date Fair Value over<br>
Employee Payment</FONT></TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at January 1, 2003</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,928,076</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.356</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,546,872</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.740</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>  </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%" align="right">  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2003</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,474,948</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.607</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,289,280</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.662</FONT>   </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%" align="right">  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2004</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,185,668</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.597</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Granted</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Forfeited</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Vested</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(2,706,593</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.356</FONT>   </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%" align="right">  </TD>
</TR>
<TR valign="bottom">
        <TD width=76% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Balance at December 31, 2005</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,479,075</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=10% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">0.743</FONT>   </TD>
</TR>
<TR>
        <TD width="76%">        </TD>
        <TD width="2%"> </TD>
        <TD width="9%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="10%">        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">74</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The forfeiture of treasury stock issued to employees is based on the original number of shares granted, not including the shares issued pursuant to subsequent stock splits or dividends.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, the total compensation cost related to treasury stock not yet recognized was &#36;548 thousand,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">which is expected to be recognized in 2006.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The allocation of compensation expenses from the treasury stock issued to employees is summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cost of revenues</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">40</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">71</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">28</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Research and development</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">631</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,113</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">916</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">General and administrative</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">191</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">181</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">132</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales and marketing</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">144</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">201</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">177</FONT>      </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,006</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,566</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,253</FONT>    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Note 15. Stockholders&#146; Equity</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(a)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Share capital</FONT>    </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On April 26, 2005, Himax Technologies, Inc. was incorporated with an authorized share capital of &#36;50,000 divided into 500,000,000 ordinary shares with par value of US&#36;0.0001 per
share. The issued share capital is US&#36;0.0001 divided into one ordinary share credited as fully paid.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On October 14, 2005, the shareholders of Himax Taiwan exchanged an aggregated of 180,769,264 common shares of Himax Taiwan for an aggregate of 180,769,264 ordinary shares of Himax
Technologies, Inc. Accordingly, as of October 14, 2005, Himax Technologies, Inc. has an authorized share capital of 500,000,000 ordinary shares with par value of US&#36;0.0001 per share, and 180,769,265 ordinary shares issued and outstanding. There
was no change in the amount of total stockholders&#146; equity as a result of this transaction.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(b)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Earnings distribution</FONT>    </TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As a holding company, and prior to the proposed overseas listing, the only asset of the Company is the 100% ownership interest in Himax Taiwan. Dividends received from the
Company&#146;s subsidiaries in Taiwan, if any, will be subjected to withholding tax under ROC law. The ability of the Company&#146;s subsidiaries to pay dividends, repay intercompany loans from the Company or make other distributions to the Company
may be restricted by the availability of funds, the terms of various credit arrangements entered into by the Company&#146;s subsidiaries, as well as statutory and other legal restrictions. The Company&#146;s subsidiaries in Taiwan are generally not
permitted to distribute dividends or to make any other distributions to shareholders for any year in which it did not have either earnings or retained earnings (excluding reserve). In addition, before distributing a dividend to shareholders
following the end of a fiscal year, a Taiwan company must recover any past losses, pay all outstanding taxes and set aside 10% of its annual net income (less prior years&#146; losses and outstanding taxes) as a legal reserve until the accumulated
legal reserve equals its paid-in capital, and may set aside a special reserve.</FONT>   </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">75</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Pursuant to the approval of the board of directors on October 25, 2005, the Company distributed a special cash dividend to its shareholders of record as of November 2, 2005 in the
amount of &#36;13,558 thousand or the equivalent of &#36;0.075 per outstanding share as of that date. This dividend was paid to the Company&#146;s shareholders in respect of the Company&#146;s performance before 2006. The Company decided to pay the
dividend in cash instead of shares because its ordinary shares at the time of the dividend payment were not listed on any stock exchange and therefore had limited liquidity.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(c)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Treasury stock</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company accounts for treasury stock acquisitions using the cost method.</FONT>      </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In accordance with a board of directors&#146; resolution on April 22, 2002, Himax Taiwan repurchased 2,628,540 shares of its outstanding common stock in 2003. The purchase price per
share range from NT&#36;6.50 (US&#36;0.187) to NT&#36;9.84 (US&#36;0.291) in 2003.</FONT></TD>
</TR>
</TABLE>

<P align="left"><B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> <br>
Note 16. Income Taxes</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Substantially all of the Company&#146;s pre-tax income is derived from the operations in the ROC and substantially all of the </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Company's income tax expense (benefit) is incurred in the ROC.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">An additional 10% corporate income tax will be assessed on undistributed income for the consolidated entities in the ROC, but only to the extent such income is not distributed before
the end of the following year. As a result, the undistributed and distributed income is subjected to a corporate tax rate of 32.5% and 25%, respectively. The Company initially measures its income tax expense, including the tax effects of temporary
differences, using the undistributed rate in the period the income is earned, and the reduction in the tax liability is recognized in the period the distribution to shareholders is finalized.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In accordance with the ROC Statute for Upgrading Industries, the Company&#146;s 2003 capital increase related to the manufacturing of newly designed TFT-LCD driver was approved by the
government authorities as a newly emerging, important and strategic industry. The incremental income derived from selling the above new product is tax exempt for a period of five years, effective on April 1, 2004 and expiring on March 31, 2009. The
aggregate per share effect of such income tax exemption for the years ended December 31, 2004 and 2005, is a &#36;0.04 and &#36;0.05 increase to earnings per share, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The components of income tax expense (benefit) are summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="9" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Current income tax expense</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,380</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,215</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12,294</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deferred income tax benefit</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(37</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(4,986</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(3,371</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,343</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,771</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,923</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">76</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The differences between expected income tax expense, computed based on the statutory undistributed income tax rate of 32.5%, and the actual income tax expense (benefit) as reported in
the accompanying consolidated statements of operations for the years ended December 31, 2003, 2004 and 2005 are summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31, </FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="9" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Expected income tax expense</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">898</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11,115</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">22,834</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Tax-exempted income</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(6,328</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(9,189</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Nontaxable gains on sale of marketable securities</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(40</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(130</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(38</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Increase of investment tax credits</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(2,278</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(7,586</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(10,647</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Increase in valuation allowance</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">882</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,421</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Non deductible share-based compensation expenses</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,189</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,897</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,799</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Tax benefit resulting from distribution of prior year&#146;s income</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(380</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,650</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Foreign tax rate differential</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">41</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">83</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Others</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(67</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(12</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">660</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Actual income tax expense (benefit)</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3,343</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(1,771</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">8,923</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, the components of deferred income tax assets (liabilities) were as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center nowrap GUTTER><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap GUTTER>
      <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="3" align=center nowrap GUTTER>
      <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="7" align=center nowrap GUTTER>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deferred tax assets:</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Inventory</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">440</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">643</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unrealized foreign exchange loss</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">444</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">30</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Capitalized expense for tax purposes</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">188</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">145</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued compensated absences</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">19</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">37</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Allowance for sales return, discounts and warranty</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">243</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">236</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accrued commission</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">210</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unused investment tax credits</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4,662</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">9,407</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unused loss carry-forward</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">404</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,851</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investments in non-marketable securities</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">42</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">59</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">51</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total gross deferred tax assets</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6,669</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12,442</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Less: valuation allowance</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(893</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(3,314</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net deferred tax assets</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,776</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">9,128</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deferred tax liabilities:</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unearned government grants</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">28</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Unrealized foreign exchange gain</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Foreign currency translation adjustments</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">3</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Prepaid pension cost</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4</FONT>        </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total gross deferred tax liabilities</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">28</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net deferred tax assets</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,748</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">9,116</FONT>    </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">77</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The valuation allowance for deferred tax assets as of January 1, 2003, 2004 and 2005 was &#36;0 thousand, &#36;11 thousand and &#36;893 thousand, respectively. The net change in the
valuation allowance for the years ended December 31, 2003, 2004 and 2005, was an increase of &#36;11 thousand, &#36;882 thousand and &#36;2,421 thousand, respectively.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and tax loss carryforwards utilizable. Management considers the
scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Since Himax Taiwan&#146;s subsidiaries have generated tax losses since inception and are not included in the consolidated tax filing with Himax Taiwan, a valuation allowance of &#36;893
thousand and &#36;3,314 thousand as of December 31, 2004 and 2005, respectively, was provided to reduce their deferred tax assets (consisting primarily of operating loss carryforwards and unused investment tax credits) to zero because management
believes it is unlikely these tax benefits will be realized. The total tax loss carryforwards for these subsidiaries at December 31, 2005 was &#36;5,747 thousand, which will expire if unused by 2010. The remaining investment tax credit for these
subsidiaries at December 31, 2005 was &#36;1,459 thousand, which will expire if unused by 2009.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">According to the Statute for Upgrading Industries, the purchase of machinery for the automation of production, expenditure for research and development and training of professional
personnel entitles the Company to tax credits. This credit may be applied over a period of five years. The amount of the credit that may be applied in any year except the final year is limited to 50% of the income tax payable for that year. There is
no limitation on the amount of investment tax credit that may be applied up to the amount of the tax actually payable in the final year.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, all of the Company&#146;s remaining investment tax credits of NT&#36;309,572 thousand (US&#36;9,407 thousand), </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">which will expire if unused by 2009.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Himax Taiwan&#146;s income tax returns have been examined and assessed by the ROC tax authorities through 2002.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Pursuant to the Statute of Income Basic Tax Amount (the &#147;IBTA Statute&#148;) announced in late 2005, an alternative minimum tax system will be effective commencing January 1, 2006
in Taiwan. When a taxpayer&#146;s income tax amount is less than the basic tax amount (&#147;BTA&#148;), a taxpayer will be required to pay the regular income tax and the difference between the BTA and the regular income tax amount. For enterprises,
BTA is determined using regular taxable income plus specific add-back items applied with a tax rate ranging from 10% to 12%. The add-back items include exempt gain from nonpublicly traded security transactions and exempt income under tax holidays.
Currently, the tax rate set by the tax authority is 10%. As there are grandfathered treatments for the tax holidays approved by the tax authorities before the IBTA Statute took effect, the Company believes that the IBTA Statute will not have a
significant impact on the Company.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">78</FONT></P>

<br>
<br>
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<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 17. Derivative Financial Instruments</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company operates in Taiwan and internationally, giving rise to exposure to changes in foreign currency exchange rates. The Company enters into foreign currency forward contracts to
reduce such exposure. None of the Company&#146;s existing derivatives qualify for hedge accounting pursuant to SFAS No. 133, </FONT><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounting for Derivative Instruments and Hedging
Activities.</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> Accordingly, the derivative instruments are recorded at fair value on the consolidated balance sheets with the change in fair value being reflected immediately in
earnings in the consolidated statements of operations.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The table below shows the fair value and notional principal of the Company&#146;s derivative financial instruments as of December 31, 2004 and 2005. The estimated fair value of the
derivative instruments is recorded in other current assets on the accompanying consolidated balance sheet as of December 31, 2004 and 2005. The fair value of the derivative financial instruments as of December 31, 2004 and 2005 is estimated based on
quoted market prices from brokers or banks. Although the following table reflects the notional principal and fair value of amounts of derivative financial instruments, it does not reflect the gains or losses associated with the exposures and
transactions that these financial instruments are intended to hedge. The amounts ultimately realized upon settlement of these financial instruments, together with the gains and losses on the underlying exposures will depend on actual market
conditions during the remaining life of the instruments.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, the details of foreign currency exchanges contracts outstanding are summarized as</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="14" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31, 2004 </FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="14" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">BUY</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">SELL</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Contract amount</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Fair Value</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=36% nowrap align=center>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Settlement date</FONT>     </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Maturity amount</FONT></TD>
  </TR>
<TR>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="19%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="36%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="9%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=center>&nbsp; </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>&nbsp; </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="5" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width="36%" align=center nowrap>&nbsp;                      </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=8% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NTD</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">USD</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>     </TD>
        <TD width=19% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">15,000</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">270</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width="36%" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 12, 2005</FONT>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">- February 22, 2005</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NT&#36;&nbsp;</FONT></TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">485,007</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=8% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">JPY</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">USD</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>     </TD>
        <TD width=19% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12,000</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">178</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width="36%" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 24, 2005</FONT>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">- February 23, 2005</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">JPY</FONT></TD>
        <TD width=9% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,247,660</FONT>        </TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD colspan="14" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31, 2004 </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="14" align=center nowrap><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">BUY</FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">SELL</FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Contract amount</FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Fair Value</FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=36% nowrap align=center>&nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Settlement date</FONT> </TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Maturity amount</FONT></TD>
  </TR>
  <TR>
    <TD width="8%" align="center"><HR noshade size=1>
    </TD>
    <TD width="2%" align="center"></TD>
    <TD width="8%" align="center"><HR noshade size=1>
    </TD>
    <TD width="2%" align="center"></TD>
    <TD width="1%" align="center"><HR noshade size=1>
    </TD>
    <TD width="19%" align="center"><HR noshade size=1>
    </TD>
    <TD width="2%" align="center"></TD>
    <TD width="1%" align="center"><HR noshade size=1>
    </TD>
    <TD width="7%" align="center"><HR noshade size=1>
    </TD>
    <TD width="2%" align="center"></TD>
    <TD width="36%" align="center"><HR noshade size=1>
    </TD>
    <TD width="2%" align="center"></TD>
    <TD width="1%" align="center"><HR noshade size=1></TD>
    <TD width="9%" align="center"><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=8% nowrap align=center>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% nowrap align=center>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD colspan="5" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width="36%" align=center nowrap>&nbsp;</TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=8% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NTD</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">USD</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=19% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12,000</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=7% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">213</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width="36%" align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;January 25, 2006</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NT&#36;&nbsp;</FONT></TD>
    <TD width=9% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">400,348</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=8% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">JPY</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">USD</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=19% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,000</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=7% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">37</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width="36%" align=left nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;January 25, 2006</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">- February 22, 2006</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">JPY</FONT></TD>
    <TD width=9% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,177,925</FONT> </TD>
  </TR>
</TABLE>

<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2003, 2004 and 2005, unrealized gains included in earnings related to the above foreign currency forward contracts were &#36;27 thousand, &#36;448 thousand and
&#36;250 thousand, respectively. The realized gains resulting from foreign currency forward contracts were &#36;56 thousand, &#36;677 thousand and &#36;108 thousand in 2003, 2004 and 2005, respectively.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Note 18. Fair Value of Financial Instruments</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The fair values of cash, cash equivalents, accounts receivable, short-term debt accounts payable and accrued liabilities approximate their carrying values due to their relatively short
maturities. Marketable securities consisting of open-ended bond funds are reported at fair value based on quoted market prices at the reporting date. Marketable securities consisting of time deposits with original maturities more than three months
is determined using the discounted present value of expected cash flows. Derivative financial instruments are also reported at fair value based on quoted market prices from brokers or banks. The</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">79</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">fair value of investments in non-marketable securities has not been estimated as there are no identified events or changes in circumstances that may have significant adverse effects on
the carrying value of these investments, and it is not practicable to estimate their fair values. The fair value of the Company&#146;s long-term debt is &#36;85 thousand at December 31, 2004, and is estimated by discounting the future cash flows of
each instrument at rates currently offered to the Company for similar debt instruments of comparable maturities by the Company's bankers.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Note 19. Significant Concentrations</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Financial instruments that currently subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, accounts receivable and
derivative financial instruments. The Company places its cash primarily in checking and saving accounts with reputable financial institutions. The Company has not experienced any material losses on deposits of the Company&#146;s cash and cash
equivalents. Marketable securities consist of time deposits with original maturities of greater than three months and investments in an open-ended bond fund identified to fund current operations. All marketable securities are classified as
available-for-sale. The Company enters into foreign currency forward contracts to reduce exposure to changes in foreign currency exchanges rates. The Company entered into such contracts with major international foreign banks or reputable local
banks. The likelihood of default on the part of the banks is considered remote.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company derived substantially all of its revenues from sales of display drivers that are incorporated into TFT-LCD panels. The TFT-LCD industry is intensely competitive and is
vulnerable to cyclical market conditions and subject to price fluctuations. The Company expects to be substantially dependent on sales to the TFT-LCD industry for the foreseeable future.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company depends on two customers for a substantial majority of its revenues and the loss of, or a significant reduction in orders from, either of them would significantly reduce the
Company&#146;s revenues and adversely impact the Company&#146;s operating results. The largest customer (CMO and its affiliates), a related party, accounted for approximately 78.0%, 63.2% and 58.9%, respectively, of the Company&#146;s revenues in
2003, 2004 and 2005. The second largest (Chunghwa Picture Tubes and its affiliates) accounted for 5.7%, 19.5% and 16.2%, respectively. Each of these two customers also represented more than 10% of the Company&#146;s accounts receivable balance at
December 31, 2004 and 2005. CMO and its affiliates accounted for approximately 58.3% and 45.5% of the Company&#146;s accounts receivable balance at December 31, 2004 and 2005, respectively. Chunghwa Picture Tubes and its affiliates accounted for
23.0% and 27.6%, respectively. As a result, a default by any such customer, or a prolonged delay in the payment of accounts receivable, would adversely affect the Company&#146;s cash flow, liquidity and operating results. The Company performs
ongoing credit evaluations of each customer and adjusts credit limits based upon payment history and the customer&#146;s credit worthiness, as determined by the review of their current credit information. The Company regularly monitors collections
and payments from customers and has not provided any valuation allowance because it believes all accounts receivable are collectible and has never had historical bad debt expense. See Notes 20 and 22 for additional information.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company focuses on design, development and marketing of its products and outsources all its semiconductor fabrication, assembly and test. The Company primarily depends on two
foundries to manufacture its wafer, and any failure to obtain sufficient foundry capacity or loss of any of the foundries it uses could significantly delay the Company&#146;s ability to ship its products, cause the Company to lose revenues and
damage the Company's customer relationships. The Company is currently seeking to identify and secure additional foundry capacity in order to diversify the Company's foundry sources.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">80</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">There are a limited number of companies which supply processed tape used to manufacture the Company&#146;s semiconductor products and therefore, from time to time, shortage of such
processed tape may occur. If any of the Company&#146;s suppliers experience difficulties in delivering processed tape used in its products, the Company may not be able to locate alternative sources in a timely manner. Moreover, if shortages of
processed tape were to occur, the Company may incur additional costs or be unable to ship its products to customers in a timely manner, which could harm the Company&#146;s business and negatively impact its earnings.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">A limited number of third-party assembly and testing houses assemble and test substantially all of the Company&#146;s current products. As a result, the Company does not directly
control its product delivery schedule, assembly and testing costs and quality assurance and control. If any of these assembly and testing houses experiences capacity constraints or financial difficulties, or suffers any damage to its facilities, or
if there is any other disruption of its assembly and testing capacity, the Company may not be able to obtain alternative assembly and testing services in a timely manner. Because the amount of time the Company usually takes to qualify assembly and
testing houses, the Company could experience significant delays in product shipments if it is required to find alternative source. Any problems that the Company may encounter with the delivery, quality or cost of its products could damage the
Company&#146;s reputation and result in a loss of customers and orders.</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Note 20. Related-Party Transactions</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(a) Name and relationship</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=49% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Name of related parties</FONT>        </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=49% nowrap align=center><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Relationship</FONT>   </TD>
</TR>
<TR>
        <TD width="49%">
<HR noshade size=1>
        </TD>
        <TD width="2%"> </TD>
        <TD width="49%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Mei Optoelectronics Corp. (CMO)</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Shareholder represented on the Company&#146;s Board of</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Directors; the Company&#146;s Chairman represented on CMO&#146;s</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board of Directors</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">International Display Technology Ltd. (IDTech)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Wholly owned subsidiary of CMO</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Jemitek Electronic Corp. (JEC)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company&#146;s CEO represented on JEC&#146;s Board of</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Directors</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Mei Corporation (CMC)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Major shareholder of CMO</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NEXGEN Mediatech Inc. (NEXGEN)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMC nominated more than half of the seats on NEXGEN&#146;s</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board of Directors</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Mei Communication System, Inc.(CMCS)</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMC nominated more than half of the seats on CMCS&#146;s</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board of Directors</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Lin Technology Co., Ltd.(Chi Lin Tech)</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMC nominated more than half of the seats on Chi Lin</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Tech&#146;s Board of Directors</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Lin Optronics Corp.</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Wholly owned subsidiary of Chi Lin Tech</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NingBo Chi Mei Optoelectronics Ltd.</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The subsidiary of CMO</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=49% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(CMO-NingBo)</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=49% nowrap align=left>&nbsp;  </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">81</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(b)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Significant transactions with related parties </FONT>   </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">( i ) Revenues and accounts receivable</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from related parties are summarized as follows:</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=70% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=70% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="6" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">100,115</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">189,095</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">317,012</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">IDTech</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,678</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">775</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">275</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Lin Tech</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">290</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2,841</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">JEC</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">599</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,565</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NEXGEN</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">370</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO-NingBo</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">721</FONT>      </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">102,793</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">190,759</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">322,784</FONT>  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">A breakdown by product type for sales to CMO is summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=70% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=70% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD width=8% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="6" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Display driver for large-size applications</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">98,569</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">188,526</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">315,841</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Display driver for consumer electronics applications</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">528</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">41</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">6</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Others</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,018</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">528</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,165</FONT>    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">100,115</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">189,095</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">317,012</FONT>  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD>
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The sales prices CMO receives are comparable to those offered to unrelated third parties.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The related accounts receivable resulting from the above sales as of December 31, 2004 and 2005, were as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT>     </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="4" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">38,582</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">67,392</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Lin Tech</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">203</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,234</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">JEC</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">500</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">120</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NEXGEN</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">221</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO-NingBo</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">721</FONT>      </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">39,285</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">69,688</FONT>   </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The credit terms granted to IDTech and Chi Lin Tech were 30 days and the credit terms granted to other related parties were 60 days, comparable to that offered to unrelated third parties.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">82</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(ii)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchases and accounts payable</FONT>   </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchases from related parties are summarized as follows:</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31, </FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="6" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">26</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">176</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">703</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMC</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">9</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chi Lin Tech</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">31</FONT>       </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left">
<HR noshade size=1>     </TD>
        <TD width="7%"><HR noshade size=1>    </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% align=right nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">26</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">176</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">743</FONT>      </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The related accounts payable resulting from the above purchases as of December 31, 2004 and 2005, were as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31, </FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2</FONT></TD>
        <TD width=2% align="right">&nbsp;       </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The terms of payment to related parties were approximately 30~60 days after receiving, comparable to that from third parties.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(iii)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Property transactions</FONT>    </TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2003, the Company entered into a construction contract for an LCOS factory with CMO. The contract price amounted to &#36;1,246 thousand and was recorded as leasehold improvements in
the accompanying consolidated balance sheets.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO offered technology management for setting the layout and guidance of the LCOS factory, and the related payment resulting from the aforementioned transaction amounted to &#36;321
thousand and was recorded as general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2003, the related payables resulting from the aforementioned transactions were paid.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2005, the Company purchased equipment amounting to &#36;2 thousand from Chi Lin Optronics Corp. The purchase had been full paid as of December 31, 2005.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(vi)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Joint development plan: please see Note 12.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(v) </FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Lease</FONT></TD>
</TR>

<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company entered into a lease contract with CMO for leasing office space and equipment. For the years ended December 31, 2003, 2004 and 2005, the related rent and utility expenses
resulting from the aforementioned transactions amounted to &#36;438 thousand, &#36;633 thousand and &#36;619 thousand, respectively, and were recorded as cost of revenue and operating expenses in the accompanying consolidated statements of
operations. As of December 31, 2004 and 2005, the related payables resulting from the aforementioned transactions amounted to &#36;47 thousand and &#36;55 thousand, respectively, and were recorded as other accrued expenses in the accompanying
consolidated balance sheets.</FONT></TD>
</TR>
</TABLE>

<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">83</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>



<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(vii)</FONT></TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Sales agent</FONT></TD>
</TR>

<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company entered into sales agent contracts with CMO and CMCS. For the years ended December 31, 2003, 2004 and 2005, the sales commission resulting from such contracts amounted to
&#36;20 thousand, &#36;48 thousand and &#36;49 thousand, respectively. The sales commission expenses were recorded as a deduction from revenue in the accompanying consolidated statements of operations.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(viii)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Others</FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2003, the Company purchased &#36;57 thousand of supplies from CMO, which were charged to cost of revenue and operating expense. This purchase had been fully paid as of December 31,
2003.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2004 and 2005, the Company purchased consumable and miscellaneous amounting to &#36;121 thousand and &#36;78 thousand, respectively, from CMO, CMC, Chi Lin Tech and NEXGEN, which
were charged to operating expense. As of December 31, 2005, the related payables resulting from the aforementioned transactions were &#36;19 thousand.</FONT>   </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In 2004 and 2005, Chi Lin Tech provided IC bonding service on prototype panels for the Company&#146;s research activities for a fee of &#36;12 thousand and &#36;43 thousand,
    respectively, which was charged to research and development expense. As of December 31, 2005, the related process fee resulting from the aforementioned transactions had been fully paid.</FONT></P></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Note 21. Commitments and Contingencies</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(a)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004 and 2005, amounts of outstanding letters of credit for the purchase of machinery and equipment were &#36;2,826 thousand and &#36;25 thousand,
respectively.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(b)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2004, and 2005 the Company had entered into several contracts for the acquisition of equipment and computer software and the construction of its new headquarters.
Total contract prices amounted to &#36;627 thousand and &#36;8,861 thousand, respectively. As of December 31, 2004 and 2005, the remaining commitments were &#36;347 thousand and &#36;8,150 thousand.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(c)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">On July 30, 2004, the Company entered into contracts with a vendor for software licenses and maintenance services for a period of three years. The total license fees include maintenance
services for the three-year period amounted to &#36;1,724 thousand.</FONT>      </TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, future license fees payments resulting from the aforementioned contracts were as follows:</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Duration</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amount</FONT> </TD>
</TR>
<TR>
        <TD width="90%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center"><HR noshade size=1>
    </TD>
        <TD width="7%" align="center"><HR noshade size=1>
    </TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 1, 2006~December 31, 2006</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">569</FONT>      </TD>
</TR>
<TR>
        <TD width="90%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(d)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company leases its office and buildings pursuant to operating lease arrangements with unrelated third parties. The lease arrangement will expire gradually from 2005 to 2008. As of
December 31, 2004 and 2005, deposits paid amounted to &#36;210 thousand and &#36;371 thousand, respectively, and were recorded as refundable deposit in the accompanying consolidated balance sheets.</FONT>    </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">84</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, future minimum lease payments under noncancelable operating leases are as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Duration</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Amount</FONT>     </TD>
  </TR>
<TR>
        <TD width="90%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT>     </TD>
  </TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 1, 2006 - December 31, 2006 </FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,148</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 1, 2007 - December 31, 2007</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">322</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">January 1, 2008 - December 31, 2008</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">59</FONT>       </TD>
</TR>
<TR>
        <TD width="90%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=90% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1,529</FONT>    </TD>
</TR>
<TR>
        <TD width="90%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Rental expense for operating leases amounted to &#36;609 thousand, &#36;981 thousand and &#36;1,305 thousand in 2003, 2004 and 2005, respectively.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(e)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company entered into several sales agent agreements commencing from 2003. Based on these agreements, the Company shall pay commissions at the rates ranging from 0.5% to 5% of the
sales to a customer in the specific territory or referred by agent as stipulated in these agreements on a monthly basis. Total commissions incurred amounting to &#36;66 thousand, &#36;2,604 thousand and &#36;4,478 thousand, respectively, in 2003,
2004 and 2005, respectively.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(f)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In August of 2004, the Company entered into a license agreement for the use of certain central processing unit cores for product development. In accordance with the agreement, the
Company is required to pay an initial license fee based on the progress of the project development and a royalty based on shipments. The license fee paid and charged to research and development expense in the fourth quarter of 2004 was &#36;100
thousand. No license fee or royalty occurred in 2005.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In March 2005, the Company entered into a license agreement for the use of USB 2.0 relevant technology for product development. In accordance with the agreement, the Company is required
to pay an initial license fee based on the progress of the project development and a royalty based on shipments. No license fee or royalty occurred to date.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In February 2005, the Company placed a refundable deposit amounting to &#36;250 thousand to a bank for its issuance of a standby letter of credit as a guarantee of the Company&#146;s
compliance with a contract covenant pursuant to a license agreement entered into for the use of digital consumer decoder technology. Based on the license agreement, if the Company sells the project products to any customer other than those approved
by the licensor, the Company should pay the licensor a fee determined based on the formula prescribed in the license agreement.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(g)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company from time to time is subject to claims regarding the proprietary use of certain technologies. Currently, the Company is not aware of any such claims that it believes could
have a material adverse effect on its financial position or results of operations.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(h)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Since Himax Taiwan is not a listed company, it will depend on Himax Technologies, Inc. to meet its equity financing requirements in the future. Any capital contribution by Himax
Technologies, Inc. to Himax Taiwan may require the approval of the relevant ROC authorities. The Company may not be able to obtain any such approval in the future in a timely manner, or at all. If Himax Taiwan is unable to receive the equity
financing it requires, its ability to grow and fund its operations may be materially and adversely affected.</FONT>     </TD>
</TR>
</TABLE>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">85</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(i)</FONT></td>
    <td width="95%"><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company has entered into several wafer fabrication or assembly and testing service arrangements with service providers.</FONT></P>
    </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company may be obligated to make payments for purchase orders entered into pursuant to these arrangements.</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(j)</FONT></td>
    <td><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The current corporate structure of the Company was established through a share exchange, which became effective on October 14, 2005, between the Company and the former
      shareholders of Himax Taiwan. The ROC Investment Commission (an agency under the administration of the ROC Ministry of Economic Affairs) approved the share exchange on September</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7, 2005. In connection with the application seeking approval of the share exchange, the Company made the following undertakings to expand its investment in the ROC, the approval of
        which was conditional upon the satisfaction of such undertakings: (1) Himax Taiwan must purchase three hectares of land in connection with the construction of its new headquarters in Tainan, Taiwan, (2) Himax Taiwan must increase the number of
        employees in the ROC to 430 employees, 475 employees and 520 employees by the end of 2005, 2006 and 2007, respectively, (3) Himax Taiwan must invest no less than NT&#36;800.0 million (&#36;24.4 million), NT&#36;900.0 million (&#36;27.4 million) and
        NT&#36;1.0 billion (&#36;30.5 million) for research and development in Taiwan in 2005, 2006 and 2007, respectively, which may be satisfied through cash-based compensation paid to research and development personnel but not through non-cash
        share-based compensation and (4) Himax Taiwan must submit to the ROC Investment Commission its annual financial statements audited by a certified public accountant and other relevant supporting documents in connection with the implementation of the
        above-mentioned conditions within four months after the end of each of 2005, 2006 and 2007.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">If the Company does not satisfy the undertakings set by the ROC Investment Commission in approving the share exchange, the ROC Investment Commission may revoke Himax Taiwan&#146;s right
        to repatriate profits to the Company and/or its approval of the share exchange, the occurrence of either of which would materially and adversely affect the Company&#146;s business, financial condition and results of operations and decrease the value
        of the Company&#146;s American depositary shares (ADSs). The material adverse consequences include: (1) difficulty in obtaining approval for additional investments in Himax Taiwan, (2) restrictions on transfer of net proceeds of overseas offerings,
        (3) limitation on ability to raise capital through the Company and (4) the loss of certain protections under the status as a foreign-invested company under the ROC Statute for Investment by Foreign Nationals, including the protection from
        expropriation of Himax Taiwan&#146;s assets.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Before distributing a dividend to the Company, Himax Taiwan must recover any accumulated losses in prior years, pay all outstanding taxes and set aside 10% of its annual net income as a
        legal reserve until the accumulated legal reserve equals Himax Taiwan&#146;s paid-in capital. Refer to Note 15 (b) of the Company&#146;s consolidated financial statements for further details. However, if the Company does not satisfy the undertakings
        with the ROC Investment Commission, the ROC Investment Commission may deny Himax Taiwan&#146;s right to repatriate dividends to the Company. Himax Taiwan&#146;s ability to make advances or repay intercompany loans with terms of less than one year to
        the Company will not be restricted as such activities are not subject to the ROC Investment Commission&#146;s approval.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The ROC Investment Commission has the right (at its discretion) to revoke its approval of the share exchange based on the undertakings described above. Prior to the ROC Investment
        Commission exercising its discretionary right to revoke its approval of the share exchange or Himax Taiwan&#146;s right to repatriate profits to the Company, in practice the Company and Himax Taiwan would be notified and given an opportunity to be
    heard. There are no promulgated rules or regulations setting forth the factors that the ROC Investment Commission would consider in exercising its discretion. Each case is determined</FONT></P></td>
  </tr>
</table>

<P align="right"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">86</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">individually. Should the approval be revoked, the Company and Himax Taiwan would be entitled to appeal such decision to the Committee of Appeal of the ROC Ministry of Economic Affairs
      and/or initiate court proceedings to reverse such decision. A revocation by the ROC Investment Commission would not (1) invalidate the effectiveness of the share exchange pursuant to which the Company&#146;s ownership structure was established, (2)
      limit Himax Taiwan&#146;s ability to issue equity or debt securities or incur debt or (3) otherwise restrict Himax Taiwan's operations (other than as set out in the undertakings).</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">In August 2005, the Company purchased 3.18 hectares of land for an aggregate purchase price of approximately NT&#36;325. 8 million (&#36;9.9 million) which satisfied the first
        condition. As of December 31, 2005, the Company had satisfied the 2005 undertakings the Company made with the ROC Investment Commission. Himax Taiwan had 549 employees as of December 31, 2005 and had spent NT&#36;1,012 million (&#36;30.9 million) in
        research and development expenditures in 2005.</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">With regard to 2006 and 2007 conditions, the Company expects that it will spend at or above the research and development expenditures requirements in 2006 and 2007, even if its business
        suffers a slowdown (unaudited). Based on the nature of the fabless semiconductor design industry, even if the Company experience no or negative revenue growth as a result of company-specific or industry-wide events, the Company believes it still
        must commit to the necessary resources in both headcount and research and development expenditures in order to support its plans for further growth and competitiveness (unaudited). The Company&#146;s business plan contemplates an increase in
        headcount (mostly research and development personnel) and research and development expenditures to improve and enhance its core technologies and know-how (unaudited). Based on the historical trend of increasing headcount and research and development
        expenditures and the Company&#146;s projected headcount and research and development expenditures, the Company believes that the above-mentioned headcount and research and development expenditures requirements with respect to 2006 and 2007 could be
        satisfied with a very high level of certainty (unaudited). In the event that the Company&#146;s operating performance is below its current expectations, the Company believes it could still access unused letters of credit from several financial
        institutions to finance its working capital requirements in order to meet the increased headcount and/or research and development expenditures undertakings (unaudited), Moreover, the Company believes that Himax Taiwan could access the capital
        markets through the issuance of equity or debt securities or through the incurrence of debt (unaudited).</FONT></P>
      <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Therefore, the Company believes that the uncertainty that may arise from the restrictions that could potentially be imposed by the ROC Investment Commission mentioned above is not so
        severe that would cast significant doubt on the Company&#146;s ability to control Himax Taiwan. The Company has determined that the likelihood of the Company failing to satisfy the undertakings given to the ROC Investment Commission conditions is
    remote and there is no significant impact to the Company&#146;s financial position or results of operation (unaudited).</FONT></P></td>
  </tr>
</table>

<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">87</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Note 22. Segment Information</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company is engaged in the design, development and marketing of semiconductors for flat panel displays. Based on the Company&#146;s internal organization structure and its internal
reporting, management has determined that the Company does not have any operating segments as that term is defined in SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenues from the Company&#146;s major product lines are summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="6" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Display driver ICs for large-size applications</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">108,784</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">258,006</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">470,631</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Display driver ICs for mobile handset applications</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,695</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">12,607</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">31,123</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Display drivers for consumer electronics applications</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">11,795</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">21,754</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">18,571</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Others</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5,569</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,906</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">19,879</FONT>   </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">131,843</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">300,273</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">540,204</FONT>  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The following tables summarize information pertaining to the Company&#146;s revenues from customers in different geographic region </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(based on customer&#146;s headquarter location):</FONT></P>
<table border=0 width=95% cellspacing=0 cellpadding=0>

  <tr valign="bottom">
    <td nowrap align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" align="center"><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></td>
  </tr>
  <tr valign="bottom">
    <td nowrap align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" align="center"><hr noshade size=1></td>
  </tr>
  <tr valign="bottom">
    <td width=70% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td colspan="2" align="center"><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">2003</font></td>
    <td width=2% nowrap align=center>&nbsp;</td>
    <td width=8% nowrap align=center><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">2004</font> </td>
    <td width=2% align="center">&nbsp;</td>
    <td width=8% nowrap align=center>&nbsp;<font basesize=1 size=1 baseface="sans-serif" face="sans-serif">2005</font> </td>
  </tr>
  <tr>
    <td width="70%"></td>
    <td width="2%"></td>
    <td width="1%" align="center"><hr noshade size=1></td>
    <td width="7%" align="center"><hr noshade size=1>    </td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="8%" align="center"><hr noshade size=1>    </td>
    <td width="2%" align="center"></td>
    <td width="8%" align="center"><hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td width=70% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td colspan="6" align="center"><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">(in thousands)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=70% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Taiwan</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1%><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">&#36;</font> </td>
    <td width=7% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">122,311</font> </td>
    <td width=2% nowrap align=right>&nbsp;</td>
    <td width=8% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">284,569</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=8% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">482,991</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=70% nowrap align=left><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">Other Asia Pacific</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=1%>&nbsp;</td>
    <td width=7% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">9,532</font> </td>
    <td width=2% nowrap align=right>&nbsp;</td>
    <td width=8% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">15,704</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=8% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">57,213</font> </td>
  </tr>
  <tr>
    <td width="70%"></td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=1></td>
    <td width="7%"><hr noshade size=1>    </td>
    <td width="2%">&nbsp;</td>
    <td width="8%"><hr noshade size=1>    </td>
    <td width="2%"></td>
    <td width="8%" align="right"><hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td width=70% nowrap align=left>&nbsp;</td>
    <td width=2%>&nbsp;</td>
    <td width=1%><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">&#36;</font> </td>
    <td width=7% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">131,843</font> </td>
    <td width=2% nowrap align=right>&nbsp;</td>
    <td width=8% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">300,273</font> </td>
    <td width=2%>&nbsp;</td>
    <td width=8% nowrap align=right><font basesize=2 size=2 baseface="sans-serif" face="sans-serif">540,204</font> </td>
  </tr>
  <tr>
    <td width="70%"></td>
    <td width="2%"></td>
    <td width="1%"><hr noshade size=2></td>
    <td width="7%"><hr noshade size=2>    </td>
    <td width="2%">&nbsp;</td>
    <td width="8%"><hr noshade size=2>    </td>
    <td width="2%"></td>
    <td width="8%"><hr noshade size=2>    </td>
  </tr>
</table>
<p><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The tangible long-lived assets relating to above geographic areas were as follows:</FONT></p>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>

  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="4" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
  </TR>
  <TR>
    <TD width="80%"></TD>
    <TD width="2%"></TD>
    <TD width="1%" align="center"><HR noshade size=1>    </TD>
    <TD width="7%" align="center"><HR noshade size=1>    </TD>
    <TD width="2%" align="center"><hr noshade size=1></TD>
    <TD width="8%" align="center"><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="2" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT> </TD>
  </TR>
  <TR>
    <TD width="80%"></TD>
    <TD width="2%"></TD>
    <TD width="1%" align="left"><HR noshade size=1>    </TD>
    <TD width="7%"><HR noshade size=1>    </TD>
    <TD width="2%"></TD>
    <TD width="8%"><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="4" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Taiwan</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=7% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,908</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% nowrap align=right>&nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">24,344</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">China</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left>&nbsp;</TD>
    <TD width=7% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">82</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% nowrap align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">82</FONT> </TD>
  </TR>
  <TR>
    <TD width="80%"></TD>
    <TD width="2%"></TD>
    <TD width="1%" align="left"><HR noshade size=1>    </TD>
    <TD width="7%"><HR noshade size=1>    </TD>
    <TD width="2%"></TD>
    <TD width="8%" align="right"><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=80% nowrap align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
    <TD width=7% nowrap align=right><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10,990</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% nowrap align=right>&nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">24,426</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=left><hr noshade size=2></TD>
    <TD nowrap align=right><hr noshade size=2></TD>
    <TD></TD>
    <TD nowrap align=right><hr noshade size=2></TD>
  </TR>
</TABLE>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenues from significant customers, those representing approximately 10% or more of total revenue for the respective periods,</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">is summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="6" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO and its affiliates, a related party</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">102,793</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">189,870</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">318,008</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chunghwa Picture Tubes and its affiliates</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">7,566</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">58,430</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">87,534</FONT>   </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">110,359</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">248,300</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">405,542</FONT>  </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">88</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accounts receivable from significant customers, those representing approximately 10% or more of total accounts receivable for</FONT> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">the respective periods, is summarized as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="4" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CMO and its affiliates, a related party</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">38,582</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">68,113</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chunghwa Picture Tubes and its affiliates</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">15,193</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">41,369</FONT>   </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">53,775</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">109,482</FONT>  </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Note 23. Himax Technologies, Inc. (the Company only)</FONT></B></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As a holding company, the only asset of the Company is its 100% ownership interest in Himax Taiwan. Dividends received from the Company&#146;s subsidiaries in Taiwan, if any, will be
subjected to withholding tax under ROC law as well as statutory and other legal restrictions. The current corporate structure of the Company was established as a result of a share exchange between the Company and the former shareholders of Himax
Taiwan. The ROC Investment Commission has approved the share exchange, subject to the certain conditions as disclosed in the first paragraph of Note 21 (j). If the Company were unable to satisfy any of the conditions imposed by ROC Investment
Commission, the ROC Investment Commission may revoke the Company&#146;s right to repatriation of profits to be distributed by Himax Taiwan or rescind its approval of the share exchange pursuant to which the Company's ownership structure was
established.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">As of December 31, 2005, the amount of restricted net assets of Himax Taiwan, which may not be transferred to the Company in the forms of cash dividends by Himax Taiwan if the Company
were unable to satisfy any of the conditions imposed by ROC Investment Commission was &#36;179,564 thousand.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company believes that the above-mentioned restrictions of the ROC Investment Commission represent a limitation on distribution of assets from its subsidiary to the Company,
therefore, the condensed separate financial information of the Company, as if the Company had been in existence for all periods, are presented as follows:</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Condensed Balance Sheets</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=80% align=left nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="4" align=center nowrap GUTTER><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="2" align=center nowrap GUTTER>
      <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="4" align=center nowrap GUTTER>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investment in subsidiary</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">104,860</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">179,564</FONT>  </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total assets</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">104,860</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">179,564</FONT>  </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Liabilities</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13,733</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total stockholders&#146; equity</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">104,860</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">165,831</FONT>  </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=80% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Total liabilities and stockholder&#146;s equity</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">104,860</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">179,564</FONT>  </TD>
</TR>
<TR>
        <TD width="80%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Company had no long-term obligations or guarantees as of December 31, 2004 and 2005.</FONT></P>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">89</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Condensed Statements of Operations</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=center nowrap GUTTER><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="8" align=center nowrap GUTTER><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap GUTTER>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=8% nowrap align=center>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;</TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="8%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center"></TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="8" align=center nowrap GUTTER>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Revenues</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT> </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Costs and expenses</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(77</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Operating income (loss)</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(77</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Equity in earnings (loss) from subsidiary</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,733</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Other non operating income (loss)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(98</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income (loss) before income taxes</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Income tax</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=1>     </TD>
        <TD width="2%"></TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net Income (loss)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=8% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="8%">
<HR noshade size=2>     </TD>
        <TD width="2%"></TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Condensed Statements of Cash Flows</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Year Ended December 31,</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center nowrap><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="3" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2003</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2004</FONT></TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD colspan="2" align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2005</FONT></TD>
  </TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%" align="center">
<HR noshade size=1>     </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD colspan="9" align=center nowrap>
      <FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(in thousands)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash flows from operating activities:</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net income (loss)</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(581</FONT>     </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">36,000</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">61,558</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Adjustments to reconcile net income (loss) to net cash used in</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">operating activities:</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Equity in (earning) loss from subsidiary</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">581</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(36,000</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(61,733</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Changes in operating assets and liabilities:</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Increase in other accrued expenses and other current liabilities</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">133</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net cash used in operating activities</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(42</FONT>      </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net cash provided by (used in) investing activities</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash flows from financing activities:</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=left>&nbsp;   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Distribution of special cash dividends</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(13,558</FONT>  </TD>
        <TD GUTTER width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Proceeds from borrowing of short-term debt</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">13,600</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net cash provided by financing activities</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">42</FONT>       </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Net increase (decrease) in cash</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash at beginning of period</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>&nbsp;   </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=1>     </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=70% nowrap align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Cash at end of period</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=1% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#36;</FONT>    </TD>
        <TD width=6% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% nowrap align=right>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#150;</FONT>   </TD>
        <TD GUTTER width=1% nowrap align=left>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">        </TD>
        <TD width="2%"> </TD>
        <TD width="1%">
<HR noshade size=2>     </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="7%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">90</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=3 cellspacing=0 bgcolor="#66CCFF">
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=center><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">&#149;</FONT></TD>
    <TD width=93% nowrap align=left><FONT BASESIZE=4 size=4 BASEFACE="sans-serif" face="sans-serif" color="#FFFFFF">Corporate Information</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% nowrap align=left>&nbsp;</TD>
    <TD width=2% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board of Directors</FONT></B>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investor Information</FONT></B>      </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chairman</FONT></B>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Shareholder Services for American Depositary</FONT></B>      </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Dr. Biing-Seng Wu</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Shares (ADSs)</FONT></B>     </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deutsche Bank Trust Company Americas</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Directors</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">60 Wall Street</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Jordan Wu</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">New York, NY 10005</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Jung-Chun Lin</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Dr. Chun-Yen Chang</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Yuan-Chuan Horng</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Stock Listings</FONT></B>    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The company&#146;s common stock trades on the NASDAQ</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">National Market under the symbol &#147;HIMX&#148;</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Senior Management</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Jordan Wu</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Independent Auditors</FONT></B>      </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chief Executive Officer</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">KPMG Certified Public Accountants</FONT>        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Max Chan</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chief Financial Officer</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investor Contacts</FONT></B> </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Jackson Ko</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chih-Chung Tsai</FONT>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Investor Relations</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chief Technology Officer, Senior VP</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Himax Technologies, Inc.</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10F, No.605, Chungshan Road</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Baker Bai</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Hsinhua, Tainan County 712, Taiwan</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Engineering Center, VP</FONT>   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">+</FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">886-2-33930877#22240</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">jackson_ko@himax.com.tw</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">John Chou</FONT>        </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Quality Assurance Center, VP</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">David Pasquale</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Executive Vice President</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Corporate Headquarters</FONT></B>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">The Ruth Group</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>&nbsp;  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">757 Third Avenue</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Himax Technologies, Inc.</FONT> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">New York, NY 10017</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">10F, No.605, Chungshan Road</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">+646-536-7006</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Hsinhua, Tainan County 712, Taiwan</FONT>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">dpasquale@theruthgroup.com</FONT>       </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Tel: +886-6-505-0880</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD width=48% nowrap align=left>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Fax:+886-6-510-6620</FONT>      </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=50% nowrap align=left>&nbsp;  </TD>
</TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
